1928 Prospect Ave · New York, NY 10457

$980,000

8 bd · 6.0 ba · 3,840 sqft · MultiFamily public records · 171 Days on market

Built 1905 Est $964k · at est.

---

Why this score? — see what drove the B 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 +28.9/30.0
• DSCR +10.0/10.0
• Appreciation +7.1/10.0
• 1% rule +6.9/10.0
• ARV discount +6.7/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

The property is currently approved as a Four-Family residence, featuring 4 electric meters, 4 gas meters, and 4 boilers with 4 hot-water tanks. Zoning: R7-1. It is located at the corner of E. Tremont Ave, the main street with lots of shops. Within walking distance to the 2 and 5 subway lines. Layout: Street Level: One-bedroom apartment. 1st Floor: 3-bedroom with 2 full bathrooms, 2nd Floor: 4-bedroom with 2 full bathrooms. 3rd floor: One-bedroom apartment. Lot: 25x95, Building Size: 20x55, Low Property Tax: $4070/year. The Seller is seeking a cash buyer only. The price is negotiable.

Key facts

• 4 hot-water tanks
• 4 gas meters
• 4 boilers

Tags

• FOUR-FAMILY RESIDENCE
• 4 ELECTRIC METERS
• 4 GAS METERS
• 4 BOILERS
• 4 HOT-WATER TANKS
• ZONING R7-1

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Triplex
• Construction: Aluminum siding construction
• Exterior features: Aluminum siding; Not waterfront

Interior

• Bedrooms: At least one 3-bedroom unit
• Bathrooms: Six full bathrooms
• Heating & cooling: Hot water heating (natural gas); Wall/window air conditioning units
• Interior features: Open floor plan; First-floor bedroom; First-floor full bathroom; Finished basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.5-bath units multifamily listed at $980k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $828/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $980k).
• Recommended offer: $862k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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: 47 active listings in the ZIP; lower-income renter base — watch delinquency; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $11,645/mo this rent would consume 327% of the median local household income ($43k/yr) (locally 8573% 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 $49k of equity ($7k loan paydown + $42k appreciation (4.3% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.3% appreciation + 3.0% rent growth), your $274k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$79k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($862k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 7y ago; this cycle's ask has dropped $220k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $485k; list at $980k implies a 102% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $862,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% 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 1905 — 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: 1.19% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.49%
• DSCR: 1.64
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $963,840
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1939 Monterey Ave	0.40mi	8/3.0	3,450 (-10%)	7mo	$865,000	$251	47
2159 Belmont Ave	0.47mi	8/3.0	3,540 (-8%)	12mo	$550,000	$155	43
2249 Hughes Ave	0.58mi	7/2.0 (-1)	3,300 (-14%)	4mo	$860,000	$261	26

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.3% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.45×
• Total profit: $397,567
• Equity at exit: $513,935

10-year hold

• IRR: 23.7%
• Equity multiple: 4.79×
• Total profit: $1,038,886
• Equity at exit: $854,488

Cash invested: $274,400 (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 10457

• Home prices YoY: 2.8%
• Active inventory: 47
• Price-to-rent: 28.1×

Monthly cashflow live

• Estimated rent: $11,645 medium
• Mortgage (P&I): −$5,139
• Tax from tax record: −$339 /mo · $4,070/yr
• Insurance: −$408
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,445
• Net cashflow: $3,313

Break-even live

Break-even rent $7,452

Max offer price $980,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$11,644
Total (4 units)			$11,645

