2722 Wallace Ave · New York, NY 10467

$999,000

9 bd · 6.0 ba · 3,276 sqft · MultiFamily public records · 13 Days on market

Built 2002 2,100 sqft lot Est $1248k · 20% under ↓ 9% since listing

---

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 +23.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• 1% rule +5.1/10.0
• Schools +5.0/10.0
• Rent growth +4.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

2 fully occupied apartments - 3rd Floor Unit Comes Vacant. $6,667/month gross income; New construction. Excellent condition, minimal maintenance Tenants pay heat & electric. Low landlord expenses. Non-Article XI. Maximum rent flexibility. Finished basement provides additional usable space. Exceptional investment opportunity! This non-Article XI multifamily property features three spacious apartments, each offering 3 bedrooms and 2 full bathroom. The building also includes a finished basement, providing additional usable space and flexibility. Recently constructed from the ground up, this property is in excellent condition and requires minimal maintenance. Tenants are responsible for t

Key facts

• New construction
• Prime area
• Finished basement

Tags

• 3RD FLOOR UNIT
• NEW CONSTRUCTION
• FINISHED BASEMENT
• INVESTMENT OPPORTUNITY
• SPACIOUS APARTMENTS
• PRIME AREA

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Utilities: see remarks
• Home design: Triplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: Three bedrooms
• Bathrooms: Three full bathrooms
• Heating & cooling: Baseboard heating; Wall/window air conditioning units
• Interior features: First floor bedroom; First floor full bath; Primary bathroom; Other interior features

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $608/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $999k).
• Cap rate 8.6% 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 (+9.2%/yr); 129 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $10,074/mo this rent would consume 245% of the median local household income ($49k/yr) (locally 10930% 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 (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $280k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $999,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.01% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.11%
• DSCR: 1.36
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $1,248,156
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3001 Olinville Ave	0.33mi	8/5.0 (-1)	3,340 (+2%)	6mo	$1,100,000	$329	67
3002 Barnes Ave	0.25mi	8/4.0 (-1)	3,214 (-2%)	9mo	$1,225,000	$381	65

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.03×
• Total profit: $7,235
• Equity at exit: $148,954

10-year hold

• IRR: 14.5%
• Equity multiple: 2.42×
• Total profit: $396,932
• Equity at exit: $86,375

Cash invested: $279,720 (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 10467

• Home prices YoY: -32.8%
• Rents YoY: 9.2%
• Active inventory: 129
• Price-to-rent: 24.8×

Monthly cashflow live

• Estimated rent: $10,074 medium
• Mortgage (P&I): −$5,239
• Tax from tax record: −$412 /mo · $4,950/yr
• Insurance: −$416
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,116
• Net cashflow: $1,824

Break-even live

Break-even rent $7,765

Max offer price $999,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$10,074
Total (3 units)			$10,074

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: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-18
   days on market $999,000 Active 13 DOM
2. 2026-06-17
   days on market $999,000 Active 12 DOM
3. 2026-06-16
   days on market $999,000 Active 11 DOM
4. 2026-06-15
   days on market $999,000 Active 10 DOM
5. 2026-06-13
   days on market $999,000 Active 8 DOM
6. 2026-06-10
   remarks 695-char remark
7. 2026-06-09
   days on market $999,000 Active 4 DOM
8. 2026-06-08
   days on market $999,000 Active 3 DOM
9. 2026-06-07
   remarks 681-char remark
10. 2026-06-07
    listed $999,000 Active 2 DOM

ⓘ 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: $4,950 · $412/mo
• Projected year-2 tax: $10,916 · $910/mo
• Expected delta: +$5,967/yr (+$497/mo · 120.6%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $120,888
• − Mortgage interest: −$55,960
• − Property taxes: −$4,950
• − Insurance: −$5,792
• − Repairs & maintenance: −$9,671
• − Management: −$9,671
• − Depreciation: −$29,062
• Taxable income: $5,783
• Est. tax owed @ 24.0%: −$1,388
• After-tax cash flow: $20,505/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): 96,421
• Household income: $49,330
• Rent vs Own: 85.8% rent · 14.2% own
• Severe rent burden: 10930.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 53% Black 28% Two or more races 11% White 9% Asian 6% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 16% Dominican 22%
• Foreign-born: 39% · Canada, Jamaica
• Languages at home: 41% English-only · Spanish 45% Other Indo-European 7% French/Haitian/Cajun 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: ▼ -112.76%
• Current HPI: 231.537
• Rent YoY: ▲ 9.23%
• 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

-9.2% since first listed

9 events — show timeline

• 2026-06-05 Listed $999,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-20 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-04 Listed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-25 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 2024-08-29 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-08-28 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-07-22 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2024-07-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-07-03 Listed $1,100,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+9.6%/yr

Latest (2025): $4,950 · +59.7% YoY. Source: county tax records.