356 Route 202 · Heritage Hills, NY 10589

$975,000

None bd · None ba · 3,829 sqft · MultiFamily · 32 Days on market

Built 1975 Good condition 0.36 ac lot $255/sqft · 54% below area

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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 +24.3/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• Schools +6.5/10.0
• 1% rule +6.3/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +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: 4 units. confirmed

Listing remarks MLS

A fully occupied two-story commercial building offering immediate income generation on high-traffic Route 202 in Somers. This 3,830 square foot professional building features four units, elevator access, and 15 parking spaces on a 0.40-acre parcel, representing a stable investment opportunity in a prime commercial corridor. 3 Tenants, One vacancy This income-producing property offers investors an opportunity to acquire a fully occupied commercial building with established tenant relationships in a high-traffic location. The combination of elevator access, ample parking, and Route 202 visibility creates an attractive environment for diverse commercial tenants. This well-maintained commercial building provides consistent rental income through multiple tenants in an established location. The two-story design with elevator access accommodates various business types, while the Route 202 frontage ensures excellent visibility and accessibility for tenant operations.

Key facts

• 0.36 acre lot
• Built 1975
• Listed 32 days

🏷️ Possibly a rental listed for sale. The $975,000 price doesn't fit this home's estimated sale value (~$2,104,472) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4 × ?-bed/?-bath units multifamily listed at $975k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $489/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $975k).
• Recommended offer: $946k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 2.5% in Heritage Hills — 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 64/100 on livability (#757 in NY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing B; Watch: schools C-, amenities F, commute F.
• Somers Central School District (suburban): math 65% / reading 74% proficiency, ranked #95 of 590 in NY (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 6% free/reduced lunch — higher-income household profile.
• Market conditions: 88 active listings in the ZIP; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Westchester County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($946k) is reasonable based on typical stale-listing flexibility.

Recommended offer $945,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.13% ✓
• Cap rate: 8.70%
• Cash-on-cash: 8.59%
• DSCR: 1.38
• GRM: 7.4

CMA / ARV

• ARV (median comp): $2,104,472
• List price: $975,000
• Delta: -53.67%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-33,301
• Equity at exit: $145,376

10-year hold

• IRR: 6.5%
• Equity multiple: 1.48×
• Total profit: $132,022
• Equity at exit: $84,300

Cash invested: $273,000 (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 10589

• Home prices YoY: -3.7%
• Active inventory: 88
• Price-to-rent: 29.5×

Monthly cashflow live

• Estimated rent: $11,004 medium
• Mortgage (P&I): −$5,113
• Tax est. 1.5%: −$1,219 /mo · $14,625/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,311
• Net cashflow: $1,955

Break-even live

Break-even rent $8,529

Max offer price $975,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 4× units	0	0	$11,004
Total (4 units)			$11,004

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-12
   status Pending 975-char remark

   Show marketing remark (975 chars)

   A fully occupied two-story commercial building offering immediate income generation on high-traffic Route 202 in Somers. This 3,830 square foot professional building features four units, elevator access, and 15 parking spaces on a 0.40-acre parcel, representing a stable investment opportunity in a prime commercial corridor. 3 Tenants, One vacancy This income-producing property offers investors an opportunity to acquire a fully occupied commercial building with established tenant relationships in a high-traffic location. The combination of elevator access, ample parking, and Route 202 visibility creates an attractive environment for diverse commercial tenants. This well-maintained commercial building provides consistent rental income through multiple tenants in an established location. The two-story design with elevator access accommodates various business types, while the Route 202 frontage ensures excellent visibility and accessibility for tenant operations.

2. 2026-04-10
   listed $975,000 Active 975-char remark

   Show marketing remark (975 chars)

   A fully occupied two-story commercial building offering immediate income generation on high-traffic Route 202 in Somers. This 3,830 square foot professional building features four units, elevator access, and 15 parking spaces on a 0.40-acre parcel, representing a stable investment opportunity in a prime commercial corridor. 3 Tenants, One vacancy This income-producing property offers investors an opportunity to acquire a fully occupied commercial building with established tenant relationships in a high-traffic location. The combination of elevator access, ample parking, and Route 202 visibility creates an attractive environment for diverse commercial tenants. This well-maintained commercial building provides consistent rental income through multiple tenants in an established location. The two-story design with elevator access accommodates various business types, while the Route 202 frontage ensures excellent visibility and accessibility for tenant operations.

ⓘ 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: $132,048
• − Mortgage interest: −$54,615
• − Property taxes: −$14,625
• − Insurance: −$4,875
• − Repairs & maintenance: −$10,564
• − Management: −$10,564
• − Depreciation: −$28,364
• Taxable income: $8,442
• Est. tax owed @ 24.0%: −$2,026
• After-tax cash flow: $21,436/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 · 4 photos

Good 80/100 None rehab

A fully occupied, well-maintained multi-family commercial building with four units, elevator access, and ample parking, located on a prime commercial corridor with high traffic visibility.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and property value
• Both Trim shrubs — Improves landscaping and enhances property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and property value ↑
• Both Trim shrubs — Improves landscaping and enhances 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: Somers Central School District
• NCES district ID: 3627180
• Math proficiency: 65% ▼ -3.00%
• Reading proficiency: 74% ▲ 12.00%
• Median HH income: $111,661
• Composite: 64.82/100
• National rank: #516
• State rank: #95 of 590 in NY

Livability — Heritage Hills

• Score: 64/100
• State rank: #757
• US rank: #14518

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 7,266
• Population (ZIP): 7,266

Population outlook (Westchester County) Hauer SSP2

• Today (2025): 1,028,035 people
• By 2030: 1,051,636 · +2.3%
• By 2040: 1,098,520 · +6.9%
• By 2050: 1,136,044 · +10.5%
• By 2075: 1,196,925 · +16.4%
• By 2100: 1,175,147 · +14.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 6% Asian 4% Two or more races 4%
• Hispanic origin (detail): Puerto Rican 2% Cuban 2%
• Common ancestry: Serbian 5% Romanian 4% Scotch-Irish 3%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 91% English-only · Other Indo-European 4% Spanish 2% Chinese 1%

Political lean MEDSL · Westchester

• 2024 margin: Strong D (+26.3) · D 63.1% · R 36.9%
• 2008→2024 swing: -1.3pp toward R · 2008: 27.6pp · 2024: 26.3pp
• All cycles: 2024: D+26.3 2020: D+36.3 2016: D+32.8 2012: D+22.2 2008: D+27.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -10.18%
• Current HPI: 262.6657
• 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

2 events — show timeline

• 2026-05-12 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-10 Listed $975,000 OneKey® MLS as Distributed by MLS Grid