162 S Broadway

Nyack, NY 10960

$1,199,000B-

24 bd · 16.0 ba · 5,568 sqft · Built 1905 · MultiFamily · Pending · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $15,227/mo
• Mortgage (P&I): −$6,288
• Tax + insurance: −$2,275
• HOA: −$0
• Vac / Maint / Mgmt: −$3,198
• Net cashflow: $3,467/mo
• Annual: $41,604/yr
• Cap rate: 9.76%
• Cash-on-cash: 12.39%
• DSCR: 1.55
• 1% rule: 1.27%
• Cash to close: $335,720

Investor read

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $1.20M.
• At list price, monthly cash flow is $3k ($42k/yr) — positive. Per door: $867/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.20M).
• It's been on market 69 days — a 6% lower offer ($1.13M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.13M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#231 in NY, #3,632 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A; Watch: amenities F, cost of living F.
• Nyack Union Free School District (suburban): math 78% / reading 78% proficiency, ranked #62 of 590 in NY (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Upper Nyack School (math 74% / reading 84%, grade A, #188 of 2,108 statewide, top 11%, 394 students, 24% FRL); Nyack Middle School (math 72% / reading 82%, grade A, #41 of 729 statewide, top 6%, 657 students, 39% FRL); Nyack Senior High School (math 92% / reading 72%, grade A, #452 of 1,100 statewide, top 44%, 877 students, 36% FRL).
• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.1%/yr); 118 active listings in the ZIP; high-income renter base; 429 units permitted in Rockland County in 2024 (231 in 5+ unit buildings).
• Rockland County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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 $200k; list at $1.20M implies a 500% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $336k cash investment doubles in ~8 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 9.8% vs local median 2.6% in Nyack — 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.

Questions for listing agent

• It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.