407 W 40th St Unit 4B · New York, NY 10018

$665,000

1 bd · 1.0 ba · 575 sqft · Condo · 68 Days on market

Built 1910 Good condition ↓ 1% since listing

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.3/30.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +3.3/5.0

Listing remarks

This charming one-bedroom walk-up co-op apartment is ideally situated in the highly sought-after Hudson Yards neighborhood. Enjoy living just moments from world-class dining, shopping, and entertainment, as well as nearby green spaces and waterfront attractions, including the green space at Bryant Park, waterfront views along the Hudson River and the uniquely designed park space built over the old railroad tracks. The High Line Walkway is a true testament to urban transformation and creativity. The walkway is only a few blocks from the apartment and intentionally changes seasonally as temperatures shift. Also within a few feet, the Times Square 42nd Street subway Station provides easy acces

Key facts

• High line walkway
• Updated kitchen
• Updated bathroom

Tags

• UPDATED KITCHEN
• UPDATED BATHROOM
• HIGH LINE WALKWAY

Property features AI

Exterior

• Parking: On-street parking
• Security: Building security
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Stock cooperative; Entry level: 1
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas range; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: 4 rooms total (see floor plan for bedroom distribution)
• Flooring: Hardwood floors
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Other heating; Wall/window air conditioning units
• Interior features: Other interior features; Cats and dogs allowed
• Laundry & utility: No specific washer/dryer listed

🏢 Co-op / cooperative unit. The $665,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $665k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $734 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $665k).
• Recommended offer: $625k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 2.6% in New York — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 75/100 on livability (#268 in NY, #4,188 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime F, cost of living F.
• Market conditions: Rents rising (+3.1%/yr); 66 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $6,747/mo this rent would consume 55% of the median local household income ($146k/yr) (locally 1020% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $23k of equity ($5k loan paydown + $19k appreciation (2.8% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.8% appreciation + 3.1% rent growth), your $186k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($625k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $625,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.01% ✓
• Cap rate: 7.62%
• Cash-on-cash: 4.73%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.8% appreciation · 3.07% rent growth · sell at horizon

5-year hold

• IRR: 11.4%
• Equity multiple: 1.65×
• Total profit: $120,406
• Equity at exit: $291,505

10-year hold

• IRR: 13.8%
• Equity multiple: 3.00×
• Total profit: $372,837
• Equity at exit: $443,492

Cash invested: $186,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

ZIP-level market 10018

• Home prices YoY: 1.6%
• Rents YoY: 3.1%
• Active inventory: 66
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $6,747 high
• Mortgage (P&I): −$3,487
• Tax est. 1.5%: −$831 /mo · $9,975/yr
• Insurance: −$277
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,417
• Net cashflow: $734

Break-even live

Break-even rent $5,817

Max offer price $665,000

Occupancy floor 84%

Sensitivity live

Price	-10% $1,194	-5% $964	+0% $734	+5% $505	+10% $275
Rent	-10% $201	-5% $468	+0% $734	+5% $1,001	+10% $1,267
Rate	-1.0pp $1,069	-0.5pp $904	base $734	+0.5pp $562	+1.0pp $387

