1885 Lexington Ave Unit 5B · New York, NY 10035

$470,000

2 bd · 1.0 ba · 955 sqft · Condo · 439 Days on market

Built 2012 ↓ 15% 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 +11.5/30.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Appreciation +6.6/10.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to your new home in the heart of vibrant Harlem! This stunning two-bedroom co-op apartment offers both modern convenience and classic charm, perfectly situated in one of the most sought-after neighborhoods in New York City. Upon entering, you are greeted by a spacious open-concept living area with large windows that flood the space with natural light, highlighting the polished hardwood floors throughout. The contemporary kitchen is a culinary delight, featuring large countertops and ample cabinet space for all your culinary needs. The primary bedroom is generously sized, offering a serene retreat with ample closet space. The second bedroom is equally spacious, ideal for a guest room

Key facts

• Built 2012
• Listed 439 days

Property features AI

Finance

• Other: Living area recorded from plans; Property condition listed as actual; Four total rooms
• HOA & community: Has association (Lancaster Lexington Apartment Corp.); Monthly additional fee of $855 (expires in July local law assessment)

Exterior

• Parking: On-street parking
• Security: Building security; Key card entry; Video cameras
• Utilities: Con-Edison electric; Natural gas connected; Water connected; Public sewer; Sewer connected; Trash collection (public); Cable available
• Home design: Stock cooperative; Seven-story building; Unit on one level; Located between the 3rd and 5th floors
• Construction: Brick construction; No basement
• Exterior features: Brick construction; Building offers outdoor space; Not waterfront

Interior

• Kitchen: Dishwasher; ENERGY STAR qualified appliances; Gas cooktop; Gas oven; Refrigerator
• Bedrooms: Located between 3rd and 5th floors (unit is on one level)
• Flooring: Ceramic tile; Combination flooring; Wood
• Bathrooms: One full bathroom
• Heating & cooling: Baseboard heating; Wall/window air conditioning unit(s)
• Interior features: Elevator; ENERGY STAR qualified doors; Washer/dryer hookup; In-unit laundry (washer hookup); Accessible bedroom, common areas, doors, entrance, full bath, and hallways; Accessible elevator installed; Outdoor space
• Laundry & utility: In-unit washer hookup

🏢 Co-op / cooperative unit. The $470,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $470k.

Deal economics

• At list price, monthly cash flow is $-151 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $470k).
• Recommended offer: $414k (12.0% below list) — sets the bar for market timing.
• Cap rate 5.9% 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 (+5.6%/yr); 71 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $5,582/mo this rent would consume 148% 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 $18k of equity ($3k loan paydown + $15k 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.
• By year 3, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 439 days — a 12% lower offer ($414k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.
• 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 $413,600 (12.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 439 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 5.91%
• Cash-on-cash: -1.38%
• DSCR: 0.94
• GRM: 7.0

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: 8.8%
• Equity multiple: 1.52×
• Total profit: $68,747
• Equity at exit: $217,483

10-year hold

• IRR: 13.0%
• Equity multiple: 3.11×
• Total profit: $277,220
• Equity at exit: $340,029

Cash invested: $131,600 (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: 7.0×

Monthly cashflow live

• Estimated rent: $5,582 high
• Mortgage (P&I): −$2,465
• Tax est. 1.5%: −$588 /mo · $7,050/yr
• Insurance: −$196
• HOA est. from 2 same-building comps: −$1,313
• Vacancy / Maint / Mgmt: −$1,172
• Net cashflow: $-151

Break-even live

Break-even rent $5,773

Max offer price $448,089

Occupancy floor 98%

Sensitivity live

Price	-10% $173	-5% $11	+0% $-151	+5% $-314	+10% $-476
Rent	-10% $-592	-5% $-372	+0% $-151	+5% $69	+10% $290
Rate	-1.0pp $85	-0.5pp $-32	base $-151	+0.5pp $-273	+1.0pp $-397

