48 Market St Unit 2C · New York, NY 10002

$698,000

2 bd · 1.0 ba · 687 sqft · Condo public records · 67 Days on market

Built 1990

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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).

• ARV discount +7.5/15.0
• Appreciation +6.8/10.0
• Cash flow +5.3/30.0
• Schools +5.0/10.0
• Rent growth +4.4/5.0
• Livability +3.8/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks

Rare opportunity to own a spacious 2-bedroom condo with a massive private terrace in the heart of Chinatown / Lower East Side. Located at 48 Market Street Apt 2C, this bright and well-maintained residence offers approximately 687 square feet of interior living space plus an incredible ~500 square foot private terrace, a rare outdoor feature in Manhattan that is perfect for relaxing, entertaining, or creating your own urban garden. The apartment features a functional layout with comfortable living space, two bedrooms, one bathroom, and excellent natural light. Building highlights include an elevator building built in 1990, conveniently located near restaurants, supermarkets, parks, and multi

Key facts

• Near supermarkets
• Private terrace
• Near restaurants

Tags

• PRIVATE TERRACE
• ELEVATOR BUILDING
• NEAR RESTAURANTS
• NEAR SUPERMARKETS
• NEAR PARKS
• NEAR SUBWAY LINES

Property features AI

Finance

• Financial info: Financing options considered: exchange, bank mortgage, cash, or none
• HOA & community: Monthly maintenance fee of $482.49; Managed by Hong Fat Plaza Condominium Board of Managers (manager phone available)

Exterior

• Security: Full-time doorman
• Utilities: Heat; Sewer; Water
• Home design: Residential property; Unit in a multi-unit building (28 total units)
• Construction: Lot number 52
• Exterior features: Sprinkler system; Located on floor 2 of the building

Interior

• Kitchen: Kitchen-living combo on the first floor
• Bedrooms: Two bedrooms on the first floor
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Heat
• Interior features: Central A/C (1 unit); Laundry area
• Laundry & utility: Laundry area (in unit or building)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $698k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $508k (27.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $521k (25.4% below list).
• Recommended offer: $508k (27.2% below list) — sets the bar for cash-flow.
• Cap rate 3.6% 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: Rents rising fast (+7.5%/yr); 210 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $5,207/mo this rent would consume 129% of the median local household income ($48k/yr) (locally 7758% 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 $30k of equity ($5k loan paydown + $25k appreciation (3.6% 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 ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($656k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $204k; list at $698k implies a 242% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $507,921 (27.2% 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 67 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 0.75% ✗
• Cap rate: 3.61%
• Cash-on-cash: -9.57%
• DSCR: 0.57
• GRM: 11.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

3.62% appreciation · 7.55% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.17×
• Total profit: $33,328
• Equity at exit: $338,327

10-year hold

• IRR: 8.1%
• Equity multiple: 2.41×
• Total profit: $276,334
• Equity at exit: $541,288

Cash invested: $195,440 (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 10002

• Home prices YoY: 1.2%
• Rents YoY: 7.5%
• Active inventory: 210
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $5,207 medium
• Mortgage (P&I): −$3,660
• Tax from tax record: −$1,238 /mo · $14,858/yr
• Insurance: −$291
• HOA est. from 1 same-building comp: −$483
• Vacancy / Maint / Mgmt: −$1,093
• Net cashflow: $-1,559

Break-even live

Break-even rent $7,180

Max offer price $422,597

Occupancy floor —

Sensitivity live

Price	-10% $-1,164	-5% $-1,361	+0% $-1,559	+5% $-1,757	+10% $-1,954
Rent	-10% $-1,970	-5% $-1,765	+0% $-1,559	+5% $-1,353	+10% $-1,148
Rate	-1.0pp $-1,207	-0.5pp $-1,381	base $-1,559	+0.5pp $-1,740	+1.0pp $-1,924

