735 Harlem Rd · West Seneca, NY 14224

$485,000

5 bd · None ba · 6,802 sqft · MultiFamily · 63 Days on market

Built 1966 Good condition 0.28 ac lot $71/sqft · 19% below area Est $598k · 19% under

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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 +29.8/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Schools +4.5/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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 MLS

The property is a well-maintained brick and block structure located on Harlem Road, featuring five apartment units and one large office space. The residential unit breakdown includes 3 one-bedroom and 2 two-bedroom apartments, all currently leased. The office unit offers flexible options for occupancy, leasing, or conversion into a three-bedroom apartment. With the office leased at $1,200 per month, the projected net operating income (NOI) is approximately $37,754. Recent building upgrades include a new boiler and hot water tank installed in 2024, and the property is equipped with hot water baseboard heating and some air conditioning units. Additional amenities include a large parking field offering ample tenant parking.

Key facts

• Hot water tank
• New boiler
• Large office space

Tags

• BRICK AND BLOCK STRUCTURE
• LARGE OFFICE SPACE
• RECENT BUILDING UPGRADES
• NEW BOILER
• HOT WATER TANK
• HOT WATER BASEBOARD HEATING

What this means for you Summary

Snapshot

• This is a 5-bed/?-bath multifamily listed at $485k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $485k).
• Recommended offer: $456k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 3.7% in West Seneca — 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 79/100 on livability (#130 in NY, #2,089 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A-; Watch: amenities D, commute F.
• West Seneca Central School District (suburban): math 49% / reading 55% proficiency, ranked #336 of 590 in NY (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 201 active listings in the ZIP; 1,244 units permitted in Erie County in 2024 (563 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $136k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($456k) is reasonable based on typical stale-listing flexibility.

Recommended offer $455,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
7. 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.
8. 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: 1.34% ✓
• Cap rate: 10.68%
• Cash-on-cash: 15.67%
• DSCR: 1.70
• GRM: 6.2

CMA / ARV

• ARV (median comp): $598,047
• List price: $485,000
• Delta: -18.90%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 6.5%
• Equity multiple: 1.25×
• Total profit: $34,481
• Equity at exit: $72,315

10-year hold

• IRR: 15.9%
• Equity multiple: 2.30×
• Total profit: $175,895
• Equity at exit: $41,934

Cash invested: $135,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 14224

• Active inventory: 201
• Price-to-rent: 31.1×

Monthly cashflow live

• Estimated rent: $6,488 medium
• Mortgage (P&I): −$2,543
• Tax est. 1.5%: −$606 /mo · $7,275/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,362
• Net cashflow: $1,774

Break-even live

Break-even rent $4,243

Max offer price $485,000

Occupancy floor 68%

Sensitivity live

Price	-10% $2,109	-5% $1,941	+0% $1,774	+5% $1,606	+10% $1,439
Rent	-10% $1,261	-5% $1,518	+0% $1,774	+5% $2,030	+10% $2,286
Rate	-1.0pp $2,018	-0.5pp $1,897	base $1,774	+0.5pp $1,648	+1.0pp $1,520

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,900
▸ 2× units	2	1	$2,588
Total (5 units)			$6,488

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: $121,250
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-13
   statusdays on market $485,000 Pending 63 DOM
2. 2026-06-10
   days on market $485,000 Active 61 DOM
3. 2026-06-09
   days on market $485,000 Active 60 DOM
4. 2026-06-08
   days on market $485,000 Active 59 DOM
5. 2026-06-07
   days on market $485,000 Active 58 DOM
6. 2026-06-03
   days on market $485,000 Active 54 DOM
7. 2026-06-02
   days on market $485,000 Active 53 DOM
8. 2026-06-01
   days on market $485,000 Active 52 DOM
9. 2026-05-31
   days on market $485,000 Active 51 DOM
10. 2026-04-10
    listed $485,000 Active 730-char remark

    Show marketing remark (730 chars)

    The property is a well-maintained brick and block structure located on Harlem Road, featuring five apartment units and one large office space. The residential unit breakdown includes 3 one-bedroom and 2 two-bedroom apartments, all currently leased. The office unit offers flexible options for occupancy, leasing, or conversion into a three-bedroom apartment. With the office leased at $1,200 per month, the projected net operating income (NOI) is approximately $37,754. Recent building upgrades include a new boiler and hot water tank installed in 2024, and the property is equipped with hot water baseboard heating and some air conditioning units. Additional amenities include a large parking field offering ample tenant parking.

ⓘ 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: $77,856
• − Mortgage interest: −$27,168
• − Property taxes: −$7,275
• − Insurance: −$2,425
• − Repairs & maintenance: −$6,228
• − Management: −$6,228
• − Depreciation: −$14,109
• Taxable income: $14,422
• Est. tax owed @ 24.0%: −$3,461
• After-tax cash flow: $17,824/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

Good 75/100 Cosmetic rehab

A well-maintained multi-family property with recent upgrades and good condition, ready for cosmetic improvements to enhance its resale and rental value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Replace gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Replace gutters — Improves drainage and property value ↑

ⓘ 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)

• District: West Seneca Central School District
• NCES district ID: 3630780
• Math proficiency: 49% ▼ -15.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $54,231
• Composite: 44.83/100
• National rank: #2735
• State rank: #336 of 590 in NY

Livability — West Seneca

• Score: 79/100
• State rank: #130
• US rank: #2089

Category grades

Amenities D Commute F Cost of living B+ Crime A- Employment B+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Seneca, NY
• City population: 41,101
• Population (ZIP): 41,101

Population outlook (Erie County) Hauer SSP2

• Today (2025): 933,037 people
• By 2030: 935,181 · +0.2%
• By 2040: 928,531 · -0.5%
• By 2050: 905,725 · -2.9%
• By 2075: 834,037 · -10.6%
• By 2100: 708,033 · -24.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Black 2%
• Common ancestry: Romanian 22% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 2% Russian/Polish/Slavic 1% Arabic 1%

Political lean MEDSL · Erie

• 2024 margin: Lean D (+9.7) · D 54.8% · R 45.2%
• 2008→2024 swing: -7.9pp toward R · 2008: 17.5pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+14.7 2016: D+4.8 2012: D+15.6 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.03%
• Current HPI: 303.7523
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-04-10 Listed $485,000 WNYREIS