Wakefield Bronx Two-Family
For Sale
$670,000
Pending
999 E 241st St The, Bronx, NY 10466
Two-family house in Wakefield area, close to amenities.
Property Size1,440 SF
Lot Size0.06 Acres
Days on Market274
Property Features for 999 E 241st St The
General Information
Standard status
Pending
Size
1,440 SF
Lot size
0.06 Acres
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$5,397
Building Details
Building Size
1,440 SF
Year Built
1920
Units
2
Listing Agency:
Nevers Realty, LLC
(347) 353-7519
Listed By:
Garth A. Nevers Jr
(347) 353-7519
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 23
Last Checked: Aug 26 at 12:51PM
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 Nevers Realty, LLC
Investment Insights
Based on property information with market context.
Located in the Wakefield area of the Bronx, this two-family house at 999 East 241 Street features a two-bedroom apartment over a one-bedroom apartment, along with a finished basement. The property includes a detached one-car garage. This property is positioned as an investment opportunity. The location provides proximity to schools, parks, shopping, major highways, and mass transit, with the 2 train within walking distance.
Key Highlights
- Two‑family house, ideal for investment or multi‑generational living
- Detached one‑car garage included
- Convenient location near schools, parks, shopping, major highways, and mass transit
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
$36,578
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
5.46%
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%
$731,560
$731.6K
Cap Rate 7%
$522,543
$522.5K
Cap Rate 9%
$406,422
$406.4K
Market Conditions
NOI Build-Up for 1,440 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
$55.3K $38.40/SF
− Vacancy
−$3.0K −$2.11/SF
EGI
$52.3K $36.29/SF
− OpEx
−$15.7K −$10.89/SF
NOI
$36.6K $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%
$731,560
Cap Rate 7%
$522,543
Cap Rate 9%
$406,422
Alternative Uses
Best Use
Multifamily LT 5
$522.5K
$457.2K – $609.6K
NOI $36,578 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$473.2K
$414.1K – $552.1K
NOI $33,125 @ 7.0% cap · market cap 4.94%
Theoretical Best
Warehouse
$997.8K
$873.1K – $1.16M
NOI $69,847 @ 7.0% cap · market cap 10.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,130
Businesses Nearby
Explore this area
Business Placement
Demographics for 10466, NY
70,420
Population
26,303
Households
2.7
Avg Household Size
38
Median Age
26%
College-Educated
81%
High-School Grad
2.0 sq mi
ZIP Area
35,210
Density / Sq Mi
$66,328
Median Household Income
$44,053
Median Earnings
$1,528
Median Rent
$605,300
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?
Duplex - Two-family house in Wakefield area, close to amenities.
Where is this duplex located?
The property is located at 999 E 241st St The Bronx, NY.
What is the asking price?
The asking price for this property is $670,000.
What are key features of this property?
This property features: Two‑family house, ideal for investment or multi‑generational living; Detached one‑car garage included; Convenient location near schools, parks, shopping, major highways, and mass transit
