Edgewater Crossing: 5-unit multifamily sample, New York, NY

## Scheduled Rent & Loss-to-Lease Total scheduled rent (in-place monthly rents × 12) is **$2,956,632**. Market rents imply a gross potential of approximately $3,925,140 annually, leaving a loss-to-lease gap of **$968,508 per year**, equal to **24.67% of market**. On a 5-unit asset, that magnitude of below-market income is concentrated — each unit carries an outsized share of the gap. The mean monthly rent of **$41,064** is heavily skewed by the high-rent outlier at **$175,615/month**; the median of **$13,952/month** is more representative of the portfolio's central tendency and suggests the outlier unit is masking how far below market the remaining units sit. ## Tenure & Loss-to-Lease Recovery Probability The tenure histogram shows **zero units** in any parseable tenure band — all 6 rows returned unparseable move-in dates. This is a material data gap: without knowing how long tenants have been in place, it is not possible to assess whether the loss-to-lease is concentrated in long-tenured, likely rent-stabilized or rent-controlled units (low recovery probability) or in recently signed leases already near market (higher recovery probability). This must be resolved through estoppel certificates or direct lease review before underwriting any mark-to-market upside. ## Rollover Schedule Two leases expire within **0–3 months**, two more within **7–12 months**, one beyond **13 months**, and one is already **expired**. The two near-term expirations and the holdover unit represent three near-term events where rent can theoretically be reset. In New York, however, any unit subject to rent stabilization or rent control cannot be freely marked to market at turnover; the regulatory status of each unit is the single most important underwriting variable and is not determinable from this rent roll alone. The expired lease in particular — with no confirmed holdover terms — suggests legal exposure that requires immediate clarification. ## Rent Dispersion & Unit Count Discrepancy The **$12,099 to $175,615 monthly rent range** across what is stated as a 5-unit building is atypical and warrants explanation. The rent roll contains **6 rows** against a 5-unit count; one row may represent a commercial unit, a superintendent's unit, or a data entry error. The `commercial_address_distinct` and `unit_designation` fields in the schema suggest this was flagged during data processing. Confirm the actual unit count, unit designations, and whether any unit carries a non-arms-length tenancy — the schema includes a `non_arms_length` flag that should be reviewed for each row before finalizing scheduled rent figures.