408 E 138th St · New York, NY 10454

$2,799,000

24 bd · 24.0 ba · 8,328 sqft · MultiFamily public records · 1091 Days on market

Built 1931 1,856 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

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

HEART OF SOUTH BRONX FEW BLOCKS AWAY FROM WILLIS AVE BRIDGE TO MANHATTAN AMAZINGLY BUSY HIGH TRAFFIC WILLIS AVE AND E 138TH ST PRIME CORNER LARGE (25X70 BUILDING SIZE) 8 FAMILY +3 STORE MIXED-USE SEMI-DETACHED CORNER BRICK BUILDING BOTH SIDE BUS STOP IDEALLY SITUATED IN ONE OF THE MOST DESIRABLE & SOUGHT-AFTER BRONX LOCATIONS- SURROUNDED BY ALL FORMS OF TRANSPORTATION SUBWAY AND BUS & THRIVING BUSINESSES… AN ABSOLUTELY RARE & OUTSTANDING OPPORTUNITY TO OWN A PRIZED PIECE OF PROPERTY

Key facts

• 1,856 sq ft lot
• Built 1931
• Listed 1091 days

Property features AI

Finance

• Other: Zoned R6
• Financial info: Financing available: bank mortgage or cash; Property contains 11 total units (mixed retail and residential); Current retail rents reported: $5,200, $2,000, $2,500 for three leased retail units; Projected rents for eight 3-bedroom residential units: $2,100 each (month-to-month occupancy for those units)

Exterior

• Parking: No on-site parking
• Utilities: 220V electric service; Other electric features; Gas service; Other heat delivery
• Home design: Mixed-use property; Attached building
• Construction: Brick and other construction materials; Flat roof (other - see remarks); Other foundation
• Exterior features: Yard (other, see remarks); Brick exterior

Interior

• Bedrooms: Eight 3-bedroom residential units (units on floors 2–5)
• Flooring: Other floors (see remarks)
• Bathrooms: Each 3-bedroom residential unit has 3 full bathrooms
• Heating & cooling: Gas heating; Hot water system (other)
• Interior features: Other flooring (see remarks); Basement with other amenities

What this means for you Summary

Snapshot

• This is a 8 × 3-bed/3.0-bath units multifamily listed at $2.80M.

Deal economics

• At list price, monthly cash flow is $14k ($163k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($42k rent vs $2.80M).
• Recommended offer: $2.46M (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 flat; 19 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 $41,841/mo this rent would consume 2085% of the median local household income ($24k/yr) (locally 5002% 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 $150k of equity ($19k loan paydown + $131k appreciation (4.7% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.7% appreciation + 0.6% rent growth), your $784k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$241k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 1091 days — a 12% lower offer ($2.46M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $1.00M; list at $2.80M implies a 180% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,463,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 1091 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 1931 — 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: 1.49% ✓
• Cap rate: 12.10%
• Cash-on-cash: 20.74%
• DSCR: 1.92
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.67% appreciation · 0.61% rent growth · sell at horizon

5-year hold

• IRR: 28.7%
• Equity multiple: 2.73×
• Total profit: $1,357,226
• Equity at exit: $1,529,582

10-year hold

• IRR: 26.6%
• Equity multiple: 5.10×
• Total profit: $3,212,109
• Equity at exit: $2,594,220

Cash invested: $783,720 (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 10454

• Home prices YoY: 2.0%
• Rents YoY: 0.6%
• Active inventory: 19
• Price-to-rent: 44.6×

Monthly cashflow live

• Estimated rent: $41,841 high
• Mortgage (P&I): −$14,678
• Tax from tax record: −$3,663 /mo · $43,954/yr
• Insurance: −$1,166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,787
• Net cashflow: $13,547

Break-even live

Break-even rent $24,693

Max offer price $2,799,000

Occupancy floor 63%

Sensitivity live

Price	-10% $15,132	-5% $14,339	+0% $13,547	+5% $12,755	+10% $11,963
Rent	-10% $10,242	-5% $11,894	+0% $13,547	+5% $15,200	+10% $16,853
Rate	-1.0pp $14,957	-0.5pp $14,259	base $13,547	+0.5pp $12,822	+1.0pp $12,084

