149 Sullivan St Unit 4B · New York, NY 10012

$879,000

2 bd · 1.0 ba · — sqft · Condo · 10 Days on market

Built 1900 Good condition $1872/mo HOA · 16% of rent

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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 +20.6/30.0
• Appreciation +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• Schools +5.0/10.0
• Rent growth +4.5/5.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0

Listing remarks

LOCATION - LOCATION - LOCATION!Beautiful two-bedroom steps away from Washington Square Park!! New appliances, including granite countertops, and tons of storage space. The bathroom is all tile. The exposed brick in the living room makes the space cozy and adds character. Hardwood floors throughout. Laundromat downstairs and across the street, high ceilings throughout the apartment, and stunning views of lower Manhattan from every window.

Key facts

• Exposed brick
• All tile bathroom
• Granite countertops

Tags

• GRANITE COUNTERTOPS
• TONS OF STORAGE SPACE
• ALL TILE BATHROOM
• EXPOSED BRICK
• HARDWOOD FLOORS
• HIGH CEILINGS

Property features AI

Finance

• Other: Pets allowed in building
• HOA & community: Monthly association fee of $10

Exterior

• Home design: New construction
• Exterior features: West exposure; Entry at street level

Interior

• Bedrooms: 3 total rooms
• Bathrooms: 1 full bathroom
• Heating & cooling: Radiant heating; Window air conditioning units
• Interior features: Unfurnished; Has view
• Laundry & utility: No building laundry facilities

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $879k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $879k).
• Cap rate 7.9% 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.
• Market conditions: Rents rising fast (+8.0%/yr); 122 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $11,536/mo this rent would consume 101% of the median local household income ($137k/yr) (locally 1775% 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 $94k of equity ($6k loan paydown + $88k appreciation (10.0% 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 (10.0% appreciation + 8.0% rent growth), your $246k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$151k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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 $879,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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: 1.31% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.69%
• DSCR: 1.25
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 31.0%
• Equity multiple: 3.50×
• Total profit: $615,308
• Equity at exit: $791,873

10-year hold

• IRR: 28.9%
• Equity multiple: 8.75×
• Total profit: $1,907,216
• Equity at exit: $1,707,704

Cash invested: $246,120 (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 10012

• Home prices YoY: 4.3%
• Rents YoY: 8.0%
• Active inventory: 122
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $11,536 high
• Mortgage (P&I): −$4,610
• Tax est. 1.5%: −$1,099 /mo · $13,185/yr
• Insurance: −$366
• HOA: −$1,872
• Vacancy / Maint / Mgmt: −$2,422
• Net cashflow: $1,166