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $166,250
• Closing costs: $19,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
450 W 42nd St #1693 New York, NY	2.0	1.0–2.0	690	$9,040	$13.10	0d	3	0.08mi
555 10th Ave Unit 1018807P New York, NY	1.0	1.0	688	$9,726	$14.14	23d	1	0.14mi
561 10th Ave #2085 New York, NY	2.0	1.0–2.0	795	$6,345	$7.98	9d	2	0.14mi
520 W 43rd St #742 New York, NY	1.0–2.0	1.0–2.0	769	$5,860	$7.62	9d	2	0.22mi
560 W 43rd St New York, NY	3.0	1.0–2.0	769	$5,265	$6.84	9d	5	0.29mi
605 W 42nd St Unit 1016142P New York, NY	2.0	1.0–2.0	720	$14,542	$20.18	11d	2	0.35mi
360 W 34th St New York, NY	2.0	1.0–1.5	632	$6,100	$9.65	9d	3	0.36mi
622 11th Ave Unit 1402 New York, NY	2.0	1.0	715	$7,600	$10.63	9d	1	0.38mi
635 W 42nd St #1990 New York, NY	1.0–2.0	1.0–2.0	750	$5,680	$7.57	9d	2	0.39mi
235 W 48th St #1400 New York, NY	2.0	1.0–2.0	687	$6,270	$9.12	9d	3	0.46mi
435 W 31st St New York, NY	2.0	1.0–2.0	747	$7,018	$9.39	0d	34	0.48mi
754 9th Ave Unit 1017471P New York, NY	1.0	1.0	538	$7,284	$13.54	9d	1	0.50mi
311 W 50th St #228 New York, NY	2.0	1.0–2.0	669	$6,470	$9.67	9d	3	0.50mi
250 W 50th St New York, NY	2.0	1.0–2.0	784	$5,866	$7.48	9d	1	0.51mi
70 W 45th St #1131 New York, NY	1.0–2.0	1.0–2.0	902	$5,990	$6.64	9d	2	0.63mi
525 W 28th St New York, NY	2.0	1.0–2.0	1116	$6,612	$5.92	9d	1	0.66mi
243 W 28th St #2143 New York, NY	1.0	1.0	580	$8,960	$15.45	20d	1	0.66mi
244 W 29th St Unit 2149 New York, NY	1.0	1.0	490	$9,720	$19.84	7d	2	0.68mi
550 W 54th St Unit 1243 New York, NY	1.0–3.0	1.0–2.0	913	$6,270	$6.86	9d	3	0.69mi
254 W 54th St Unit 1026635P New York, NY	1.0–2.0	1.0–2.0	860	$8,040	$9.34	9d	2	0.69mi
500 W 56th St #116 New York, NY	2.0	1.0–2.0	680	$6,190	$9.10	9d	3	0.75mi
18 W 48th St Unit 670 New York, NY	1.0	1.0	631	$7,730	$12.25	9d	1	0.77mi
535 W 23rd St #1584 New York, NY	2.0	1.0–2.0	600	$8,030	$13.38	0d	3	0.89mi
309 5th Ave New York, NY	1.0	1.0	597	$7,596	$12.72	9d	13	0.90mi
43 W 27th St #1055 New York, NY	2.0	1.0	740	$9,940	$13.43	25d	1	0.91mi
77 W 55th St Unit 15H New York, NY	1.0	1.0	750	$4,900	$6.53	23d	1	0.92mi
160 W 24th St New York, NY	2.0	1.0–2.0	731	$7,896	$10.79	0d	13	0.93mi
776 6th Ave New York, NY	2.0	1.0–2.0	742	$7,700	$10.37	0d	19	0.94mi
30 Park Ave #1347 New York, NY	2.0	1.0	950	$7,890	$8.31	3d	3	0.96mi
41 Park Ave New York, NY	2.0	1.0–2.0	815	$6,555	$8.04	9d	3	0.99mi
160 Central Park S New York, NY	1.0–3.0	1.0–3.5	1550	$9,250	$5.97	8d	9	1.00mi
160 Central Park S New York, NY	1.0–3.0	1.0–3.5	1550	$7,500	$4.84	9d	10	1.00mi
15 W 55th St #736 New York, NY	2.0–3.0	1.0–2.0	1250	$8,210	$6.57	0d	2	1.00mi
21 W End Ave New York, NY	2.0–3.0	2.0	750	$8,995	$11.99	25d	2	1.04mi
138 E 38th St New York, NY	3.0	1.0–2.0	750	$4,510	$6.01	25d	4	1.07mi
400 W 61st St New York, NY	4.0	1.0–4.0	1567	$14,758	$9.42	0d	51	1.08mi
120 W 21st St New York, NY	2.0	1.0–2.0	676	$7,070	$10.46	5d	14	1.11mi
135 E 47th St New York, NY	1.0	1.0	580	$6,350	$10.94	0d	1	1.12mi
180 W 20th St #1202 New York, NY	2.0	1.0–2.0	791	$9,465	$11.96	0d	3	1.12mi
141 E 33rd St #1278 New York, NY	2.0	1.0–1.5	683	$6,230	$9.12	9d	3	1.13mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-21
   days on market $665,000 Active 68 DOM
2. 2026-06-18
   days on market $665,000 Active 65 DOM
3. 2026-06-17
   days on market $665,000 Active 64 DOM
4. 2026-06-15
   days on market $665,000 Active 62 DOM
5. 2026-06-13
   days on market $665,000 Active 60 DOM
6. 2026-06-10
   days on market $665,000 Active 56 DOM
7. 2026-06-08
   days on market $665,000 Active 55 DOM
8. 2026-06-08
   days on market $665,000 Active 54 DOM
9. 2026-06-04
   days on market $665,000 Active 51 DOM
10. 2026-06-03
    days on market $665,000 Active 50 DOM
11. 2026-06-01
    days on market $665,000 Active 48 DOM
12. 2026-05-31
    days on market $665,000 Active 47 DOM
13. 2026-05-06
    price $665,000
14. 2026-04-14
    listed $675,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,964
• − Mortgage interest: −$37,250
• − Property taxes: −$9,975
• − Insurance: −$3,325
• − Repairs & maintenance: −$6,477
• − Management: −$6,477
• − Depreciation: −$19,345
• Taxable loss: −$1,886
• Est. tax savings @ 24.0%: +$453
• After-tax cash flow: $9,266/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 10 photos

Good 75/100 Cosmetic rehab

This charming one-bedroom walk-up co-op apartment in the Hudson Yards neighborhood is in good condition with minimal repairs needed. It offers a great location and potential for value-adding improvements to increase its appeal and marketability.

Value-add opportunities

• Both Paint the exterior of the building — Enhances curb appeal and can increase both resale and rental value.
• Both Replace the window screens — Improves energy efficiency and enhances the home's appearance.
• Both Upgrade the kitchen appliances — Modernizes the kitchen and can increase both resale and rental value.
• Both Install smart home devices — Enhances convenience and can increase both resale and rental value.
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior of the building — Enhances curb appeal and can increase both resale and rental value. ↑
• Both Replace the window screens — Improves energy efficiency and enhances the home's appearance. ↑
• Both Upgrade the kitchen appliances — Modernizes the kitchen and can increase both resale and rental value. ↑
• Both Install smart home devices — Enhances convenience and can increase both resale and rental value. ↑
• Both Landscaping improvements — Enhances curb appeal and can increase both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

No district data.

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A- Housing C+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 8,559
• Household income: $145,958
• Rent vs Own: 88.9% rent · 11.1% own
• Severe rent burden: 1020.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 42% Asian 26% Hispanic / Latino 15% Black 10% Two or more races 10% Native American 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1% Dominican 2%
• Common ancestry: Romanian 2% Italian 2% English 1%
• Foreign-born: 43% · Canada, China, South Korea
• Languages at home: 61% English-only · Spanish 10% Chinese 9% Other Indo-European 8%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.80%
• Current HPI: 179.8231
• Rent YoY: ▲ 3.07%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

-1.5% since first listed

2 events — show timeline

• 2026-05-06 Price Changed $665,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-14 Listed $675,000 OneKey® MLS as Distributed by MLS Grid