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    637 224Th St The Bronx, NY 10466

    Sponsored
    For Sale
    $1,550,000

    8-Unit Apartment Building, High ROI

    Property size:
    7,690 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This 8-unit apartment building in the prime Wakefield section of the Bronx presents a compelling investment opportunity. Built in 2006, the property boasts 7,690 square feet and offers a strong 10.28% capitalization rate with a Net Operating Income (NOI) of $159,288. The asking price is $1,550,000, translating to approximately $201.56 per square foot and $193,750 per unit. The building comprises six one-bedroom and two two-bedroom apartments, all currently operating at 100% occupancy. Importantly, all units are free-market, having been deregulated as of June 30, 2024, and all leases include riders allowing for market-rate renewal increases. The existing 421-a tax abatement expires in June 2024. Each unit features its own electric and gas meters, offering individual utility control and potential for increased rental income. This walk-up building is located at 637 E 224th St, Bronx, NY 10466, and represents a rare chance to acquire a well-maintained, high-performing multifamily property in a desirable Bronx neighborhood. The building's Class B designation reflects its solid condition and potential for future appreciation.

    Property Features for 637 224Th St

    General Information

    Property type
    Multifamily properties
    Square Feet
    7,690 SF
    Class
    B

    Building Details

    Year Built
    2006
    Units
    8

    HighLights

    • Prime Wakefield, Bronx location; walk‑up building, built in 2006.
    • Eight free‑market apartments, deregulated June 30, 2024.
    • 421‑a tax abatement expires June 2024; all leases include market‑rate renewal riders.
    • Six one‑bedroom and two two‑bedroom apartments.
    • 7,691 square foot building ($202/SF).
    • Each unit has its own electric and gas meters.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    The Bronx
    County
    Bronx
    State
    New York
    Longitude
    -73.8630068
    Latitude
    40.887979

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    FAQs

    What type of property is this?
    Multifamily property - 8-Unit Apartment Building, High ROI
    Where is this multifamily property located?
    The property is located at 637 224Th St The Bronx, NY.
    What is the asking price?
    The asking price for this property is $1,550,000.
    What are key features of this property?
    This property features: Prime Wakefield, Bronx location; walk-up building, built in 2006.; Eight free-market apartments, deregulated June 30, 2024.; 421-a tax abatement expires June 2024; all leases include market-rate renewal riders.
    Request Owner's contact information
    637 224Th St The Bronx, NY 10466
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    The Bronx, NY 10466
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    637 224Th St The Bronx, NY 10466
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