223 East 110 St · New York, NY 10029

$2,650,000

9 bd · 3.0 ba · 2,898 sqft · MultiFamily public records · 64 Days on market

Built 1996 2,212 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).

• Cash flow +10.4/30.0
• Appreciation +8.2/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0

Multi-family units

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

Listing remarks

A charming Brick three family townhouse located at East Harlem neighborhood. Building size 21x46, lot size 21x100 . Kitchens and bathrooms was updated at 2020. Walking distance to Center Park and conveniently located near the 110th Street/ Lexington Ave 4.5.6 subway stations. Perfect for an owner-occupant and seeking rental income at the same time. The property benefits from proximity to the planned Q train expansion in a future stations at 106 Street with an entrance at 108street and second Ave. new roof. .. .. .. Closed to bus , park, shopping

Key facts

• Close to park
• Close to shopping
• New roof

Tags

• BRICK THREE FAMILY TOWNHOUSE
• KITCHENS AND BATHROOMS UPDATED
• NEW ROOF
• CLOSE TO BUS
• CLOSE TO PARK
• CLOSE TO SHOPPING

Property features AI

Exterior

• Parking: One parking space; Private parking with shared driveway
• Utilities: Public sewer; Cable available; Electricity connected; Natural gas connected
• Home design: Townhouse structure; Quadruplex property type; Property in actual/maintained condition
• Construction: Brick construction
• Exterior features: Front yard; Front-yard fencing

Interior

• Bedrooms: Contains a 4-bedroom unit
• Flooring: Hardwood floors
• Bathrooms: Three full bathrooms
• Heating & cooling: Baseboard heating (natural gas); Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Aluminum-frame windows

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $2.65M.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative. Per door: $-470/mo.
• To cash-flow at today's rent, offer at most $2.40M (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.85M (30.3% below list).
• Recommended offer: $1.85M (30.3% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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: Rents rising fast (+4.5%/yr); 96 active listings in the ZIP; lower-income renter base — watch delinquency; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $18,483/mo this rent would consume 573% of the median local household income ($39k/yr) (locally 8791% 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 $186k of equity ($18k loan paydown + $167k appreciation (6.3% local appreciation)).
• New York 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 ~$297k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($2.49M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 11y 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 $2.05M; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; 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 $1,848,300 (30.3% 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 64 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.70% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.28%
• DSCR: 0.90
• GRM: 11.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.32% appreciation · 4.5% rent growth · sell at horizon

5-year hold

• IRR: 14.8%
• Equity multiple: 2.01×
• Total profit: $753,026
• Equity at exit: $1,719,680

10-year hold

• IRR: 15.3%
• Equity multiple: 4.14×
• Total profit: $2,331,767
• Equity at exit: $3,166,064

Cash invested: $742,000 (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 10029

• Home prices YoY: 1.9%
• Rents YoY: 4.5%
• Active inventory: 96
• Price-to-rent: 35.8×

Monthly cashflow live

• Estimated rent: $18,483 high
• Mortgage (P&I): −$13,897
• Tax from tax record: −$1,011 /mo · $12,129/yr
• Insurance: −$1,104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,881
• Net cashflow: $-1,410

Break-even live

Break-even rent $20,268

Max offer price $2,400,878

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$18,483
Total (3 units)			$18,483

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: $662,500
• Closing costs: $79,500
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $2,650,000 Active 64 DOM
2. 2026-06-17
   days on market $2,650,000 Active 63 DOM
3. 2026-06-15
   days on market $2,650,000 Active 61 DOM
4. 2026-06-13
   days on market $2,650,000 Active 59 DOM
5. 2026-06-10
   days on market $2,650,000 Active 55 DOM
6. 2026-06-08
   days on market $2,650,000 Active 54 DOM
7. 2026-06-08
   days on market $2,650,000 Active 53 DOM
8. 2026-06-04
   days on market $2,650,000 Active 50 DOM
9. 2026-06-03
   days on market $2,650,000 Active 49 DOM
10. 2026-06-01
    days on market $2,650,000 Active 47 DOM
11. 2026-05-31
    days on market $2,650,000 Active 46 DOM
12. 2026-04-15
    listed $2,650,000 Active
13. 2025-06-16
    historical
14. 2024-12-16
    listed $2,650,000 Active
15. 2022-07-30
    historical
16. 2022-01-31
    listed $2,388,000 Active
17. 2021-10-31
    historical
18. 2021-04-13
    listed $2,499,000 Active
19. 2016-02-01
    soldstatus $2,050,000
20. 2016-01-19
    soldstatus $2,050,000
21. 2015-04-24
    historical
22. 2015-02-26
    listed $2,300,000
23. 2015-02-25
    listed $2,300,000
24. 1999-12-17
    soldstatus $326,500

ⓘ 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: $12,129 · $1,011/mo
• Projected year-2 tax: $28,457 · $2,371/mo
• Expected delta: +$16,328/yr (+$1,361/mo · 134.6%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $221,796
• − Mortgage interest: −$148,441
• − Property taxes: −$12,129
• − Insurance: −$13,250
• − Repairs & maintenance: −$17,744
• − Management: −$17,744
• − Depreciation: −$77,091
• Taxable loss: −$64,602
• Est. tax savings @ 24.0%: +$15,505
• After-tax cash flow: $-1,418/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: New York County · 1,599,927 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 77,447
• Household income: $38,695
• Rent vs Own: 92.8% rent · 7.2% own
• Severe rent burden: 8791.0

Population outlook (New York County) Hauer SSP2

• Today (2025): 1,825,725 people
• By 2030: 1,904,611 · +4.3%
• By 2040: 2,052,719 · +12.4%
• By 2050: 2,206,601 · +20.9%
• By 2075: 2,509,427 · +37.4%
• By 2100: 2,702,933 · +48.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 42% Black 28% White 14% Two or more races 12% Asian 12%
• Hispanic origin (detail): Mexican 6% Puerto Rican 19% Dominican 10%
• Common ancestry: Romanian 2% Scotch-Irish 1% Lithuanian 0%
• Foreign-born: 26% · Canada, China, South Korea
• Languages at home: 50% English-only · Spanish 33% Chinese 7% Other Indo-European 3%

Political lean MEDSL · New York

• 2024 margin: Solid D (+64.8) · D 82.4% · R 17.6%
• 2008→2024 swing: -7.4pp toward R · 2008: 72.2pp · 2024: 64.8pp
• All cycles: 2024: D+64.8 2020: D+74.5 2016: D+77.2 2012: D+69.6 2008: D+72.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 6.32%
• Current HPI: 333.4025
• Rent YoY: ▲ 4.50%
• 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

+711.6% since first listed

13 events — show timeline

• 2026-04-15 Listed $2,650,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-16 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-12-16 Listed $2,650,000 OneKey® MLS as Distributed by MLS Grid
• 2022-07-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2022-01-31 Listed $2,388,000 OneKey® MLS as Distributed by MLS Grid
• 2021-10-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-04-13 Listed $2,499,000 OneKey® MLS as Distributed by MLS Grid
• 2016-02-01 Sold (Public Records) $2,050,000 Public Records
• 2016-01-19 Sold (MLS) $2,050,000 OneKey® MLS as Distributed by MLS Grid
• 2015-04-24 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2015-02-26 Listed $2,300,000 OneKey® MLS as Distributed by MLS Grid
• 2015-02-25 Listed $2,300,000 OneKey® MLS as Distributed by MLS Grid
• 1999-12-17 Sold (Public Records) $326,500 Public Records

Property tax history

+11.8%/yr

Latest (2025): $12,129 · +6.1% YoY. Source: county tax records.