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: $117,500
• Closing costs: $14,100
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
77 E 110th St Unit 1322508P New York, NY	2.0	1.5	990	$6,360	$6.42	26d	1	0.40mi
319 E 109th St Unit 1021947P New York, NY	3.0	1.0	818	$7,260	$8.88	6d	1	0.53mi
2051 2nd Ave Unit 1565856P New York, NY	2.0	1.0	914	$6,836	$7.48	1d	1	0.68mi
1635 Lexington Ave Unit 6D New York, NY	2.0	2.0	1112	$6,000	$5.40	26d	1	0.72mi
1399 Park Ave Unit 10C New York, NY	2.0	2.0	962	$5,500	$5.72	1d	1	0.73mi
5 Lincoln Ave Bronx, NY	1.0–3.0	1.0–2.5	1011	$5,138	$5.08	0d	181	0.74mi
2413 3rd Ave Bronx, NY	1.0–3.0	1.0–2.0	857	$4,022	$4.69	1d	21	0.78mi
122 E 102nd St Unit 1021896P New York, NY	2.0	1.0	742	$5,429	$7.32	17d	1	0.82mi
230 W 126th St Unit 20C New York, NY	2.0	1.0	860	$4,555	$5.30	26d	1	0.82mi
312 W 121st St Unit 5-A New York, NY	3.0	1.0	800	$4,655	$5.82	13d	1	0.88mi
508 Manhattan Ave Unit 2C New York, NY	3.0	1.0	800	$4,699	$5.87	13d	1	0.89mi
312 W 121st St Unit 4C New York, NY	3.0	2.0	900	$4,854	$5.39	9d	1	0.89mi
506 Manhattan Ave Unit 1A New York, NY	3.0	1.0	800	$4,699	$5.87	13d	1	0.90mi
132 W 134th St New York, NY	2.0	1.0	750	$4,500	$6.00	26d	1	0.98mi
1501 Lexington Ave #932 New York, NY	1.0	1.0	583	$7,403	$12.69	1d	3	1.06mi
30 Morningside Dr #2096 New York, NY	1.0–2.0	1.0–2.0	780	$8,940	$11.45	1d	2	1.06mi
1 Morningside Dr New York, NY	3.0	1.0–2.0	1655	$8,195	$4.95	0d	1	1.10mi
175 E 96th St Unit 1251683P New York, NY	2.0	1.0	600	$6,380	$10.63	4d	2	1.10mi
215 E 96th St Unit 688 New York, NY	1.0	1.0	717	$7,810	$10.89	0d	1	1.10mi
420 Central Park W Unit 6K New York, NY	2.0	2.0	1060	$8,000	$7.55	23d	1	1.14mi
215 E 95th St #1293 New York, NY	1.0–2.0	1.0–1.5	740	$6,100	$8.24	1d	2	1.15mi
53-55 E 95th St Unit 4A New York, NY	3.0	2.0	803	$7,495	$9.33	9d	1	1.15mi
300 W 135th St Unit 9G New York, NY	3.0	2.0	1032	$5,500	$5.33	6d	1	1.18mi
345 E 94th St #1470 New York, NY	2.0	1.0–2.0	710	$7,570	$10.65	5d	3	1.25mi
543 W 122nd St New York, NY	2.0	1.0–2.0	1057	$10,995	$10.40	4d	7	1.27mi
118 E 91st St Unit 1022052P New York, NY	3.0	1.0	592	$6,180	$10.44	9d	1	1.37mi
1377 Lexington Ave Unit 5CC New York, NY	2.0	1.0	796	$5,100	$6.41	21d	1	1.37mi
50 W 97th St #1739 New York, NY	2.0	1.0	800	$6,560	$8.20	7d	1	1.40mi
808 Columbus Ave New York, NY	2.0	1.0–2.0	773	$9,876	$12.77	0d	30	1.41mi
354 E 91st St #648 New York, NY	1.0–2.0	1.0	692	$6,850	$9.89	1d	2	1.42mi
202 W 102nd St Unit 1053014P New York, NY	2.0	2.0	538	$10,000	$18.59	23d	1	1.43mi
788 Columbus Ave #1323 New York, NY	1.0–3.0	1.0–1.5	900	$6,320	$7.02	26d	2	1.44mi
235 E 89th St Unit 1495783P New York, NY	2.0	1.0	699	$7,443	$10.65	22d	1	1.47mi
308 W 107th St Unit 1239985P New York, NY	1.0	1.0	559	$5,497	$9.83	1d	1	1.47mi
200 E 89th St Unit 12G New York, NY	1.0	1.0	650	$5,000	$7.69	19d	1	1.47mi
814 Amsterdam Ave #1019 New York, NY	1.0–2.0	1.0–2.0	800	$5,270	$6.59	26d	2	1.48mi
915 W End Ave #1020 New York, NY	1.0–3.0	1.0–2.0	851	$7,305	$8.58	1d	2	1.50mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $470,000 Active 439 DOM
2. 2026-06-18
   days on market $470,000 Active 436 DOM
3. 2026-06-17
   days on market $470,000 Active 435 DOM
4. 2026-06-15
   days on market $470,000 Active 433 DOM
5. 2026-06-13
   days on market $470,000 Active 431 DOM
6. 2026-06-10
   days on market $470,000 Active 427 DOM
7. 2026-06-08
   days on market $470,000 Active 426 DOM
8. 2026-06-03
   days on market $470,000 Active 421 DOM
9. 2026-06-01
   days on market $470,000 Active 419 DOM
10. 2026-05-31
    days on market $470,000 Active 418 DOM
11. 2026-03-15
    status Active
12. 2026-03-10
    historical
13. 2026-03-09
    status Active
14. 2026-03-08
    historical
15. 2025-11-30
    price $470,000
16. 2025-07-04
    price $515,000
17. 2025-03-05
    price $588,000
18. 2025-03-05
    price $588,888
19. 2025-03-04
    historical $550,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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: $66,982
• − Mortgage interest: −$26,327
• − Property taxes: −$7,050
• − Insurance: −$2,350
• − Repairs & maintenance: −$5,359
• − Management: −$5,359
• − HOA: −$15,756
• − Depreciation: −$13,673
• Taxable loss: −$8,891
• Est. tax savings @ 24.0%: +$2,134
• After-tax cash flow: $317/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): 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

-14.5% since first listed

9 events — show timeline

• 2026-03-15 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-09 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-08 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-11-30 Price Changed $470,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-04 Price Changed $515,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-05 Price Changed $588,888 OneKey® MLS as Distributed by MLS Grid
• 2025-03-05 Price Changed $588,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-04 Coming Soon $550,000 OneKey® MLS as Distributed by MLS Grid