454 W 23rd St Unit 4F · New York, NY 10011

$399,000

1 bd · 1.0 ba · 550 sqft · Condo · 28 Days on market

Built 1900 Average condition

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Why this score? — see what drove the A- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• Condition / age +2.8/5.0

Listing remarks

454 West 23rd #4F | Located in the heart of Chelsea, NYC, this charming pre-war co-op at 454 West 23rd Street presents a rare opportunity for a buyer seeking to add value while owning a piece of Manhattan history at an exceptional price point. Filled with authentic character and timeless architectural detail, the apartment showcases soaring embossed tin ceilings, exposed brick, oversized windows, original hardwood floors, and a decorative fireplace that adds warmth and charm to the living space. The expansive layout is complemented by abundant natural light, classic moldings, vintage details, and a dedicated washer and dryer unit, creating the perfect canvas for restoration or thoughtful mo

Key facts

• Decorative fireplace
• Exposed brick
• Oversized windows

Tags

• SOARING EMBOSSED TIN CEILINGS
• EXPOSED BRICK
• OVERSIZED WINDOWS
• ORIGINAL HARDWOOD FLOORS
• DECORATIVE FIREPLACE
• ACCESS TO SUBWAY LINES

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public sewer; Cable available; Electricity connected
• Home design: Townhouse (stock cooperative); Estimated / under construction / updated or remodeled condition; Five-story building; Three or more levels; Entry on 4th level
• Construction: Construction materials: Other; Foundation: Other
• Exterior features: No waterfront; No additional parcels

Interior

• Kitchen: Microwave; Oven; Refrigerator
• Bedrooms: 3 rooms total (unit spans multiple levels; entry on 4th level)
• Bathrooms: 1 full bathroom
• Heating & cooling: Radiant heating; Wall/window air conditioning unit(s)
• Interior features: High ceilings; Primary bathroom; Walk-up building
• Laundry & utility: Washer in unit; Washer hookup

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $399k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $399k).
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.8% 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 (+7.1%/yr); 465 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 4,467 units permitted in New York County in 2024 (4,463 in 5+ unit buildings).
• At $7,064/mo this rent would consume 58% of the median local household income ($146k/yr) (locally 3446% 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 $24k of equity ($3k loan paydown + $21k appreciation (5.3% local appreciation)).
• New York County population projected at +21% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.3% appreciation + 7.1% rent growth), your $112k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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 $393,015 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.77% ✓
• Cap rate: 14.78%
• Cash-on-cash: 30.32%
• DSCR: 2.35
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.34% appreciation · 7.06% rent growth · sell at horizon

5-year hold

• IRR: 43.1%
• Equity multiple: 3.77×
• Total profit: $309,775
• Equity at exit: $234,498

10-year hold

• IRR: 42.7%
• Equity multiple: 8.58×
• Total profit: $847,130
• Equity at exit: $411,824

Cash invested: $111,720 (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 10011

• Home prices YoY: 2.6%
• Rents YoY: 7.1%
• Active inventory: 465
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $7,064 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,483
• Net cashflow: $2,823

Break-even live

Break-even rent $3,490

Max offer price $399,000

Occupancy floor 55%

Sensitivity live

Price	-10% $3,099	-5% $2,961	+0% $2,823	+5% $2,685	+10% $2,547
Rent	-10% $2,265	-5% $2,544	+0% $2,823	+5% $3,102	+10% $3,381
Rate	-1.0pp $3,024	-0.5pp $2,924	base $2,823	+0.5pp $2,719	+1.0pp $2,614