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

Units	Beds	Baths	Est. rent
▸ 8× units	3	3	$41,840
Total (8 units)			$41,841

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: $699,750
• Closing costs: $83,970
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-22
   days on market $2,799,000 Active 1091 DOM
2. 2026-06-21
   days on market $2,799,000 Active 1090 DOM
3. 2026-06-18
   days on market $2,799,000 Active 1087 DOM
4. 2026-06-17
   days on market $2,799,000 Active 1086 DOM
5. 2026-06-15
   days on market $2,799,000 Active 1084 DOM
6. 2026-06-13
   days on market $2,799,000 Active 1082 DOM
7. 2026-06-10
   days on market $2,799,000 Active 1078 DOM
8. 2026-06-08
   days on market $2,799,000 Active 1077 DOM
9. 2026-06-03
   days on market $2,799,000 Active 1072 DOM
10. 2026-06-01
    days on market $2,799,000 Active 1070 DOM
11. 2026-05-31
    days on market $2,799,000 Active 1069 DOM
12. 2025-06-02
    price $2,799,000
13. 2024-03-19
    price $3,050,000
14. 2024-03-03
    price $3,090,000
15. 2024-02-03
    price $3,199,000
16. 2023-12-26
    price $3,479,000
17. 2023-10-30
    price $3,489,000
18. 2023-09-27
    price $3,490,000
19. 2023-08-21
    price $3,500,000
20. 2023-06-26
    listed $3,800,000 Active
21. 2007-07-17
    soldstatus $1,000,000
22. 2005-06-20
    soldstatus $850,000
23. 2005-02-23
    soldstatus $730,000
24. 1993-12-28
    soldstatus $250,000

ⓘ 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: $43,954 · $3,663/mo
• Projected year-2 tax: $45,628 · $3,802/mo
• Expected delta: +$1,675/yr (+$140/mo · 3.8%)

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

Taxation est. · year 1

• Rental income: $502,092
• − Mortgage interest: −$156,788
• − Property taxes: −$43,954
• − Insurance: −$13,995
• − Repairs & maintenance: −$40,167
• − Management: −$40,167
• − Depreciation: −$81,425
• Taxable income: $125,596
• Est. tax owed @ 24.0%: −$30,143
• After-tax cash flow: $132,422/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): 39,570
• Household income: $24,086
• Rent vs Own: 93.2% rent · 6.8% own
• Severe rent burden: 5002.0

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: Predominantly Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Black 23% Two or more races 14% White 3% Native American 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 29% Dominican 17%
• Foreign-born: 29% · Canada, Jamaica
• Languages at home: 36% English-only · Spanish 58% French/Haitian/Cajun 2%

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: ▲ 4.67%
• Current HPI: 238.974
• Rent YoY: ▲ 0.61%
• 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

+1019.6% since first listed

13 events — show timeline

• 2025-06-02 Price Changed $2,799,000 BNYMLS
• 2024-03-19 Price Changed $3,050,000 BNYMLS
• 2024-03-03 Price Changed $3,090,000 BNYMLS
• 2024-02-03 Price Changed $3,199,000 BNYMLS
• 2023-12-26 Price Changed $3,479,000 BNYMLS
• 2023-10-30 Price Changed $3,489,000 BNYMLS
• 2023-09-27 Price Changed $3,490,000 BNYMLS
• 2023-08-21 Price Changed $3,500,000 BNYMLS
• 2023-06-26 Listed $3,800,000 BNYMLS
• 2007-07-17 Sold (Public Records) $1,000,000 Public Records
• 2005-06-20 Sold (Public Records) $850,000 Public Records
• 2005-02-23 Sold (Public Records) $730,000 Public Records
• 1993-12-28 Sold (Public Records) $250,000 Public Records

Property tax history

+8.7%/yr

Latest (2025): $43,954 · +0.8% YoY. Source: county tax records.