119 W 81st St

New York, NY 10024

$3,500,000B+

100 bd · 100.0 ba · 4,978 sqft · Built 1885 · MultiFamily · Active · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $45,863/mo
• Mortgage (P&I): −$18,354
• Tax + insurance: −$7,491
• HOA: −$0
• Vac / Maint / Mgmt: −$9,631
• Net cashflow: $10,386/mo
• Annual: $124,633/yr
• Cap rate: 9.85%
• Cash-on-cash: 12.72%
• DSCR: 1.57
• 1% rule: 1.31%
• Cash to close: $980,000

Investor read

• This is a 10 × 1-bed/1-bath units multifamily listed at $3.50M.
• At list price, monthly cash flow is $10k ($125k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($46k rent vs $3.50M).
• It's been on market 58 days — a 3% lower offer ($3.40M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.40M (3.0% below list) — sets the bar for market timing.
• In year one you build about $210k of equity ($24k loan paydown + $186k appreciation (5.3% local appreciation)).
• 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.
• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.2%/yr); 327 active listings in the ZIP; high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $65k; list at $3.50M implies a 5285% gain — meaningful room to come down on a strong offer.
• At projected returns (5.3% appreciation + 8.0% rent growth), your $980k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$337k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• Cap rate 9.9% 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.
• At $45,863/mo this rent would consume 303% of the median local household income ($182k/yr) (locally 3388% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.