Historic Three-Family
For Sale
$795,000
Pending
956 East 156th Street, Bronx, NY 10455
Legal three-family configuration with two occupied units, rented ground-floor rooms, and a garage.
Property Size3,120 SF
Days on Market407
Property Features for 956 East 156th Street
General Information
Standard status
Pending
Size
3,120 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$3,838
Amenities
garage
Yes, Yes, 3.00, 3.0
Square Feet
No
Finished, Yes
Cathedral/Vaulted/High Ceiling, Public
Cathedral Ceiling(s)
Cathedral/Vaulted/High Ceiling
Brick, Brownstone
Building Details
Year Built
1901
Construction
Neo-Renaissance, Romanesque Revival
Listing Agency:
Keller Williams Realty NYC Grp
Listed By:
Steven M. Padernacht · License #10301217114
(718) 697-6800
Source:
Compass
Added: Aug 21, 2025
Changed: Sep 20
Last Checked: Oct 1 at 1:00PM
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 Keller Williams Realty NYC Grp
Investment Insights
Based on property information with market context.
Located at 956 East 156th Street, this 1901 brick and brownstone property is configured as a legal three-family residence. The building contains 3120 square feet, with two units occupied and additional ground-floor rooms being rented. A garage adds functional utility, while the interior includes tall ceilings, hardwood floors, bay windows, and a prominent front stoop.
The property is within the Longwood Historic District and reflects Neo-Renaissance and Romanesque Revival design influences. Its architectural history is associated with Warren C. Dickerson, who designed the building in the early 1900s. The property is offered as-is, providing a three-family layout with existing rental activity and historic building features.
The property is within the Longwood Historic District and reflects Neo-Renaissance and Romanesque Revival design influences. Its architectural history is associated with Warren C. Dickerson, who designed the building in the early 1900s. The property is offered as-is, providing a three-family layout with existing rental activity and historic building features.
Key Highlights
- Legal three‑family property with two occupied units
- Additional ground‑floor rooms are being rented
- 3120 square feet of building area
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
$71,771
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
9.03%
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%
$1,435,420
$1.4M
Cap Rate 7%
$1,025,300
$1.0M
Cap Rate 9%
$797,456
$797.5K
Market Conditions
NOI Build-Up for 3,120 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
$138.5K $44.40/SF
− Vacancy
−$8.0K −$2.58/SF
EGI
$130.5K $41.82/SF
− OpEx
−$58.7K −$18.82/SF
NOI
$71.8K $23.00/SF
Area
Bronx, NY
Vacancy
5.80%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,435,420
Cap Rate 7%
$1,025,300
Cap Rate 9%
$797,456
Alternative Uses
Best Use
Multifamily LT 5
$1.13M
$990.7K – $1.32M
NOI $79,253 @ 7.0% cap · market cap 9.97%
Second Best
Apartment 5plus
$1.03M
$897.1K – $1.20M
NOI $71,771 @ 7.0% cap · market cap 9.03%
Theoretical Best
Warehouse
$2.16M
$1.89M – $2.52M
NOI $151,336 @ 7.0% cap · market cap 19.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,141
Businesses Nearby
Explore this area
Business Placement
Demographics for 10455, NY
43,804
Population
16,608
Households
2.6
Avg Household Size
33
Median Age
16%
College-Educated
69%
High-School Grad
0.7 sq mi
ZIP Area
62,577
Density / Sq Mi
$36,701
Median Household Income
$33,892
Median Earnings
$1,130
Median Rent
$348,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Legal three-family configuration with two occupied units, rented ground-floor rooms, and a garage.
Where is this triplex located?
The property is located at 956 East 156th Street Bronx, NY.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Legal three‑family property with two occupied units; Additional ground‑floor rooms are being rented; 3120 square feet of building area
