213 E 120th St · New York, NY 10035

$1,895,000

28 bd · 20.0 ba · 4,320 sqft · MultiFamily · 72 Days on market

Built 1899 Fair condition 1,919 sqft lot ↓ 20% 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 +16.6/30.0
• ARV discount +7.5/15.0
• Appreciation +6.6/10.0
• DSCR +5.1/10.0
• Schools +5.0/10.0
• 1% rule +4.5/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0

Multi-family units

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

Listing remarks

213 East 120th Street presents a compelling four-unit, mixed-use townhouse investment opportunity in the rapidly evolving East Harlem corridor. Built in 1899 and spanning approximately 5,200 square feet , the property is configured with 7 bedrooms, 4 bathrooms, and 16 total rooms across four units. Delivered fully vacant, this asset offers immediate value-add potential through renovation, repositioning, and improved operational efficiency. The building features a flexible layout with a mix of residential and ground-floor commercial or live/ work space , including a unit with direct access to a private backyard patio. Each residential unit is pre-plumbed for in-unit washer/dryers, enhancin

Key facts

• Full basement
• Mezzanine space
• 1,919 sq ft lot

Tags

• PRIVATE BACKYARD PATIO
• IN-UNIT WASHER DRYERS
• FULL BASEMENT
• CLASSIC BROWNSTONE CHARACTER
• MEZZANINE SPACE

Property features AI

Finance

• Financial info: Pets allowed in building (restrictions apply)

Exterior

• Home design: Single-story building; Entry at level 1
• Construction: Green building
• Exterior features: Private outdoor space (over 60 sq ft); Lot roughly 1,919 sq ft (approx. dimensions 101 x 19)

Interior

• Bedrooms: Total rooms: 15
• Bathrooms: 5 full bathrooms
• Heating & cooling: Cooling system present
• Interior features: Smoke-free property
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4 × 7-bed/5.0-bath units multifamily listed at $1.90M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $283/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 $1.80M (4.9% below list).
• Recommended offer: $1.78M (6.0% below list) — sets the bar for market timing.
• Cap rate 7.0% 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 fast (+5.6%/yr); 71 active listings in the ZIP; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $18,012/mo this rent would consume 479% of the median local household income ($45k/yr) (locally 3992% 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 $74k of equity ($13k loan paydown + $61k appreciation (3.2% 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 (3.2% appreciation + 5.6% rent growth), your $531k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$121k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($1.78M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $100k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,781,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 7.01%
• Cash-on-cash: 2.56%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.23% appreciation · 5.62% rent growth · sell at horizon

5-year hold

• IRR: 11.9%
• Equity multiple: 1.70×
• Total profit: $372,784
• Equity at exit: $876,873

10-year hold

• IRR: 15.2%
• Equity multiple: 3.41×
• Total profit: $1,277,885
• Equity at exit: $1,370,970

Cash invested: $530,600 (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 10035

• Home prices YoY: 1.0%
• Rents YoY: 5.6%
• Active inventory: 71
• Price-to-rent: 35.1×

Monthly cashflow live

• Estimated rent: $18,012 medium
• Mortgage (P&I): −$9,938
• Tax est. 1.5%: −$2,369 /mo · $28,425/yr
• Insurance: −$790
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,783
• Net cashflow: $1,134

Break-even live

Break-even rent $16,577

Max offer price $1,895,000

Occupancy floor 89%

Sensitivity live

Price	-10% $2,443	-5% $1,788	+0% $1,134	+5% $479	+10% $-176
Rent	-10% $-289	-5% $422	+0% $1,134	+5% $1,845	+10% $2,557
Rate	-1.0pp $2,088	-0.5pp $1,616	base $1,134	+0.5pp $643	+1.0pp $143

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

Units	Beds	Baths	Est. rent
▸ 4× units	7	5	$18,012
Total (4 units)			$18,012

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: $473,750
• Closing costs: $56,850
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $1,895,000 Active 72 DOM
2. 2026-06-17
   days on market $1,895,000 Active 71 DOM
3. 2026-06-15
   days on market $1,895,000 Active 69 DOM
4. 2026-06-13
   days on market $1,895,000 Active 67 DOM
5. 2026-06-10
   days on market $1,895,000 Active 63 DOM
6. 2026-06-08
   days on market $1,895,000 Active 62 DOM
7. 2026-06-08
   days on market $1,895,000 Active 61 DOM
8. 2026-06-04
   days on market $1,895,000 Active 58 DOM
9. 2026-06-03
   days on market $1,895,000 Active 57 DOM
10. 2026-06-01
    days on market $1,895,000 Active 55 DOM
11. 2026-05-31
    pricedays on market $1,895,000 Active 54 DOM
12. 2026-04-07
    listed $1,995,000 Active
13. 2026-04-07
    listed $1,995,000 Active
14. 2025-04-25
    price $1,900,000
15. 2025-03-25
    price $1,995,000
16. 2024-10-22
    price $2,100,000
17. 2024-02-20
    historical $3,950
18. 2024-01-05
    listed $3,950
19. 2024-01-04
    price $2,050,000
20. 2024-01-04
    price $2,050,000
21. 2023-12-31
    historical $4,200
22. 2023-12-03
    price $4,200
23. 2023-11-20
    price $2,200,000
24. 2023-08-11
    price $2,350,000
25. 2023-08-03
    listed
26. 2023-06-17
    historical
27. 2023-05-09
    listed $2,495,000 Active

