543 Manhattan Ave, New York, NY 10027
Section 1 — Subject Property Snapshot
| Field | Value / Detail | Analyst Notes |
|---|---|---|
| Address | 543 Manhattan Ave, New York, NY 10027 | — |
| Property Type | Multifamily Apartments | — |
| Year Built | 1901 | — |
| GBA (Gross Bldg Area) | 3,420 SF | — |
| # of Units | 2 | — |
| Price/SF | $0.00/SF | — |
| Asking Price | $0 | — |
| Price Per Unit | $0 | — |
| In-Place Rent | $5,500/unit/month | — |
| Gross Annual Rent | $132,000 | — |
| Occupancy | 100% (assumed at-listing) | — |
| Submarket | New York | — |
Macro context
Going-in cap of 0.00% represents -454 bps vs 10Y.
Key risks
Page 2 · Underwriting
| Line item |
|---|
| GPR |
| Vacancy |
| EGI |
| Total OpEx |
| NOI |
| Debt service |
| CFADS |
OpEx ratio (Y1): —. Multifamily Sun Belt Class B benchmark: 45–50% (IREM Income/Expense Analysis 2025).
Page 3 · Sales Comparison Approach
Rent comps
Page 4 · Income Approach (DCF)
Section 1 — Key Assumptions & Inputs
| Assumption | Value | Basis / Justification |
|---|---|---|
| Gross Potential Rent (GPR) | $132,000 / yr | — |
| Vacancy & Credit Loss | 5.0% | — |
| Operating Expense Ratio | 40.0% of EGI | — |
| NOI Growth Rate | 3.00% / year | — |
| Discount Rate | 8.00% | — |
| Exit Cap Rate | 6.50% | — |
| Hold Period | 5 Years | — |
| Asking Price (benchmark) | $0 | — |
Section 3 — Terminal Value Calculation
| Component | Year 6 NOI | Exit Cap | Terminal Value | Basis / Justification |
|---|---|---|---|---|
| Terminal Value | $0 | 6.50% | $0 | Terminal Value = Year 6 NOI ÷ exit cap. |
Section 4 — Discounted Cash Flow Summary
| Cash Flow Item | Cash Flow | Discount Factor | Present Value | Notes |
|---|---|---|---|---|
| Terminal Value (end Year 0) | $0 | 1.0000 | $0 | TV = 0% of total DCF value |
| Sum of PV — NOI Years 1–0 | $0 | 100% of total DCF value | ||
| DCF Value | $0 | PV(NOI) + PV(Terminal) |
Page 5 · Sensitivity & Forward Curve
Section 5 — Sensitivity Analysis (Exit Cap × Discount Rate)
| Exit Cap \ Disc Rate | 7.5% | 8.0% | 8.5% |
|---|---|---|---|
| 6.0% exit cap | $0 | $0 | $0 |
| 6.5% exit cap | $0 | $0 Base case | $0 |
| 7.0% exit cap | $0 | $0 | $0 |
Page 5 · Sources & Uses + Returns Waterfall
| Senior debt 75% LTV @ 7.00% | $0 |
| Equity NaN% of capital stack | $0 |
| Total sources | $0 |
| Purchase price | $0 |
| Closing costs 2.0% of price | $0 |
| CapEx reserve 1.5% of price | $0 |
| Working capital 0.5% of price | $0 |
| Total uses | $0 |
| Party | Capital share | IRR |
|---|---|---|
| LP | 70% | — |
| GP | 30% | — |
| Deal-level levered IRR | 100% | 0.0% |
LP and GP IRRs are derived from the actual waterfall distribution schedule per year. Deal-level IRR is the unleveraged sponsor return computed from total cash flows pre-promote and does not need to equal a capital-weighted average of LP and GP IRRs (the promote redirects cash between tranches). Equity multiple at deal level: 0.00x.
Page 6 · Reconciliation & Methodology
Comps vs. DCF
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Deal Assessment vs. Asking Price
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Biggest Assumption + Sensitivity
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Forward AVM
HouseCanary’s automated valuation model covers 1–4 unit residential properties. For commercial multifamily underwriting, see the comp-based valuation on Page 3 and the DCF on Page 2. SFR-mode underwriting (1–4 unit support with full forward AVM coverage) is on the Roadmap.