Break-even live

Break-even rent $10,059

Max offer price $879,000

Occupancy floor 85%

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: $219,750
• Closing costs: $26,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Sullivan St Unit PH New York, NY	2.0	1.0	—	$9,500	—	25d	1	0.01mi
179 Sullivan St Unit 1255362P New York, NY	1.0–2.0	1.0	1221	$21,900	$17.94	2d	2	0.11mi
179 Sullivan St Unit 1257494P New York, NY	1.0	1.0	1248	$21,900	$17.55	25d	1	0.11mi
10 Downing St #131 New York, NY	1.0	1.0	731	$9,050	$12.38	5d	2	0.16mi
200 W Houston St Unit 1B New York, NY	2.0	2.0	—	$10,000	—	25d	1	0.16mi
104 MacDougal St Unit 1056263P New York, NY	2.0	1.0	441	$9,375	$21.26	22d	1	0.17mi
108 Wooster St Unit 3A New York, NY	1.0	2.0	1200	$9,999	$8.33	25d	1	0.18mi
127 Spring St Unit 1035010P New York, NY	3.0	2.0	2798	$24,633	$8.80	25d	1	0.22mi
77 Charlton St Unit S11F New York, NY	1.0	1.0	—	$7,710	—	8d	1	0.24mi
552 Broome St New York, NY	3.0	1.0	—	$7,800	—	8d	1	0.24mi
237 Bleecker St New York, NY	2.0	3.0	—	$8,800	—	25d	1	0.26mi
565 Broome St Unit N10D New York, NY	1.0	1.5	—	$14,275	—	25d	1	0.27mi
131 MacDougal St Unit 1503012P New York, NY	1.0	1.0	1270	$16,761	$13.20	25d	1	0.28mi
37 Cornelia St New York, NY	3.0	2.0	—	$12,495	—	25d	1	0.30mi
535 Broadway New York, NY	3.0	2.0	—	$14,500	—	25d	1	0.30mi
110 Charlton St New York, NY	2.0	2.0	—	$14,748	—	25d	2	0.34mi
78 Grand St New York, NY	1.0–2.0	1.0	2000	$12,995	$6.50	25d	2	0.35mi
508 Broadway Unit 1035002P New York, NY	1.0–2.0	1.0	1797	$21,446	$11.93	2d	2	0.36mi
496 Broadway Unit PH New York, NY	2.0	2.0	1575	$15,000	$9.52	8d	1	0.37mi
496 Broadway New York, NY	2.0	2.0	—	$13,500	—	25d	1	0.37mi
52 Barrow St Apt 1B New York, NY	3.0	1.5	—	$7,995	—	8d	1	0.38mi
52 Barrow St #2123 New York, NY	1.0–2.0	1.0	547	$15,116	$27.61	11d	3	0.38mi
52 Barrow St New York, NY	3.0	2.0	—	$10,995	—	12d	1	0.38mi
52 Barrow St New York, NY	3.0	2.0	—	$10,995	—	3d	1	0.38mi
85 Bedford St #5 New York, NY	2.0	1.0	—	$8,500	—	8d	1	0.38mi
48 Barrow St Unit 1B New York, NY	3.0	1.5	—	$8,000	—	8d	1	0.38mi
181 W 4th St Unit 1316448P New York, NY	1.0	1.0	—	$20,003	—	25d	1	0.38mi
364 6th Ave Unit 1023432P New York, NY	1.0	1.0	441	$9,135	$20.71	22d	1	0.40mi
224 Lafayette St New York, NY	2.0	2.5	—	$15,000	—	21d	1	0.41mi
224 Lafayette St Unit 2 New York, NY	2.0	2.5	—	$15,000	—	22d	1	0.41mi
476 Broadway Unit 12-B New York, NY	3.0	3.0	—	$18,000	—	25d	1	0.41mi
51 E Houston St New York, NY	3.0	2.0	—	$10,500	—	25d	1	0.42mi
35 Grove St New York, NY	1.0–2.0	1.0	—	$8,552	—	8d	2	0.43mi
10 Sheridan Sq #949 New York, NY	2.0	2.0	1000	$12,050	$12.05	21d	1	0.44mi
56 Spring St Unit 2 New York, NY	2.0	2.0	—	$9,995	—	25d	1	0.44mi
94 Christopher St Unit 10 New York, NY	2.0	1.0	—	$7,800	—	8d	1	0.45mi
110 Bedford St New York, NY	3.0	1.5	—	$8,495	—	8d	1	0.45mi
120 Christopher St #1886 New York, NY	1.0–2.0	1.0	574	$10,018	$17.44	2d	3	0.46mi
460 Greenwich St New York, NY	2.0–3.0	2.0–2.5	1750	$12,500	$7.14	3d	2	0.46mi
460 Greenwich St Unit 5 New York, NY	3.0	2.0	1750	$14,500	$8.29	1d	1	0.46mi

HOA detail condo

• Monthly dues: $1,872 · $22,464/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-18
   days on market $879,000 Active 10 DOM
2. 2026-06-17
   days on market $879,000 Active 9 DOM
3. 2026-06-16
   days on market $879,000 Active 8 DOM
4. 2026-06-15
   days on market $879,000 Active 7 DOM
5. 2026-06-13
   days on market $879,000 Active 5 DOM
6. 2026-06-09
   remarks 441-char remark
7. 2026-06-09
   listed $879,000 Active 1 DOM

ⓘ 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 · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $138,426
• − Mortgage interest: −$49,238
• − Property taxes: −$13,185
• − Insurance: −$4,395
• − Repairs & maintenance: −$11,074
• − Management: −$11,074
• − HOA: −$22,464
• − Depreciation: −$25,571
• Taxable income: $1,425
• Est. tax owed @ 24.0%: −$342
• After-tax cash flow: $13,656/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 · 5 photos

Good 75/100 Cosmetic rehab

This two-bedroom apartment is in excellent condition with fresh paint and hardwood floors. It offers a good return on investment with minor updates to enhance curb appeal and functionality.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Reorganizing furniture for better flow — Improved layout can increase functionality and visual appeal
• Both Upgrading light fixtures — Modern lighting can brighten spaces and add value
• Both Adding smart home devices — Enhances convenience and adds modern amenities

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Reorganizing furniture for better flow — Improved layout can increase functionality and visual appeal ↑
• Both Upgrading light fixtures — Modern lighting can brighten spaces and add value ↑
• Both Adding smart home devices — Enhances convenience and adds modern amenities ↑

ⓘ 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): 21,426
• Household income: $137,106
• Rent vs Own: 77.5% rent · 22.5% own
• Severe rent burden: 1775.0

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: Predominantly White (66%)
• Race & ethnicity: White 66% Asian 17% Hispanic / Latino 11% Two or more races 7% Black 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 4% Italian 4% Scotch-Irish 3%
• Foreign-born: 28% · China, Canada, Jamaica
• Languages at home: 76% English-only · Spanish 7% Chinese 5% Other Indo-European 4%

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: ▲ 11.13%
• Current HPI: 268.4394
• Rent YoY: ▲ 8.02%
• 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

1 event — show timeline

• 2026-06-08 Listed $879,000 RLS at REBNY