284 Willis Ave · New York, NY 10454

$1,750,000

None bd · None ba · 12,204 sqft · MultiFamily public records · 39 Days on market

Built 2024 2,733 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +7.3/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0

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

Exceptional development opportunity just one bridge away from Manhattan! Located in a rapidly growing area with strong upside potential, this R6 / C2-4 zoned mixed-use property offers approximately 12,204 buildable SF and comes with approved architectural plans already in place. Planned configuration includes: • Ground Floor: Retail space • Second Floor: Community Facility / Office • Third to Sixth Floors: Eight residential units total, configured as two 2-bedroom apartments per floor New construction project currently underway with foundation work already in progress, saving developers valuable time and carrying costs. Proposed 6-story elevator building with modern fireproo

Key facts

• Buildable sf
• Mixed-use property
• Community facility

Tags

• DEVELOPMENT OPPORTUNITY
• MIXED-USE PROPERTY
• BUILDABLE SF
• APPROVED ARCHITECTURAL PLANS
• GROUND FLOOR RETAIL SPACE
• COMMUNITY FACILITY

Property features AI

Finance

• Other: Located in Bronx County
• Financial info: Tax year 2025 — annual tax amount reported

Exterior

• Utilities: Sewer: None
• Home design: Located at 284 Willis Ave, Bronx, NY 10454
• Exterior features: Zoned R6

Interior

• Interior features: No interior amenity details provided

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.75M.

Deal economics

• At list price, monthly cash flow is $22k ($262k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($41k rent vs $1.75M).
• Recommended offer: $1.70M (3.0% below list) — sets the bar for market timing.
• Cap rate 21.3% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents flat; 19 active listings in the ZIP; lower-income renter base — watch delinquency; 6,929 units permitted in Bronx County in 2024 (6,829 in 5+ unit buildings).
• At $41,067/mo this rent would consume 2046% of the median local household income ($24k/yr) (locally 5002% 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 ($12k loan paydown + $82k appreciation (4.7% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (4.7% appreciation + 0.6% rent growth), your $490k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$150k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($1.70M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $912k; list at $1.75M implies a 92% gain — meaningful room to come down on a strong offer.

Recommended offer $1,697,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.35% ✓
• Cap rate: 21.27%
• Cash-on-cash: 53.49%
• DSCR: 3.38
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

4.67% appreciation · 0.61% rent growth · sell at horizon

5-year hold

• IRR: 58.4%
• Equity multiple: 4.40×
• Total profit: $1,664,526
• Equity at exit: $956,330

10-year hold

• IRR: 55.5%
• Equity multiple: 8.50×
• Total profit: $3,675,513
• Equity at exit: $1,621,967

Cash invested: $490,000 (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 10454

• Home prices YoY: 2.0%
• Rents YoY: 0.6%
• Active inventory: 19
• Price-to-rent: 28.4×

Monthly cashflow live

• Estimated rent: $41,067 high
• Mortgage (P&I): −$9,177
• Tax from tax record: −$694 /mo · $8,325/yr
• Insurance: −$729
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,624
• Net cashflow: $21,843

Break-even live

Break-even rent $13,418

Max offer price $1,750,000

Occupancy floor 42%

Sensitivity live

Price	-10% $22,833	-5% $22,338	+0% $21,843	+5% $21,348	+10% $20,852
Rent	-10% $18,599	-5% $20,221	+0% $21,843	+5% $23,465	+10% $25,087
Rate	-1.0pp $22,724	-0.5pp $22,288	base $21,843	+0.5pp $21,389	+1.0pp $20,928

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$41,064
Total (8 units)			$41,067

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: $437,500
• Closing costs: $52,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $1,750,000 Active 39 DOM
2. 2026-06-18
   days on market $1,750,000 Active 36 DOM
3. 2026-06-17
   price $1,750,000 Active 35 DOM
4. 2026-06-17
   days on market $1,900,000 Active 35 DOM
5. 2026-06-16
   days on market $1,900,000 Active 34 DOM
6. 2026-06-15
   days on market $1,900,000 Active 33 DOM
7. 2026-06-13
   days on market $1,900,000 Active 31 DOM
8. 2026-06-10
   days on market $1,900,000 Active 27 DOM
9. 2026-06-08
   days on market $1,900,000 Active 26 DOM
10. 2026-06-08
    days on market $1,900,000 Active 25 DOM
11. 2026-06-04
    days on market $1,900,000 Active 22 DOM
12. 2026-06-03
    days on market $1,900,000 Active 21 DOM
13. 2026-06-02
    days on market $1,900,000 Active 20 DOM
14. 2026-06-01
    days on market $1,900,000 Active 19 DOM
15. 2026-05-31
    days on market $1,900,000 Active 18 DOM
16. 2026-05-13
    listed $1,900,000 Active
17. 2022-02-02
    soldstatus $912,000
18. 2003-12-04
    soldstatus $150,000
19. 2001-06-28
    soldstatus $85,000
20. 1990-06-19
    soldstatus $21,000
21. 1987-09-18
    soldstatus $21,000

ⓘ 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: $8,325 · $694/mo
• Projected year-2 tax: $18,950 · $1,579/mo
• Expected delta: +$10,625/yr (+$885/mo · 127.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $492,804
• − Mortgage interest: −$98,027
• − Property taxes: −$8,325
• − Insurance: −$8,750
• − Repairs & maintenance: −$39,424
• − Management: −$39,424
• − Depreciation: −$50,909
• Taxable income: $247,944
• Est. tax owed @ 24.0%: −$59,507
• After-tax cash flow: $202,607/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): 39,570
• Household income: $24,086
• Rent vs Own: 93.2% rent · 6.8% own
• Severe rent burden: 5002.0

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: Predominantly Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Black 23% Two or more races 14% White 3% Native American 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 29% Dominican 17%
• Foreign-born: 29% · Canada, Jamaica
• Languages at home: 36% English-only · Spanish 58% French/Haitian/Cajun 2%

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: ▲ 4.67%
• Current HPI: 238.974
• Rent YoY: ▲ 0.61%
• 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

+8947.6% since first listed

6 events — show timeline

• 2026-05-13 Listed $1,900,000 OneKey® MLS as Distributed by MLS Grid
• 2022-02-02 Sold (Public Records) $912,000 Public Records
• 2003-12-04 Sold (Public Records) $150,000 Public Records
• 2001-06-28 Sold (Public Records) $85,000 Public Records
• 1990-06-19 Sold (Public Records) $21,000 Public Records
• 1987-09-18 Sold (Public Records) $21,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $8,325 · +18.0% YoY. Source: county tax records.