367 W 48th St · New York, NY 10036

$3,999,000

12 bd · 12.0 ba · 5,700 sqft · MultiFamily public records · 94 Days on market

Built 1920

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.6/10.0
• 1% rule +4.5/10.0
• Appreciation +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

We are pleased to offer the sale of 367 West 48th Street. This well-maintained building features seven (7) free-market apartments and is fully leased, with long-term management in place. The property presents multiple value-add opportunities, including potential for an owner-occupant with live-in income, as well as rental upside across the existing units. Conveniently located near major transportation, retail, and neighborhood amenities, this is a strong investment opportunity with flexible use potential. For more information or to view the offering memorandum, please reach out.

Key facts

• Retail
• Major transportation
• Rental upside

Tags

• FREE-MARKET APARTMENTS
• VALUE-ADD OPPORTUNITIES
• LIVE-IN INCOME
• RENTAL UPSIDE
• MAJOR TRANSPORTATION
• RETAIL

Property features AI

Finance

• Other: Pets allowed in building; cats and dogs OK
• Financial info: Annual taxes listed
• HOA & community: Association fee billed monthly

Exterior

• Home design: 5-story building; Entry on level 1
• Construction: Lot dimensions approximately 15 x 100.42
• Exterior features: Building roof deck

Interior

• Kitchen: Dishwasher; Gas cooktop; Gas oven; Stainless steel appliances
• Bathrooms: 12 full bathrooms
• Interior features: Unfurnished; Building has 7 total units
• Laundry & utility: Laundry details available in remarks

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $4.00M.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $312/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $3.79M (5.3% below list).
• Recommended offer: $3.64M (9.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Mark Twain Is 239 For The Gifted And Talented (math 90% / reading 96%, grade A+, #6 of 729 statewide, top 1%, 1,207 students, 44% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 181 active listings in the ZIP; solid renter incomes; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $37,861/mo this rent would consume 475% of the median local household income ($96k/yr) (locally 3765% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-2.0%/yr); year-one equity from $28k of loan paydown is wiped out by about $80k of value loss. Plan a longer hold.
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($3.64M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 2y ago; this cycle's ask has dropped $501k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $3,639,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.95% ✗
• Cap rate: 6.67%
• Cash-on-cash: 1.34%
• DSCR: 1.06
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-2.0% appreciation · 4.29% rent growth · sell at horizon

5-year hold

• IRR: -7.6%
• Equity multiple: 0.69×
• Total profit: $-347,026
• Equity at exit: $777,667

10-year hold

• IRR: 1.7%
• Equity multiple: 1.15×
• Total profit: $166,847
• Equity at exit: $665,543

Cash invested: $1,119,720 (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 10036

• Home prices YoY: -0.8%
• Rents YoY: 4.3%
• Active inventory: 181
• Price-to-rent: 35.2×

Monthly cashflow live

• Estimated rent: $37,861 high
• Mortgage (P&I): −$20,971
• Tax from tax record: −$6,025 /mo · $72,296/yr
• Insurance: −$1,666
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,951
• Net cashflow: $1,248

Break-even live

Break-even rent $36,281

Max offer price $3,999,000

Occupancy floor 92%

Sensitivity live

Price	-10% $3,512	-5% $2,380	+0% $1,248	+5% $116	+10% $-1,016
Rent	-10% $-1,743	-5% $-247	+0% $1,248	+5% $2,744	+10% $4,239
Rate	-1.0pp $3,262	-0.5pp $2,265	base $1,248	+0.5pp $212	+1.0pp $-842

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$37,860
Total (4 units)			$37,861