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
535 W 23rd St #1584 New York, NY	2.0	1.0–2.0	600	$8,030	$13.38	0d	3	0.12mi
282 11th Ave New York, NY	2.0	1.0–2.0	960	$7,735	$8.05	0d	1	0.25mi
525 W 28th St New York, NY	2.0	1.0–2.0	1116	$6,612	$5.92	9d	1	0.32mi
435 W 31st St New York, NY	2.0	1.0–2.0	747	$7,018	$9.39	0d	34	0.45mi
243 W 28th St #2143 New York, NY	1.0	1.0	580	$8,960	$15.45	20d	1	0.47mi
244 W 29th St Unit 2149 New York, NY	1.0	1.0	490	$9,720	$19.84	7d	2	0.47mi
160 W 24th St New York, NY	2.0	1.0–2.0	731	$7,896	$10.79	0d	13	0.50mi
180 W 20th St #1202 New York, NY	2.0	1.0–2.0	791	$9,465	$11.96	0d	3	0.52mi
360 W 34th St New York, NY	2.0	1.0–1.5	632	$6,100	$9.65	9d	3	0.59mi
120 W 21st St New York, NY	2.0	1.0–2.0	676	$7,070	$10.46	6d	14	0.59mi
290 W 12th St #1592 New York, NY	1.0–2.0	1.0–2.0	515	$7,110	$13.81	9d	2	0.67mi
130 W 15th St #1383 New York, NY	1.0–2.0	1.0–2.0	844	$8,990	$10.65	0d	2	0.68mi
776 6th Ave New York, NY	2.0	1.0–2.0	742	$7,700	$10.37	0d	19	0.68mi
101 W 15th St New York, NY	1.0	1.0	562	$9,550	$16.98	3d	2	0.71mi
108 W 15th St #205 New York, NY	1.0–2.0	1.0	697	$6,050	$8.67	5d	2	0.71mi
43 W 27th St #1055 New York, NY	2.0	1.0	740	$9,940	$13.43	26d	1	0.75mi
87 Perry St New York, NY	2.0	2.0	748	$18,500	$24.73	26d	1	0.80mi
535 Hudson St #1032 New York, NY	1.0–2.0	1.0	550	$6,030	$10.96	9d	2	0.86mi
555 10th Ave Unit 1018807P New York, NY	1.0	1.0	688	$9,726	$14.14	23d	1	0.90mi
177 Waverly Pl Unit 1075286P New York, NY	1.0	1.0	452	$10,000	$22.12	26d	1	0.90mi
140 Charles St Unit 14A New York, NY	1.0	1.0	648	$8,000	$12.35	9d	1	0.93mi
561 10th Ave #2085 New York, NY	2.0	1.0–2.0	795	$6,345	$7.98	9d	2	0.94mi
450 W 42nd St #1693 New York, NY	2.0	1.0–2.0	690	$9,040	$13.10	0d	3	0.96mi
120 Christopher St #1886 New York, NY	1.0–2.0	1.0	574	$5,640	$9.82	0d	3	0.97mi
139 Christopher St Unit 1021914P New York, NY	1.0–2.0	1.0	667	$5,340	$8.01	9d	2	0.98mi
309 5th Ave New York, NY	1.0	1.0	597	$7,596	$12.72	9d	13	0.98mi
364 6th Ave Unit 1023432P New York, NY	1.0	1.0	441	$9,135	$20.71	23d	1	1.02mi
520 W 43rd St #742 New York, NY	1.0–2.0	1.0–2.0	769	$5,860	$7.62	9d	2	1.02mi
560 W 43rd St New York, NY	3.0	1.0–2.0	769	$5,265	$6.84	9d	5	1.03mi
52 Barrow St #2123 New York, NY	1.0–2.0	1.0	547	$6,420	$11.73	12d	3	1.03mi
605 W 42nd St Unit 1016142P New York, NY	2.0	1.0–2.0	720	$14,542	$20.18	11d	2	1.04mi
635 W 42nd St #1990 New York, NY	1.0–2.0	1.0–2.0	750	$5,680	$7.57	9d	2	1.04mi
1 14th St Hoboken, NJ	1.0	1.0	730	$4,180	$5.73	6d	1	1.09mi
2 Constitution Ct #813 Hoboken, NJ	1.0	1.0	727	$3,950	$5.43	23d	1	1.11mi
2 Constitution Ct #813 Hoboken, NJ	1.0	1.0	727	$4,150	$5.71	26d	1	1.11mi
2 14th St Hoboken, NJ	1.0	1.0	652	$4,525	$6.94	0d	3	1.13mi
1 Union Sq S #1174 New York, NY	2.0	1.0–2.0	775	$10,120	$13.06	12d	3	1.15mi
815 Broadway #204 New York, NY	1.0	1.0	522	$8,250	$15.80	9d	1	1.16mi
622 11th Ave Unit 1402 New York, NY	2.0	1.0	715	$7,600	$10.63	9d	1	1.18mi
290 3rd Ave #279 New York, NY	1.0	1.0	607	$9,740	$16.03	5d	2	1.21mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-21
   days on market $399,000 Active 28 DOM
2. 2026-06-18
   days on market $399,000 Active 25 DOM
3. 2026-06-17
   days on market $399,000 Active 24 DOM
4. 2026-06-16
   days on market $399,000 Active 23 DOM
5. 2026-06-15
   days on market $399,000 Active 22 DOM
6. 2026-06-13
   days on market $399,000 Active 20 DOM
7. 2026-06-10
   days on market $399,000 Active 16 DOM
8. 2026-06-08
   days on market $399,000 Active 15 DOM
9. 2026-06-08
   days on market $399,000 Active 14 DOM
10. 2026-06-04
    days on market $399,000 Active 11 DOM
11. 2026-06-03
    days on market $399,000 Active 10 DOM
12. 2026-06-02
    days on market $399,000 Active 9 DOM
13. 2026-06-01
    days on market $399,000 Active 8 DOM
14. 2026-05-31
    days on market $399,000 Active 7 DOM
15. 2026-05-25
    status Active
16. 2026-05-04
    listed $399,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 54% 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: $84,763
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$6,781
• − Management: −$6,781
• − Depreciation: −$11,607
• Taxable income: $29,263
• Est. tax owed @ 24.0%: −$7,023
• After-tax cash flow: $26,851/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.

