147 Union Ave · Peekskill, NY 10566

$899,000

15 bd · 9.0 ba · 2,900 sqft · MultiFamily · 65 Days on market

Built 1880 6,131 sqft lot $310/sqft · 26% below area Est $1213k · 26% under

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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 +21.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +6.5/10.0
• Livability +4.0/5.0
• Schools +3.5/10.0
• 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

Large income-producing 3-family property in a prime Peekskill location within walking distance to downtown, restaurants, shops, bus and Metro-North train station. This well-maintained multi-family offers a great opportunity for an owner-occupant or investor with strong rental income and additional upside. The property features a spacious 3-bedroom unit plus two 1-bedroom units, a full walk-up attic offering flexible space for office, studio or storage, and a rare 3-car garage with additional off-street parking. Separate utilities for most units and a recently replaced roof add to the value. With solid rental income, ample parking, and a highly walkable location, this property presents an excellent opportunity for long-term investment or owner-occupied living with rental income to offset expenses.

Key facts

• Full walk up attic
• Prime location
• Rare 3 car garage

Tags

• PRIME LOCATION
• WALKING DISTANCE TO DOWNTOWN
• FULL WALK UP ATTIC
• RARE 3 CAR GARAGE
• ADDITIONAL OFF STREET PARKING
• RECENTLY REPLACED ROOF

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $899k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $454/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $899k).
• Recommended offer: $845k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 3.2% in Peekskill — 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 79/100 on livability (#132 in NY, #2,121 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, crime A-; Watch: schools C-, amenities F, cost of living F.
• Peekskill City School District (suburban): math 37% / reading 36% proficiency, ranked #670 of 755 in NY (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 64% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 117 active listings in the ZIP; solid renter incomes; 954 units permitted in Westchester County in 2024 (649 in 5+ unit buildings).
• At $10,298/mo this rent would consume 144% of the median local household income ($86k/yr) (locally 1507% 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.
• 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 65 days — a 6% lower offer ($845k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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 $210k; list at $899k implies a 328% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $845,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 1.15% ✓
• Cap rate: 8.11%
• Cash-on-cash: 6.50%
• DSCR: 1.29
• GRM: 7.3

CMA / ARV

• ARV (median comp): $1,212,873
• List price: $899,000
• Delta: -25.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.12% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.65×
• Total profit: $-87,372
• Equity at exit: $134,044

10-year hold

• IRR: -5.3%
• Equity multiple: 0.70×
• Total profit: $-74,633
• Equity at exit: $77,729

Cash invested: $251,720 (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 10566

• Home prices YoY: -23.9%
• Rents YoY: 0.1%
• Active inventory: 117
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $10,298 medium
• Mortgage (P&I): −$4,714
• Tax from tax record: −$1,683 /mo · $20,200/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,163
• Net cashflow: $1,363

Break-even live

Break-even rent $8,573

Max offer price $899,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$10,299
Total (3 units)			$10,298

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 13 events

1. 2026-03-24
   listed $899,000 Active 809-char remark

   Show marketing remark (809 chars)

   Large income-producing 3-family property in a prime Peekskill location within walking distance to downtown, restaurants, shops, bus and Metro-North train station. This well-maintained multi-family offers a great opportunity for an owner-occupant or investor with strong rental income and additional upside. The property features a spacious 3-bedroom unit plus two 1-bedroom units, a full walk-up attic offering flexible space for office, studio or storage, and a rare 3-car garage with additional off-street parking. Separate utilities for most units and a recently replaced roof add to the value. With solid rental income, ample parking, and a highly walkable location, this property presents an excellent opportunity for long-term investment or owner-occupied living with rental income to offset expenses.

2. 2015-06-19
   price $210,000 105-char remark

   Show marketing remark (105 chars)

   Great Investment opportunity for investor or first time home buyer. Don't miss this bank short sale deal.

3. 2015-06-19
   soldstatus $210,000 Sold 105-char remark

   Show marketing remark (105 chars)

   Great Investment opportunity for investor or first time home buyer. Don't miss this bank short sale deal.

4. 2015-02-23
   soldstatus $210,000
5. 2015-02-23
   soldstatus $210,000
6. 2014-01-27
   price $399,999
7. 2013-08-02
   historical Pending 105-char remark

   Show marketing remark (105 chars)

   Great Investment opportunity for investor or first time home buyer. Don't miss this bank short sale deal.

8. 2013-08-02
   price $299,000 105-char remark

   Show marketing remark (105 chars)

   Great Investment opportunity for investor or first time home buyer. Don't miss this bank short sale deal.

9. 2013-05-07
   listed $299,000 Active 105-char remark

   Show marketing remark (105 chars)

   Great Investment opportunity for investor or first time home buyer. Don't miss this bank short sale deal.

10. 2013-05-07
    listed $299,000

    Show marketing remark (105 chars)

    Great Investment opportunity for investor or first time home buyer. Don't miss this bank short sale deal.

11. 2004-06-17
    soldstatus $445,000
12. 2004-04-21
    historical
13. 2004-03-26
    listed $445,000

ⓘ 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: $20,200 · $1,683/mo
• Projected year-2 tax: $20,200 · $1,683/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 17% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $123,576
• − Mortgage interest: −$50,358
• − Property taxes: −$20,200
• − Insurance: −$4,495
• − Repairs & maintenance: −$9,886
• − Management: −$9,886
• − Depreciation: −$26,153
• Taxable income: $2,598
• Est. tax owed @ 24.0%: −$623
• After-tax cash flow: $15,733/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)

• District: Peekskill City School District
• NCES district ID: 3622650
• Math proficiency: 37% ▲ 4.00%
• Reading proficiency: 36% ▲ 4.00%
• Median HH income: $54,563
• Composite: 34.6/100
• National rank: #10089
• State rank: #670 of 755 in NY

Livability — Peekskill

• Score: 79/100
• State rank: #132
• US rank: #2121

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Peekskill, NY
• County: Westchester County · 709,332 people
• City population: 25,625
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 25,625
• Household income: $85,954
• Rent vs Own: 40.6% rent · 59.4% own
• Severe rent burden: 1507.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Hispanic / Latino 46% White 32% Black 17% Two or more races 14% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 10% Cuban 3% Dominican 4%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 27% · Canada
• Languages at home: 57% English-only · Spanish 37% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -96.67%
• Current HPI: 307.944
• Rent YoY: ▲ 0.12%
• 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

+102.0% since first listed

13 events — show timeline

• 2026-03-24 Listed $899,000 OneKey® MLS as Distributed by MLS Grid
• 2015-06-19 Sold (MLS) $210,000 HGMLS
• 2015-06-19 Price Changed $210,000 HGMLS
• 2015-02-23 Sold (Public Records) $210,000 Public Records
• 2015-02-23 Sold (MLS) $210,000 OneKey® MLS as Distributed by MLS Grid
• 2014-01-27 Price Changed $399,999 HGMLS
• 2013-08-02 Contingent — HGMLS
• 2013-08-02 Price Changed $299,000 HGMLS
• 2013-05-07 Listed $299,000 HGMLS
• 2013-05-07 Listed $299,000 OneKey® MLS as Distributed by MLS Grid
• 2004-06-17 Sold (MLS) $445,000 HGMLS
• 2004-04-21 Delisted — HGMLS
• 2004-03-26 Listed $445,000 HGMLS

Property tax history

+4.2%/yr

Latest (2025): $20,200 · +2.9% YoY. Source: county tax records.