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: $999,750
• Closing costs: $119,970
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-21
   days on market $3,999,000 Active 94 DOM
2. 2026-06-18
   days on market $3,999,000 Active 91 DOM
3. 2026-06-17
   days on market $3,999,000 Active 90 DOM
4. 2026-06-15
   days on market $3,999,000 Active 88 DOM
5. 2026-06-13
   days on market $3,999,000 Active 86 DOM
6. 2026-06-10
   days on market $3,999,000 Active 82 DOM
7. 2026-06-08
   days on market $3,999,000 Active 81 DOM
8. 2026-06-08
   days on market $3,999,000 Active 80 DOM
9. 2026-06-04
   days on market $3,999,000 Active 77 DOM
10. 2026-06-03
    days on market $3,999,000 Active 76 DOM
11. 2026-06-01
    days on market $3,999,000 Active 74 DOM
12. 2026-05-31
    days on market $3,999,000 Active 73 DOM
13. 2026-04-15
    price $3,999,000
14. 2026-03-19
    listed $4,500,000 Active
15. 2025-08-19
    historical $3,950
16. 2025-08-18
    listed $3,950
17. 2025-08-18
    historical $3,950
18. 2025-08-08
    listed $3,950
19. 2025-05-19
    historical $3,900
20. 2025-05-18
    historical $3,900
21. 2025-05-13
    price $3,900
22. 2025-05-13
    listed $4,000
23. 2025-04-28
    listed $4,000
24. 2024-12-31
    historical $2,700
25. 2024-09-13
    listed $2,700
26. 2024-09-11
    historical $2,700
27. 2024-07-03
    listed $2,700
28. 2024-03-04
    historical $4,800
29. 2024-03-01
    listed $4,800
30. 2022-06-30
    price $3,600
31. 2005-08-03
    soldstatus $3,750,000
32. 1989-04-14
    soldstatus $2,300,000

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $72,296 · $6,025/mo
• Projected year-2 tax: $72,296 · $6,025/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 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: $454,332
• − Mortgage interest: −$224,006
• − Property taxes: −$72,296
• − Insurance: −$19,995
• − Repairs & maintenance: −$36,347
• − Management: −$36,347
• − Depreciation: −$116,335
• Taxable loss: −$50,992
• Est. tax savings @ 24.0%: +$12,238
• After-tax cash flow: $27,216/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.

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): 31,036
• Household income: $95,638
• Rent vs Own: 89.5% rent · 10.5% own
• Severe rent burden: 3765.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 51% Hispanic / Latino 19% Asian 15% Two or more races 15% Black 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 2%
• Common ancestry: Romanian 5% Scotch-Irish 4% Lithuanian 2%
• Foreign-born: 31% · Canada, China, South Korea
• Languages at home: 63% English-only · Spanish 15% Other Indo-European 6% Chinese 6%

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: ▼ -2.00%
• Current HPI: 250.4308
• Rent YoY: ▲ 4.29%
• 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

+73.9% since first listed

20 events — show timeline

• 2026-04-15 Price Changed $3,999,000 RLS at REBNY
• 2026-03-19 Listed $4,500,000 RLS at REBNY
• 2025-08-19 Rental Removed $3,950 LISTANZA
• 2025-08-18 Listed for Rent $3,950 LISTANZA
• 2025-08-18 Rental Removed $3,950 REALTYMX
• 2025-08-08 Listed for Rent $3,950 REALTYMX
• 2025-05-19 Rental Removed $3,900 LISTANZA
• 2025-05-18 Rental Removed $3,900 REALTYMX
• 2025-05-13 Price Changed $3,900 REALTYMX
• 2025-05-13 Listed for Rent $4,000 LISTANZA
• 2025-04-28 Listed for Rent $4,000 REALTYMX
• 2024-12-31 Rental Removed $2,700 LISTANZA
• 2024-09-13 Listed for Rent $2,700 LISTANZA
• 2024-09-11 Rental Removed $2,700 LISTANZA
• 2024-07-03 Listed for Rent $2,700 LISTANZA
• 2024-03-04 Rental Removed $4,800 LISTANZA
• 2024-03-01 Listed for Rent $4,800 LISTANZA
• 2022-06-30 Price Changed $3,600 REALTYMX
• 2005-08-03 Sold (Public Records) $3,750,000 Public Records
• 1989-04-14 Sold (Public Records) $2,300,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $72,296 · +8.0% YoY. Source: county tax records.