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

Taxation est. · year 1

• Rental income: $216,144
• − Mortgage interest: −$106,149
• − Property taxes: −$28,425
• − Insurance: −$9,475
• − Repairs & maintenance: −$17,292
• − Management: −$17,292
• − Depreciation: −$55,127
• Taxable loss: −$17,616
• Est. tax savings @ 24.0%: +$4,228
• After-tax cash flow: $17,831/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 · 1 photo

Fair 45/100 Moderate rehab

This four-unit townhouse in East Harlem requires moderate repairs and maintenance, with potential for significant value increase through exterior updates, HVAC maintenance, and interior renovations.

Repairs flagged

• Minor paint touch-ups — Some areas of the exterior paint may need touch-ups.
• Minor window screens — Window screens may need cleaning or replacement.
• Minor HVAC maintenance — Regular HVAC maintenance is recommended to ensure efficiency and longevity.
• Minor landscaping — Some landscaping improvements could enhance curb appeal and attract tenants/investors.

Value-add opportunities

• Both exterior paint touch-ups — Enhances curb appeal and property value.
• Both HVAC maintenance — Improves comfort and energy efficiency, attracting tenants/investors.
• Both landscaping improvements — Enhances curb appeal and attracts potential buyers/tenants.
• Both interior updates — Modernizes the interior and enhances the overall appeal of the property.
• Both renovation of units — Brings the property up to current standards and attracts more tenants/investors.

Renovation cost estimate screening

Repair item	Severity	Est. cost
paint touch-ups · Some areas of the exterior paint may need touch-ups.	Minor	$500–3,000
window screens · Window screens may need cleaning or replacement.	Minor	$500–3,000
HVAC maintenance · Regular HVAC maintenance is recommended to ensure efficiency and longevity.	Minor	$500–3,000
landscaping · Some landscaping improvements could enhance curb appeal and attract tenants/investors.	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Both exterior paint touch-ups — Enhances curb appeal and property value. ↑
• Both HVAC maintenance — Improves comfort and energy efficiency, attracting tenants/investors. ↑
• Both landscaping improvements — Enhances curb appeal and attracts potential buyers/tenants. ↑
• Both interior updates — Modernizes the interior and enhances the overall appeal of the property. ↑
• Both renovation of units — Brings the property up to current standards and attracts more tenants/investors. ↑

ⓘ 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): 38,862
• Household income: $45,121
• Rent vs Own: 89.0% rent · 11.0% own
• Severe rent burden: 3992.0

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: Hispanic / Latino 42% Black 35% White 14% Two or more races 13% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 16% Dominican 10%
• Common ancestry: Lithuanian 2% Romanian 1% Scotch-Irish 1%
• Foreign-born: 23% · Canada, China, Jamaica
• Languages at home: 54% English-only · Spanish 34% Other Indo-European 3% Russian/Polish/Slavic 2%

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: ▲ 3.23%
• Current HPI: 317.1637
• Rent YoY: ▲ 5.62%
• 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

-20.0% since first listed

16 events — show timeline

• 2026-04-07 Listed $1,995,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-07 Listed $1,995,000 RLS at REBNY
• 2025-04-25 Price Changed $1,900,000 RLS at REBNY
• 2025-03-25 Price Changed $1,995,000 RLS at REBNY
• 2024-10-22 Price Changed $2,100,000 RLS at REBNY
• 2024-02-20 Rental Removed $3,950 ONEKEY
• 2024-01-05 Listed for Rent $3,950 ONEKEY
• 2024-01-04 Price Changed $2,050,000 OneKey® MLS as Distributed by MLS Grid
• 2024-01-04 Price Changed $2,050,000 RLS at REBNY
• 2023-12-31 Rental Removed $4,200 ONEKEY
• 2023-12-03 Price Changed $4,200 ONEKEY
• 2023-11-20 Price Changed $2,200,000 RLS at REBNY
• 2023-08-11 Price Changed $2,350,000 RLS at REBNY
• 2023-08-03 Listed for Rent — ONEKEY
• 2023-06-17 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2023-05-09 Listed $2,495,000 OneKey® MLS as Distributed by MLS Grid