Condition & rehab AI · 13 photos

Average 55/100 Moderate rehab

This pre-war co-op in Chelsea requires moderate renovations to bring it up to current standards, with a focus on updating the kitchen and bathroom and painting the exterior and interior. These updates will significantly increase its resale and rental value.

Repairs flagged

• Moderate kitchen appliances — The appliances appear outdated and need replacement.
• Moderate bathroom fixtures — The bathroom fixtures are basic and need updating.
• Minor exterior siding — There is some discoloration on the siding that can be addressed with a fresh coat of paint.
• Minor interior walls — The walls have some discoloration that can be addressed with a fresh coat of paint.
• Minor windows — The windows are intact but show signs of wear that can be addressed with new hardware or a fresh coat of paint.

Value-add opportunities

• Both Replace kitchen appliances and update bathroom fixtures — Updating the kitchen and bathroom will improve the home's functionality and appeal to potential buyers or renters.
• Both Paint the exterior and interior — Painting will improve the home's curb appeal and make it look more inviting to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · The appliances appear outdated and need replacement.	Moderate	$3,000–15,000
bathroom fixtures · The bathroom fixtures are basic and need updating.	Moderate	$3,000–15,000
exterior siding · There is some discoloration on the siding that can be addressed with a fresh coat of paint.	Minor	$500–3,000
interior walls · The walls have some discoloration that can be addressed with a fresh coat of paint.	Minor	$500–3,000
windows · The windows are intact but show signs of wear that can be addressed with new hardware or a fresh coat of paint.	Minor	$500–3,000
Total estimated repair cost · 5 items		$7,500–39,000

Value-add ROI direction

• Both Replace kitchen appliances and update bathroom fixtures — Updating the kitchen and bathroom will improve the home's functionality and appeal to potential buyers or renters. ↑
• Both Paint the exterior and interior — Painting will improve the home's curb appeal and make it look more inviting to potential buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 48,277
• Household income: $145,987
• Rent vs Own: 64.1% rent · 35.9% own
• Severe rent burden: 3446.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 13% Asian 10% Two or more races 9% Black 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Dominican 1%
• Common ancestry: Romanian 6% Scotch-Irish 5% Lithuanian 3%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 8% Other Indo-European 3% Chinese 2%

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: ▲ 5.34%
• Current HPI: 208.6913
• Rent YoY: ▲ 7.06%
• 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

2 events — show timeline

• 2026-05-25 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-05-04 Listed $399,000 OneKey® MLS as Distributed by MLS Grid