254 Zerega Ave · New York, NY 10473

$899,000

6 bd · 3.9 ba · — sqft · MultiFamily · 28 Days on market

Built 2011

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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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Welcome to the most exciting luxury GATED WATERFRONT DEVELOPMENT in the Bronx. Mediterranean Villa style brick on block 2 family homes. Enjoy unobstructed views of the sun’s ray’s dancing on the East River during the day, and candlelight like illumination from the Whitestone Bridge at night. The top unit is a 2 bedroom 2 bath with cathedral ceilings and skylights. The 1st fl. unit is a 2 bedroom, 1 bath over a large finished recreational room with a 2nd half bath, laundry room and garage parking leading to a driveway. Amenities’ include terra-cotta roof tiles, etched glass front doors, private balconies, ceramic tiled kitchen and baths, custom wood cabinetry, stainless steel range, refrigerator, dishwasher and microwave, granite counter-tops, hardwood floors, Jacuzzi bathtubs, central HVAC, double insulated thermal windows and a backyard. 43 Min. to Wall Street via the new citywide ferry Soundview stop proposed to begin in the summer of 2018. (See attached).

Key facts

• Private yard
• Deck
• Updated kitchen

Tags

• GATED WATERFRONT COMMUNITY
• BREATHTAKING WATER VIEWS
• PRIVATE YARD
• DECK
• OPEN CONCEPT LAYOUT
• UPDATED KITCHEN

Property features AI

Exterior

• Parking: Driveway; 1-car garage
• Utilities: Public sewer; Natural gas available
• Home design: Duplex
• Construction: Advanced framing technique construction
• Exterior features: Waterfront property; Advanced framing construction technique

Interior

• Kitchen: Eat-in kitchen; Open kitchen; Granite counters
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit; One 4-bedroom unit
• Bathrooms: Four full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: First-floor bedroom; Beamed ceilings; Eat-in kitchen; Granite countertops; Natural woodwork; Open floor plan; Open kitchen; Primary bathroom; Master bedroom on main level; Recessed lighting; Walk-in closet(s); Washer/dryer hookup
• Laundry & utility: Washer/dryer hookup

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.3-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $494/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $899k).
• Recommended offer: $886k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% 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: 141 active listings in the ZIP; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $9,739/mo this rent would consume 223% of the median local household income ($52k/yr) (locally 3913% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($886k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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 $725k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $885,515 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.08% ✓
• Cap rate: 8.27%
• Cash-on-cash: 7.06%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

No comps found within radius.

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
303 Howe Ave	0.13mi	5/3.0 (-1)	1,902	7mo	$765,000	$402	68
317 Torry Ave	0.21mi	5/3.0 (-1)	1,902	6mo	$740,500	$389	64
2037 Cicero Ave	0.47mi	5/4.0 (-1)	2,325	4mo	$805,000	$346	57
203 White Plains Rd	0.56mi	5/4.0 (-1)	2,380	0mo	$814,000	$342	56
2096 Randall Ave	0.49mi	5/5.0 (-1)	2,325	4mo	$915,000	$394	52
2049 Caesar Pl	0.49mi	5/4.0 (-1)	2,325	8mo	$612,850	$264	52
250 Newman Ave	0.46mi	5/3.0 (-1)	2,470	7mo	$860,000	$348	52
353 Underhill Ave	0.66mi	6/3.0	1,950	4mo	$923,000	$473	50
2067 Seward Ave	0.66mi	6/2.0	2,680	5mo	$850,000	$317	45
2109 Seward Ave	0.63mi	6/2.0	2,880	8mo	$861,000	$299	44
461 Underhill Ave	0.70mi	6/6.0	—	8mo	$1,097,000	—	40
410 Thieriot Ave	0.74mi	7/3.0 (+1)	3,110	6mo	$925,000	$297	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -5.5%
• Equity multiple: 0.80×
• Total profit: $-51,203
• Equity at exit: $134,044

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $77,472
• Equity at exit: $77,729

Cash invested: $251,720 (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 10473

• Active inventory: 141
• Price-to-rent: 23.1×

Monthly cashflow live

• Estimated rent: $9,739 medium
• Mortgage (P&I): −$4,714
• Tax est. 1.5%: −$1,124 /mo · $13,485/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,045
• Net cashflow: $1,481

Break-even live

Break-even rent $7,864

Max offer price $899,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1.3	$9,738
Total (3 units)			$9,739

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: $224,750
• Closing costs: $26,970
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-17
   status $899,000 Pending 28 DOM
2. 2026-06-16
   days on market $899,000 Active 28 DOM
3. 2026-06-15
   days on market $899,000 Active 27 DOM
4. 2026-06-13
   days on market $899,000 Active 25 DOM
5. 2026-06-10
   days on market $899,000 Active 21 DOM
6. 2026-06-08
   days on market $899,000 Active 20 DOM
7. 2026-06-08
   days on market $899,000 Active 19 DOM
8. 2026-06-04
   days on market $899,000 Active 16 DOM
9. 2026-06-03
   days on market $899,000 Active 15 DOM
10. 2026-06-02
    days on market $899,000 Active 14 DOM
11. 2026-06-01
    days on market $899,000 Active 13 DOM
12. 2026-05-31
    days on market $899,000 Active 12 DOM
13. 2026-05-18
    listed $899,000 Active
14. 2017-07-14
    soldstatus $725,000 Sold 991-char remark

