108 179th St · New York, NY 10453

$1,599,999

None bd · None ba · 2,700 sqft · MultiFamily public records · 86 Days on market

Built 1920 1,600 sqft lot

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Why this score? — see what drove the D+ 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).

• Appreciation +10.0/10.0
• Cash flow +9.9/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Prime R8 Development Opportunity – 108 East 179th Street, Bronx, NY Exceptional opportunity to acquire a 20’ x 80’ lot (1,600 SF) located in a strong Bronx corridor, currently improved with a multiple dwelling walk-up (approx. 2,700 SF existing). Zoned R8, this site offers significant upside for redevelopment: Maximum Buildable SF: ~11,520 SF (FAR 7.2) Projected Unit Count: ~17 residential units No Front or Side Yard Requirements Rear Yard: 30’ (shallow lot adjustment eligible) Lot Coverage: Up to 65% (with adjustment potential) Height Potential: 115’–135’ Base Height: 85’–95’ before setback This property is ideal for developers

Key facts

• Zoned r8
• Maximum buildable sf
• Rear yard

Tags

• DEVELOPMENT OPPORTUNITY
• MULTIPLE DWELLING WALK-UP
• ZONED R8
• MAXIMUM BUILDABLE SF
• PROJECTED UNIT COUNT
• REAR YARD

Property features AI

Finance

• Financial info: Taxes listed for 2025

Exterior

• Utilities: Public sewer
• Home design: Zoned R8
• Construction: Built prior to 2026
• Exterior features: Lot has other characteristics

Interior

• Interior features: No waterfront

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.60M.

Deal economics

• At list price, monthly cash flow is $-984 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.43M (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.07M (33.3% below list).
• Recommended offer: $1.07M (33.3% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: 34 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 $10,669/mo this rent would consume 386% of the median local household income ($33k/yr) (locally 10286% 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 $171k of equity ($11k loan paydown + $160k appreciation (10.0% local appreciation)).
• Bronx County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$275k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($1.50M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $560k; list at $1.60M implies a 186% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $1,066,900 (33.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.67% ✗
• Cap rate: 5.56%
• Cash-on-cash: -2.64%
• DSCR: 0.88
• GRM: 12.5

CMA / ARV

• ARV (on-the-fly): $918,000
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2257 Hampden Pl	0.72mi	8/3.0	2,740 (+2%)	0mo	$1,120,000	$409	64
1678 Monroe Ave	0.53mi	8/3.0	2,820 (+4%)	7mo	$1,025,000	$363	62
1964 Cedar Ave	0.63mi	6/4.0	2,680 (-1%)	16mo	$820,000	$306	56
1659 Topping Ave	0.57mi	7/1.0	2,940 (+9%)	11mo	$1,000,000	$340	49
1850 Billingsley Ter	0.57mi	5/3.0	2,487 (-8%)	19mo	$900,000	$362	45
1819 Palisade Pl	0.64mi	6/3.0	2,319 (-14%)	3mo	$885,000	$382	44
1847 Billingsley Ter	0.58mi	6/3.0	3,012 (+12%)	11mo	$790,000	$262	44
2008 Bathgate Ave	0.60mi	—/—	2,340 (-13%)	13mo	$930,000	$397	39
2210 Cedar Ave	0.72mi	6/2.0	2,460 (-9%)	15mo	$753,000	$306	39
1739 Popham Ave	0.69mi	5/2.5	3,000 (+11%)	21mo	$780,000	$260	32
2301 Loring Pl N	0.72mi	7/4.0	3,072 (+14%)	16mo	$975,000	$317	30

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 22.4%
• Equity multiple: 2.80×
• Total profit: $807,887
• Equity at exit: $1,441,406

10-year hold

• IRR: 20.0%
• Equity multiple: 6.42×
• Total profit: $2,426,684
• Equity at exit: $3,108,446

Cash invested: $448,000 (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 10453

• Home prices YoY: 4.2%
• Active inventory: 34
• Price-to-rent: 50.0×

Monthly cashflow live

• Estimated rent: $10,669 medium
• Mortgage (P&I): −$8,391
• Tax from tax record: −$355 /mo · $4,262/yr
• Insurance: −$667
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,240
• Net cashflow: $-984

Break-even live

Break-even rent $11,914

Max offer price $1,426,190

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.5	$10,668
Total (4 units)			$10,669

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: $400,000
• Closing costs: $48,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $1,599,999 Active 86 DOM
2. 2026-06-17
   days on market $1,599,999 Active 85 DOM
3. 2026-06-15
   days on market $1,599,999 Active 83 DOM
4. 2026-06-13
   pricedays on market $1,599,999 Active 81 DOM
5. 2026-06-10
   days on market $1,999,999 Active 77 DOM
6. 2026-06-08
   days on market $1,999,999 Active 76 DOM
7. 2026-06-08
   days on market $1,999,999 Active 75 DOM
8. 2026-06-04
   days on market $1,999,999 Active 72 DOM
9. 2026-06-03
   days on market $1,999,999 Active 71 DOM
10. 2026-06-01
    days on market $1,999,999 Active 69 DOM
11. 2026-05-31
    days on market $1,999,999 Active 68 DOM
12. 2026-03-24
    listed $1,999,999 Active
13. 2008-10-17
    soldstatus $560,000
14. 2006-09-14
    soldstatus $489,000
15. 1999-07-29
    soldstatus $249,500
16. 1999-07-29
    soldstatus $249,500
17. 1998-07-08
    soldstatus $28,000

ⓘ 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: $4,262 · $355/mo
• Projected year-2 tax: $15,651 · $1,304/mo
• Expected delta: +$11,389/yr (+$949/mo · 267.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 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 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $128,028
• − Mortgage interest: −$89,625
• − Property taxes: −$4,262
• − Insurance: −$8,000
• − Repairs & maintenance: −$10,242
• − Management: −$10,242
• − Depreciation: −$46,545
• Taxable loss: −$40,889
• Est. tax savings @ 24.0%: +$9,813
• After-tax cash flow: $-1,993/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): 76,282
• Household income: $33,186
• Rent vs Own: 95.2% rent · 4.8% own
• Severe rent burden: 10286.0

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 (67%)
• Race & ethnicity: Hispanic / Latino 67% Black 26% Two or more races 17% White 2% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 4% Puerto Rican 13% Dominican 41%
• Foreign-born: 44% · Canada, United Kingdom, Jamaica
• Languages at home: 32% English-only · Spanish 58% French/Haitian/Cajun 2% Other Indo-European 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: ▲ 14.52%
• Current HPI: 361.6961
• 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

+7042.9% since first listed

6 events — show timeline

• 2026-03-24 Listed $1,999,999 OneKey® MLS as Distributed by MLS Grid
• 2008-10-17 Sold (Public Records) $560,000 Public Records
• 2006-09-14 Sold (Public Records) $489,000 Public Records
• 1999-07-29 Sold (Public Records) $249,500 Public Records
• 1999-07-29 Sold (Public Records) $249,500 Public Records
• 1998-07-08 Sold (Public Records) $28,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $4,262 · +6.0% YoY. Source: county tax records.