1180 Sherman Ave · New York, NY 10456

$1,499,999

8 bd · 4.0 ba · 3,104 sqft · MultiFamily public records · 160 Days on market

Built 1992 2,000 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 +9.3/10.0
• Cash flow +8.5/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +1.5/10.0

Multi-family units

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

Listing remarks

Welcome to 1180 Sherman Avenue, a fully renovated four-family property in the heart of the Concourse. This rare investment opportunity combines modern living with strong rental performance and the long-term upside of R7-1 zoning for future development. Each of the four updated two-bedroom, one-bathroom units is thoughtfully designed with contemporary finishes, including stainless steel appliances, grey quartz countertops, flint grey cabinetry, hardwood floors, and open-concept layouts that maximize space and light. The generously sized bedrooms easily accommodate queen beds with ample closet space, while the updated bathrooms complete the stylish aesthetic. Beyond the interiors, the propert

Key facts

• R7-1 zoning
• Fully renovated
• Flint grey cabinetry

Tags

• FULLY RENOVATED
• FOUR-FAMILY PROPERTY
• R7-1 ZONING
• STAINLESS STEEL APPLIANCES
• GREY QUARTZ COUNTERTOPS
• FLINT GREY CABINETRY

Property features AI

Exterior

• Parking: Attached parking; Driveway parking (total 1 parking space)
• Utilities: Electric service by Con-Edison; Public sewer; Electricity available; Natural gas available
• Home design: Quadruplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: Four 2-bedroom units
• Bathrooms: Four full bathrooms
• Heating & cooling: Baseboard heating; Wall/window air conditioning units
• Interior features: Storage; Full basement with storage space
• Laundry & utility: Common area laundry in basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative. Per door: $-333/mo.
• To cash-flow at today's rent, offer at most $1.27M (15.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $977k (34.8% below list).
• Recommended offer: $977k (34.8% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: 52 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 $9,773/mo this rent would consume 336% of the median local household income ($35k/yr) (locally 11195% 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 $139k of equity ($10k loan paydown + $128k appreciation (8.6% 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 ~$222k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y 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 $815k; list at $1.50M implies a 84% 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 $977,300 (34.8% 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 160 days. Have you received any prior offers? Is the seller open to a 35% 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: 0.65% ✗
• Cap rate: 5.23%
• Cash-on-cash: -3.80%
• DSCR: 0.83
• GRM: 12.8

CMA / ARV

• ARV (on-the-fly): $946,720
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1046 College Ave	0.24mi	9/4.0 (+1)	2,790 (-10%)	4mo	$769,000	$276	64
1027 Boston Rd	0.67mi	8/5.0	3,402 (+10%)	10mo	$1,039,000	$305	41

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

Projected returns pro-forma

8.55% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.4%
• Equity multiple: 2.39×
• Total profit: $585,879
• Equity at exit: $1,196,344

10-year hold

• IRR: 17.2%
• Equity multiple: 5.20×
• Total profit: $1,765,447
• Equity at exit: $2,431,005

Cash invested: $420,000 (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 10456

• Home prices YoY: 3.0%
• Active inventory: 52
• Price-to-rent: 51.2×

Monthly cashflow live

• Estimated rent: $9,773 medium
• Mortgage (P&I): −$7,866
• Tax from tax record: −$560 /mo · $6,717/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,052
• Net cashflow: $-1,330

Break-even live

Break-even rent $11,457

Max offer price $1,265,006

Occupancy floor —

Sensitivity live

Price	-10% $-481	-5% $-906	+0% $-1,330	+5% $-1,755	+10% $-2,179
Rent	-10% $-2,102	-5% $-1,716	+0% $-1,330	+5% $-944	+10% $-558
Rate	-1.0pp $-575	-0.5pp $-949	base $-1,330	+0.5pp $-1,719	+1.0pp $-2,114

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$9,772
Total (4 units)			$9,773

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $1,499,999 Active 160 DOM
2. 2026-06-18
   days on market $1,499,999 Active 157 DOM
3. 2026-06-17
   days on market $1,499,999 Active 156 DOM
4. 2026-06-15
   days on market $1,499,999 Active 154 DOM
5. 2026-06-13
   days on market $1,499,999 Active 152 DOM
6. 2026-06-10
   days on market $1,499,999 Active 148 DOM
7. 2026-06-08
   days on market $1,499,999 Active 147 DOM
8. 2026-06-04
   days on market $1,499,999 Active 143 DOM
9. 2026-06-03
   days on market $1,499,999 Active 142 DOM
10. 2026-06-01
    days on market $1,499,999 Active 140 DOM
11. 2026-05-31
    days on market $1,499,999 Active 139 DOM
12. 2026-01-12
    historical
13. 2026-01-12
    listed $1,499,999 Active
14. 2025-09-25
    listed $1,525,000 Active
15. 2025-09-25
    historical
16. 2025-07-02
    status Active
17. 2025-06-20
    price $1,549,999
18. 2025-06-10
    listed $1,574,999 Active
19. 2025-06-10
    historical
20. 2025-06-10
    historical
21. 2025-04-15
    price $1,574,999
22. 2025-02-10
    listed $1,599,999 Active
23. 2018-07-31
    soldstatus $815,000 Sold
24. 2018-03-02
    historical Pending
25. 2017-12-07
    listed $799,000 Active
26. 1992-11-27
    soldstatus $323,500

ⓘ 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: $6,717 · $560/mo
• Projected year-2 tax: $16,034 · $1,336/mo
• Expected delta: +$9,316/yr (+$776/mo · 138.7%)

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $117,276
• − Mortgage interest: −$84,023
• − Property taxes: −$6,717
• − Insurance: −$7,500
• − Repairs & maintenance: −$9,382
• − Management: −$9,382
• − Depreciation: −$43,636
• Taxable loss: −$43,365
• Est. tax savings @ 24.0%: +$10,408
• After-tax cash flow: $-5,555/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): 87,533
• Household income: $34,954
• Rent vs Own: 93.1% rent · 6.9% own
• Severe rent burden: 11195.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 52% Black 41% Two or more races 14% White 3% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 15% Dominican 26%
• Foreign-born: 30% · Canada, Jamaica
• Languages at home: 44% English-only · Spanish 44% French/Haitian/Cajun 3% 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: ▲ 8.55%
• Current HPI: 293.766
• 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

+363.7% since first listed

15 events — show timeline

• 2026-01-12 Listed $1,499,999 OneKey® MLS as Distributed by MLS Grid
• 2026-01-12 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-25 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-25 Listed $1,525,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-02 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-06-20 Price Changed $1,549,999 OneKey® MLS as Distributed by MLS Grid
• 2025-06-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-06-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-06-10 Listed $1,574,999 OneKey® MLS as Distributed by MLS Grid
• 2025-04-15 Price Changed $1,574,999 OneKey® MLS as Distributed by MLS Grid
• 2025-02-10 Listed $1,599,999 OneKey® MLS as Distributed by MLS Grid
• 2018-07-31 Sold (MLS) $815,000 OneKey® MLS as Distributed by MLS Grid
• 2018-03-02 Contingent — OneKey® MLS as Distributed by MLS Grid
• 2017-12-07 Listed $799,000 OneKey® MLS as Distributed by MLS Grid
• 1992-11-27 Sold (Public Records) $323,500 Public Records

Property tax history

+21.8%/yr

Latest (2025): $6,717 · +6.0% YoY. Source: county tax records.