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: $245,000
• Closing costs: $29,400
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $980,000 Active 171 DOM
2. 2026-06-17
   days on market $980,000 Active 170 DOM
3. 2026-06-15
   days on market $980,000 Active 168 DOM
4. 2026-06-13
   days on market $980,000 Active 166 DOM
5. 2026-06-10
   days on market $980,000 Active 162 DOM
6. 2026-06-08
   days on market $980,000 Active 161 DOM
7. 2026-06-04
   days on market $980,000 Active 157 DOM
8. 2026-06-03
   days on market $980,000 Active 156 DOM
9. 2026-06-01
   days on market $980,000 Active 154 DOM
10. 2026-05-31
    days on market $980,000 Active 153 DOM
11. 2026-05-15
    price $980,000
12. 2026-04-08
    price $1,050,000
13. 2026-03-24
    price $1,080,000
14. 2026-03-02
    price $1,150,000
15. 2025-12-28
    listed $1,200,000 Active
16. 2025-09-30
    historical
17. 2025-09-10
    price $1,200,000
18. 2025-09-08
    listed $1,300,000 Active
19. 2020-09-06
    historical
20. 2020-06-06
    listed $665,000 Active
21. 2020-04-01
    historical
22. 2019-09-25
    listed $698,000 New
23. 2019-09-13
    soldstatus $485,000
24. 2019-09-01
    soldstatus $485,000 Sold
25. 2019-08-12
    status Pending
26. 2019-07-24
    price $495,000
27. 2019-04-24
    status Active
28. 2019-04-19
    historical
29. 2019-04-18
    status Active
30. 2019-04-01
    historical
31. 2019-03-26
    price $505,000
32. 2019-02-28
    price $519,900
33. 2019-02-02
    price $529,900
34. 2019-01-04
    listed $539,900 Active
35. 2003-04-28
    soldstatus $300,000
36. 2003-03-19
    soldstatus $140,000

ⓘ 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: $4,070 · $339/mo
• Projected year-2 tax: $10,316 · $860/mo
• Expected delta: +$6,246/yr (+$520/mo · 153.4%)

ⓘ 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: $139,740
• − Mortgage interest: −$54,895
• − Property taxes: −$4,070
• − Insurance: −$4,900
• − Repairs & maintenance: −$11,179
• − Management: −$11,179
• − Depreciation: −$28,509
• Taxable income: $25,007
• Est. tax owed @ 24.0%: −$6,002
• After-tax cash flow: $33,752/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 79,543
• Household income: $42,683
• Rent vs Own: 94.8% rent · 5.2% own
• Severe rent burden: 8573.0

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (63%)
• Race & ethnicity: Hispanic / Latino 63% Black 32% Two or more races 19% White 2% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 16% Dominican 31%
• Common ancestry: Hispanic 1%
• Foreign-born: 39% · Canada, United Kingdom, Jamaica
• Languages at home: 33% English-only · Spanish 54% French/Haitian/Cajun 2% Arabic 1%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 4.30%
• Current HPI: 160.6434
• Rent YoY: —
• 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

+600.0% since first listed

26 events — show timeline

• 2026-05-15 Price Changed $980,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $1,050,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-24 Price Changed $1,080,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-02 Price Changed $1,150,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-28 Listed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-10 Price Changed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-08 Listed $1,300,000 OneKey® MLS as Distributed by MLS Grid
• 2020-09-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-06-06 Listed $665,000 OneKey® MLS as Distributed by MLS Grid
• 2020-04-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-09-25 Listed $698,000 OneKey® MLS as Distributed by MLS Grid
• 2019-09-13 Sold (Public Records) $485,000 Public Records
• 2019-09-01 Sold (MLS) $485,000 OneKey® MLS as Distributed by MLS Grid
• 2019-08-12 Pending — OneKey® MLS as Distributed by MLS Grid
• 2019-07-24 Price Changed $495,000 OneKey® MLS as Distributed by MLS Grid
• 2019-04-24 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2019-04-19 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-04-18 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2019-04-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-03-26 Price Changed $505,000 OneKey® MLS as Distributed by MLS Grid
• 2019-02-28 Price Changed $519,900 OneKey® MLS as Distributed by MLS Grid
• 2019-02-02 Price Changed $529,900 OneKey® MLS as Distributed by MLS Grid
• 2019-01-04 Listed $539,900 OneKey® MLS as Distributed by MLS Grid
• 2003-04-28 Sold (Public Records) $300,000 Public Records
• 2003-03-19 Sold (Public Records) $140,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $4,070 · +3.7% YoY. Source: county tax records.