503 W 168th St · New York, NY 10032

$1,986,000

12 bd · None ba · 3,800 sqft · MultiFamily public records · 322 Days on market

Built 1920 2,375 sqft lot

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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 +16.9/30.0
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Rent growth +3.2/5.0
• 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

A rare investment opportunity in the heart of Upper Manhattan , this fully detached four-family home sits on a wide, tree-lined street and offers 4,370 sq ft of unused FAR, making it ideal for condominium development under R7-2 zoning. Located near a prestigious Columbia-affiliated university and a renowned hospital, the property is perfectly positioned to attract steady rental income from students and professionals alike. With the A, C, and 1 subway lines just steps away, Midtown Manhattan is only 25 minutes away. The neighboring property recently added two floors, maximizing its development potential , now it's your turn to unlock the value of this underutilized gem. Selling it in its cur

Key facts

• 2,375 sq ft lot
• Built 1920
• Listed 321 days

Property features AI

Finance

• Other: Building total area 3800; Located in New York (Manhattan)

Exterior

• Parking: No carport
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected; Phone connected; Trash collection (public); Water connected
• Home design: Triplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Bedrooms: One 3-bedroom unit
• Heating & cooling: Natural gas heating
• Interior features: Eat-in kitchen; Full basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.5-bath units multifamily listed at $1.99M.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $329/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 $1.66M (16.5% below list).
• Recommended offer: $1.66M (16.5% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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.
• Market conditions: Rents rising (+2.8%/yr); 79 active listings in the ZIP; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $16,577/mo this rent would consume 350% of the median local household income ($57k/yr) (locally 5464% 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 $166k of equity ($14k loan paydown + $152k appreciation (7.7% 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 (7.7% appreciation + 2.8% rent growth), your $556k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$265k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 322 days — a 12% lower offer ($1.75M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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.
• Current owner paid $530k; list at $1.99M implies a 275% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $1,657,700 (16.5% below list)

Questions for the listing agent

1. It's been on market 322 days. Have you received any prior offers? Is the seller open to a 17% 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 1920 — 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: 0.83% ✗
• Cap rate: 7.09%
• Cash-on-cash: 2.84%
• DSCR: 1.13
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.66% appreciation · 2.84% rent growth · sell at horizon

5-year hold

• IRR: 21.3%
• Equity multiple: 2.54×
• Total profit: $855,540
• Equity at exit: $1,463,168

10-year hold

• IRR: 19.7%
• Equity multiple: 5.34×
• Total profit: $2,411,825
• Equity at exit: $2,861,884

Cash invested: $556,080 (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 10032

• Home prices YoY: 1.8%
• Rents YoY: 2.8%
• Active inventory: 79
• Price-to-rent: 39.9×

Monthly cashflow live

• Estimated rent: $16,577 medium
• Mortgage (P&I): −$10,415
• Tax from tax record: −$536 /mo · $6,427/yr
• Insurance: −$828
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,481
• Net cashflow: $1,318

Break-even live

Break-even rent $14,909

Max offer price $1,986,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$16,576
Total (4 units)			$16,577

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: $496,500
• Closing costs: $59,580
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $1,986,000 Active 322 DOM
2. 2026-06-17
   days on market $1,986,000 Active 321 DOM
3. 2026-06-15
   days on market $1,986,000 Active 319 DOM
4. 2026-06-13
   days on market $1,986,000 Active 317 DOM
5. 2026-06-10
   days on market $1,986,000 Active 313 DOM
6. 2026-06-08
   days on market $1,986,000 Active 312 DOM
7. 2026-06-03
   days on market $1,986,000 Active 307 DOM
8. 2026-06-01
   days on market $1,986,000 Active 305 DOM
9. 2026-05-31
   days on market $1,986,000 Active 304 DOM
10. 2025-08-01
    listed $1,986,000 Active
11. 2025-07-31
    historical $1,986,000
12. 2025-07-17
    historical
13. 2025-05-28
    listed $1,986,000 Active
14. 2021-12-07
    price $2,500,000
15. 2021-12-05
    price $2,400,000
16. 2021-10-05
    status Active
17. 2021-10-05
    price $2,500,000
18. 2021-03-03
    price $2,499,999
19. 2020-10-06
    listed $3,000,000 Active
20. 2004-04-08
    soldstatus $530,000

ⓘ 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: $6,427 · $536/mo
• Projected year-2 tax: $19,995 · $1,666/mo
• Expected delta: +$13,568/yr (+$1,131/mo · 211.1%)

ⓘ 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 · 14 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: $198,924
• − Mortgage interest: −$111,247
• − Property taxes: −$6,427
• − Insurance: −$9,930
• − Repairs & maintenance: −$15,914
• − Management: −$15,914
• − Depreciation: −$57,775
• Taxable loss: −$18,282
• Est. tax savings @ 24.0%: +$4,388
• After-tax cash flow: $20,203/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): 55,610
• Household income: $56,829
• Rent vs Own: 91.5% rent · 8.5% own
• Severe rent burden: 5464.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 62% White 17% Two or more races 14% Black 12% Asian 5%
• Hispanic origin (detail): Mexican 5% Puerto Rican 4% Dominican 42%
• Common ancestry: Romanian 1% Hispanic 1% Lithuanian 1%
• Foreign-born: 44% · Canada, China
• Languages at home: 38% English-only · Spanish 54% Other Indo-European 3% Chinese 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: ▲ 7.66%
• Current HPI: 431.3199
• Rent YoY: ▲ 2.84%
• 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

+274.7% since first listed

11 events — show timeline

• 2025-08-01 Listed $1,986,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-31 Coming Soon $1,986,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-17 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-05-28 Listed $1,986,000 OneKey® MLS as Distributed by MLS Grid
• 2021-12-07 Price Changed $2,500,000 RLS at REBNY
• 2021-12-05 Price Changed $2,400,000 RLS at REBNY
• 2021-10-05 Relisted — RLS at REBNY
• 2021-10-05 Price Changed $2,500,000 RLS at REBNY
• 2021-03-03 Price Changed $2,499,999 RLS at REBNY
• 2020-10-06 Listed $3,000,000 RLS at REBNY
• 2004-04-08 Sold (Public Records) $530,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $6,427 · -0.3% YoY. Source: county tax records.