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: $174,500
• Closing costs: $20,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 Mulberry St Unit 1257050P New York, NY	2.0	1.0	645	$12,372	$19.18	26d	1	0.45mi
180 Broome St #1521 New York, NY	1.0–2.0	1.0–2.0	850	$10,630	$12.51	3d	2	0.53mi
125 Delancey St #1523 New York, NY	1.0–2.0	1.0–2.0	850	$9,670	$11.38	3d	2	0.54mi
111 Worth St New York, NY	1.0–2.0	1.0–2.0	747	$8,238	$11.03	9d	7	0.57mi
88 Leonard St New York, NY	1.0	1.0	598	$7,966	$13.32	9d	13	0.66mi
105 Duane St #183 New York, NY	2.0	1.0–2.0	821	$11,410	$13.89	0d	3	0.68mi
180 Water St #537 New York, NY	1.0–2.0	1.0–2.0	728	$9,400	$12.91	4d	2	0.69mi
68 Gold St New York, NY	1.0–2.0	1.0	700	$7,050	$10.07	26d	2	0.79mi
229 Chrystie St New York, NY	1.0–2.0	1.0–2.0	810	$10,485	$12.94	6d	3	0.80mi
171 Suffolk St #1265 New York, NY	1.0–2.0	1.0	650	$8,710	$13.40	9d	2	0.80mi
11 E 1st St New York, NY	2.0	1.0–2.0	1060	$11,225	$10.59	0d	1	0.86mi
75 Wall St Unit 251 New York, NY	1.0	1.5	653	$6,580	$10.08	26d	1	0.87mi
95 Wall St New York, NY	2.0	1.0–2.0	881	$8,263	$9.37	0d	33	0.87mi
75 Wall St New York, NY	3.0	1.0–3.0	452	$11,797	$26.10	16d	16	0.87mi
107 Columbia Hts #1757 Brooklyn, NY	1.0–2.0	1.0–2.0	708	$8,270	$11.68	0d	2	0.88mi
67 Wall St #13 New York, NY	1.0–2.0	1.0	636	$7,380	$11.59	4d	2	0.88mi
140 Broadway Unit 1298277P New York, NY	1.0	1.0	699	$9,406	$13.46	23d	1	0.88mi
63 Wall St #1971 New York, NY	1.0	1.0	489	$5,120	$10.46	0d	2	0.88mi
10 Hanover Sq New York, NY	2.0	1.0–2.0	790	$7,713	$9.76	0d	25	0.93mi
3 Hanover Sq New York, NY	3.0	1.0–2.0	600	$6,072	$10.12	26d	5	0.95mi
93 1/2 E 7th St Unit 1054297P New York, NY	2.0	1.0	495	$10,000	$20.20	23d	1	1.13mi
400 Chambers St #587 New York, NY	2.0	1.0–1.5	675	$8,810	$13.04	9d	3	1.17mi
389 S End Ave New York, NY	3.0	1.0–2.0	1080	$9,014	$8.34	2d	36	1.22mi
180 Montague St Brooklyn, NY	3.0	1.0–2.0	901	$6,389	$7.09	0d	12	1.25mi
1 West St #546 New York, NY	1.0	1.0	700	$5,770	$8.24	22d	1	1.25mi
104 MacDougal St Unit 1056263P New York, NY	2.0	1.0	441	$9,375	$21.26	23d	1	1.25mi
200 Montague St #1516 Brooklyn, NY	1.0	1.0	600	$7,500	$12.50	22d	1	1.27mi
30 West St Unit 3004 New York, NY	3.0	2.0	700	$8,000	$11.43	9d	1	1.27mi
10 Downing St #131 New York, NY	1.0	1.0	731	$9,050	$12.38	6d	2	1.27mi
112 E 10th St Unit 1021937P New York, NY	1.0–3.0	1.0–2.5	1296	$13,688	$10.56	5d	2	1.30mi
141 Joralemon St #819 Brooklyn, NY	1.0–3.0	1.0–2.0	750	$6,730	$8.97	0d	3	1.31mi
101 E 10th St #1153 New York, NY	1.0–2.0	1.0–2.0	575	$14,900	$25.91	0d	2	1.33mi
478 Kent Ave Brooklyn, NY	2.0	1.0–2.0	775	$7,530	$9.72	4d	3	1.35mi
482 Kent Ave Brooklyn, NY	2.0	1.0–2.0	750	$8,290	$11.05	0d	3	1.35mi
11 Wharf Way Brooklyn, NY	1.0	1.0	610	$4,870	$7.98	0d	2	1.35mi
343 Gold St Brooklyn, NY	3.0	1.0–2.0	903	$6,719	$7.44	6d	1	1.37mi
111 Lawrence St Brooklyn, NY	3.0	1.0–2.0	950	$5,452	$5.74	0d	24	1.38mi
209 1st Ave Unit 1370708P New York, NY	1.0	1.0	602	$12,000	$19.93	26d	1	1.39mi
72 Willoughby St Brooklyn, NY	1.0–2.0	1.0	487	$4,080	$8.37	3d	2	1.45mi
364 6th Ave Unit 1023432P New York, NY	1.0	1.0	441	$9,135	$20.71	23d	1	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-05-10
   status Pending
2. 2026-03-03
   listed $698,000 Active
3. 1998-01-22
   soldstatus $204,000

ⓘ 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: $14,858 · $1,238/mo
• Projected year-2 tax: $14,858 · $1,238/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 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 · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $62,482
• − Mortgage interest: −$39,099
• − Property taxes: −$14,858
• − Insurance: −$3,490
• − Repairs & maintenance: −$4,999
• − Management: −$4,999
• − HOA: −$5,796
• − Depreciation: −$20,305
• Taxable loss: −$31,063
• Est. tax savings @ 24.0%: +$7,455
• After-tax cash flow: $-11,253/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): 76,873
• Household income: $48,386
• Rent vs Own: 81.3% rent · 18.7% own
• Severe rent burden: 7758.0

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 0.73)
• Race & ethnicity: Asian 37% White 26% Hispanic / Latino 25% Two or more races 10% Black 9%
• Hispanic origin (detail): Mexican 1% Puerto Rican 15% Dominican 6%
• Common ancestry: Scotch-Irish 2% Romanian 1% Italian 1%
• Foreign-born: 38% · China, Canada, Vietnam
• Languages at home: 48% English-only · Chinese 29% Spanish 16% Other Indo-European 1%

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: ▲ 3.62%
• Current HPI: 302.3293
• Rent YoY: ▲ 7.55%
• 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

+242.2% since first listed

3 events — show timeline

• 2026-05-10 Pending — BNYMLS
• 2026-03-03 Listed $698,000 BNYMLS
• 1998-01-22 Sold (Public Records) $204,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $14,858 · -2.1% YoY. Source: county tax records.