400 Stuyvesant Ave

New York, NY 11233

$2,495,000A-

81 bd · 90.0 ba · 4,224 sqft · Built 1910 · MultiFamily · Active · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $32,127/mo
• Mortgage (P&I): −$13,084
• Tax + insurance: −$2,293
• HOA: −$0
• Vac / Maint / Mgmt: −$6,747
• Net cashflow: $10,003/mo
• Annual: $120,034/yr
• Cap rate: 11.10%
• Cash-on-cash: 17.18%
• DSCR: 1.76
• 1% rule: 1.29%
• Cash to close: $698,600

Investor read

• This is a 9 × 9-bed/10.0-bath units multifamily listed at $2.50M.
• At list price, monthly cash flow is $10k ($120k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($32k rent vs $2.50M).
• It's been on market 107 days — a 9% lower offer ($2.27M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.27M (9.0% below list) — sets the bar for market timing.
• In year one you build about $267k of equity ($17k loan paydown + $250k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.4%/yr); 152 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 6.4% rent growth), your $699k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$429k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 11.1% 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.
• At $32,127/mo this rent would consume 618% of the median local household income ($62k/yr) (locally 6960% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?