Briarcliff Heights: 10-unit multifamily sample, New York, NY

## Rent Roll Composition All 10 units are occupied, producing a scheduled rent of $391,572 annually ($32,631/month). The mean in-place rent of $3,263/month and median of $2,774/month diverge by roughly $490, consistent with a skewed distribution driven by the top unit at $7,207/month. The $1,067/month floor unit is a significant outlier — at roughly 15% of the top unit's rent — and warrants unit-level review for rent stabilization or preferential-rent status. ## Loss-to-Lease and Tenure Analysis Aggregate loss-to-lease is $4,292/month ($51,504 annualized), representing 11.62% of market rents. The tenure histogram provides limited resolution: 8 of 10 units have unparseable move-in dates, so tenure cannot be confirmed for the majority of the roll. Of the two units with readable tenure, the 3-to-10-year cohort (1 unit, $7,207/month in-place vs. $7,250/month market) carries negligible loss-to-lease and is already near market. The under-3-year cohort (1 unit, $5,783/month in-place vs. $5,884/month market) is similarly close to market at roughly $101/month gap. This means the bulk of the $4,292/month loss-to-lease is concentrated in the 8 units with unresolved tenure — those units cannot be characterized as long-tenured or recently moved-in without additional data, and the recovery timeline is therefore indeterminate. ## Rollover and Re-Leasing Risk 9 units roll within 0–3 months, and 6 of those are already expired (month-to-month). Only 1 unit has a lease extending beyond 13 months. This concentration of near-term rollover is the dominant risk in this rent roll. In a New York multifamily context, expired leases on rent-stabilized units carry specific legal implications — landlords cannot freely reprice, and failure to serve timely renewal notices can create further exposure. If any portion of the $1,067/month unit or other below-market units are rent-stabilized, the loss-to-lease in those units is structural, not cyclical, and should not be underwritten as recoverable at lease expiration. ## Underwriting Caution This rent roll does not support derivation of GPI, EGI, or NOI — no ancillary income, vacancy assumptions, or operating expense data are present. Scheduled rent of $391,572 is the only defensible income figure from this data set. Before advancing to full underwriting, the IC should require: (1) unit-level regulatory status for all 10 units, particularly the $1,067/month unit; (2) parsed move-in dates for the 8 unresolved units to assess tenure and loss-to-lease recoverability; and (3) confirmation of lease renewal status for the 6 expired units.