Three-Family Redevelopment
For Sale
Contact for pricing
940 East 181st Street, Bronx, NY 10460
Fully vacant three-family building on a lot zoned for additional development potential.
Property Size3,087 SF
Price / SF$372.53
Days on Market91
Property Features for 940 East 181st Street
General Information
Standard status
Active
Size
3,087 SF
Property subtype
Multifamily, Land
Zoning
R7-1
Investment Type
Redevelopment
Additional Details
Multifamily Units
3
Building Details
Year Built
1997
Buildings
1
Units
3
Listing Agency:
Landair Advisors
Listed By:
Maha Alaoui · License #10401392848
Source:
Crexi
Added: Jun 2
Changed: Aug 24
Last Checked: Aug 26 at 7:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Landair Advisors
Investment Insights
Based on property information with market context.
This offering features a 3,087 sq. ft. three-family building situated on an irregular 40' x 103' lot. The layout includes a ground-floor studio, a three-bedroom/one-bath unit on the first floor, and a four-bedroom/two-bath duplex. The property is being delivered fully vacant at closing, providing flexibility for either an owner-occupant plan or a redevelopment approach.
The site is zoned R7-1 and, according to the provided information, permits up to 11,579 buildable sq. ft. as-of-right or 16,863 buildable sq. ft. with UAP. The property is located about 0.4 miles from the West Farms Square–East Tremont Ave station serving the 2 and 5 trains, and it is also served by Bx9, Bx21, and Bx36 bus routes.
For tenants, buyers, and investors, this property can fit multiple paths: continued residential use with the existing three-family structure, or a ground-up redevelopment or building alterations consistent with the stated zoning parameters. Its transit-accessible West Farms location and the option to pursue additional buildable space make it a practical candidate for owners evaluating residential income versus redevelopment strategies.
The site is zoned R7-1 and, according to the provided information, permits up to 11,579 buildable sq. ft. as-of-right or 16,863 buildable sq. ft. with UAP. The property is located about 0.4 miles from the West Farms Square–East Tremont Ave station serving the 2 and 5 trains, and it is also served by Bx9, Bx21, and Bx36 bus routes.
For tenants, buyers, and investors, this property can fit multiple paths: continued residential use with the existing three-family structure, or a ground-up redevelopment or building alterations consistent with the stated zoning parameters. Its transit-accessible West Farms location and the option to pursue additional buildable space make it a practical candidate for owners evaluating residential income versus redevelopment strategies.
Key Highlights
- 3,087 SF three‑family building on an irregular 40' x 103' (3,366 SF) lot at 940 East 181st Street
- Building layout includes a ground‑floor studio, a 3BR/1BA on the first floor, and a 4BR/2BA duplex
- Delivered fully vacant at closing
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$78,415
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.82%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,568,300
$1.6M
Cap Rate 7%
$1,120,214
$1.1M
Cap Rate 9%
$871,278
$871.3K
Market Conditions
NOI Build-Up for 3,087 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$118.5K $38.40/SF
− Vacancy
−$6.5K −$2.11/SF
EGI
$112.0K $36.29/SF
− OpEx
−$33.6K −$10.89/SF
NOI
$78.4K $25.40/SF
Area
Bronx, NY
Vacancy
5.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,568,300
Cap Rate 7%
$1,120,214
Cap Rate 9%
$871,278
Alternative Uses
Best Use
Multifamily LT 5
$1.12M
$980.2K – $1.31M
NOI $78,415 @ 7.0% cap · market cap 6.82%
Second Best
Apartment 5plus
$1.01M
$887.7K – $1.18M
NOI $71,012 @ 7.0% cap · market cap 6.17%
Theoretical Best
Warehouse
$2.14M
$1.87M – $2.50M
NOI $149,735 @ 7.0% cap · market cap 13.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,525
Businesses Nearby
Explore this area
Business Placement
Demographics for 10460, NY
62,625
Population
24,085
Households
2.6
Avg Household Size
34
Median Age
15%
College-Educated
71%
High-School Grad
1.5 sq mi
ZIP Area
41,750
Density / Sq Mi
$36,067
Median Household Income
$31,283
Median Earnings
$1,332
Median Rent
$589,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Fully vacant three-family building on a lot zoned for additional development potential.
Where is this triplex located?
The property is located at 940 East 181st Street Bronx, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 3,087 SF three‑family building on an irregular 40' x 103' (3,366 SF) lot at 940 East 181st Street; Building layout includes a ground‑floor studio, a 3BR/1BA on the first floor, and a 4BR/2BA duplex; Delivered fully vacant at closing