    Show marketing remark (991 chars)

    Welcome to the most exciting luxury GATED WATERFRONT DEVELOPMENT in the Bronx. Mediterranean Villa style brick on block 2 family homes. Enjoy unobstructed views of the sun’s ray’s dancing on the East River during the day, and candlelight like illumination from the Whitestone Bridge at night. The top unit is a 2 bedroom 2 bath with cathedral ceilings and skylights. The 1st fl. unit is a 2 bedroom, 1 bath over a large finished recreational room with a 2nd half bath, laundry room and garage parking leading to a driveway. Amenities’ include terra-cotta roof tiles, etched glass front doors, private balconies, ceramic tiled kitchen and baths, custom wood cabinetry, stainless steel range, refrigerator, dishwasher and microwave, granite counter-tops, hardwood floors, Jacuzzi bathtubs, central HVAC, double insulated thermal windows and a backyard. 43 Min. to Wall Street via the new citywide ferry Soundview stop proposed to begin in the summer of 2018. (See attached).

15. 2017-06-10
    historical Pending 991-char remark

    Show marketing remark (991 chars)

    Welcome to the most exciting luxury GATED WATERFRONT DEVELOPMENT in the Bronx. Mediterranean Villa style brick on block 2 family homes. Enjoy unobstructed views of the sun’s ray’s dancing on the East River during the day, and candlelight like illumination from the Whitestone Bridge at night. The top unit is a 2 bedroom 2 bath with cathedral ceilings and skylights. The 1st fl. unit is a 2 bedroom, 1 bath over a large finished recreational room with a 2nd half bath, laundry room and garage parking leading to a driveway. Amenities’ include terra-cotta roof tiles, etched glass front doors, private balconies, ceramic tiled kitchen and baths, custom wood cabinetry, stainless steel range, refrigerator, dishwasher and microwave, granite counter-tops, hardwood floors, Jacuzzi bathtubs, central HVAC, double insulated thermal windows and a backyard. 43 Min. to Wall Street via the new citywide ferry Soundview stop proposed to begin in the summer of 2018. (See attached).

16. 2017-02-09
    listed $725,000 Active 991-char remark

    Show marketing remark (991 chars)

    Welcome to the most exciting luxury GATED WATERFRONT DEVELOPMENT in the Bronx. Mediterranean Villa style brick on block 2 family homes. Enjoy unobstructed views of the sun’s ray’s dancing on the East River during the day, and candlelight like illumination from the Whitestone Bridge at night. The top unit is a 2 bedroom 2 bath with cathedral ceilings and skylights. The 1st fl. unit is a 2 bedroom, 1 bath over a large finished recreational room with a 2nd half bath, laundry room and garage parking leading to a driveway. Amenities’ include terra-cotta roof tiles, etched glass front doors, private balconies, ceramic tiled kitchen and baths, custom wood cabinetry, stainless steel range, refrigerator, dishwasher and microwave, granite counter-tops, hardwood floors, Jacuzzi bathtubs, central HVAC, double insulated thermal windows and a backyard. 43 Min. to Wall Street via the new citywide ferry Soundview stop proposed to begin in the summer of 2018. (See attached).

17. 2013-02-06
    historical
18. 2012-02-06
    listed $875,000

ⓘ 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: $116,868
• − Mortgage interest: −$50,358
• − Property taxes: −$13,485
• − Insurance: −$4,495
• − Repairs & maintenance: −$9,349
• − Management: −$9,349
• − Depreciation: −$26,153
• Taxable income: $3,678
• Est. tax owed @ 24.0%: −$883
• After-tax cash flow: $16,889/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: Bronx County · 1,197,324 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 58,855
• Household income: $52,462
• Rent vs Own: 71.4% rent · 28.6% own
• Severe rent burden: 3913.0

Population outlook (Bronx County) Hauer SSP2

• Today (2025): 1,607,353 people
• By 2030: 1,681,852 · +4.6%
• By 2040: 1,824,421 · +13.5%
• By 2050: 1,945,470 · +21.0%
• By 2075: 2,187,887 · +36.1%
• By 2100: 2,244,136 · +39.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority Hispanic (59%)
• Race & ethnicity: Hispanic / Latino 59% Black 34% Two or more races 12% Asian 2% White 2%
• Hispanic origin (detail): Puerto Rican 31% Dominican 20%
• Common ancestry: British 1%
• Foreign-born: 23% · Canada, Jamaica
• Languages at home: 51% English-only · Spanish 45% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Bronx

• 2024 margin: Solid D (+45.4) · D 72.7% · R 27.3%
• 2008→2024 swing: -32.3pp toward R · 2008: 77.8pp · 2024: 45.4pp
• All cycles: 2024: D+45.4 2020: D+67.6 2016: D+79.1 2012: D+82.9 2008: D+77.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -212.70%
• Current HPI: 276.2941
• Rent YoY: —
• 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

+2.7% since first listed

6 events — show timeline

• 2026-05-18 Listed $899,000 OneKey® MLS as Distributed by MLS Grid
• 2017-07-14 Sold (MLS) $725,000 OneKey® MLS as Distributed by MLS Grid
• 2017-06-10 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2017-02-09 Listed $725,000 OneKey® MLS as Distributed by MLS Grid
• 2013-02-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-02-06 Listed $875,000 OneKey® MLS as Distributed by MLS Grid