77-79 Albermarle Ave · Hempstead, NY 11550

$790,000

8 bd · 4.0 ba · 3,178 sqft · MultiFamily · 16 Days on market

Built 1923 Poor condition 3,465 sqft lot $249/sqft · 7% below area Est $850k · 7% under

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Why this score? — see what drove the B 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
• ARV discount +10.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

THIS PROPERTY IS BEING SOLD 100% AS IS. ALL CASH OFFERS ONLY. 4 SEPARATE GAS HEATING SYSTEMS; 4 SEPARATE GAS HOT WATER HEATERS; 4 SEPARATE ELECTRIC METERS; 1 SEPARATE METER FOR HALLWAYS Multi-Family Investment Opportunity – 4 Unit Residential Property. .. .One 2 bedroom Unit & Three 3 Bedroom Units Don’t miss this excellent opportunity to own a 4-unit residential property! The property includes a full basement with convenient Bilco door access, providing ample storage or additional use possibilities. Located close to shopping and public transportation, this property offers both convenience and strong rental appeal. Perfect for investors or owner-occupants looking to gene

Key facts

• 3,465 sq ft lot
• Garage
• Built 1923

Property features AI

Exterior

• Parking: On-street parking; Has garage
• Utilities: Public sewer; Water available and connected; Electricity available and connected; Natural gas available and connected; Cable available; Phone available; Electric service by PSEG
• Home design: Quadruplex; Actual property condition
• Construction: Brick and vinyl siding exterior; Block foundation
• Exterior features: Back yard; Level lot; Not waterfront

Interior

• Bedrooms: Two 2-bedroom units; Two 3-bedroom units
• Flooring: Wood flooring
• Bathrooms: Four full bathrooms (total)
• Heating & cooling: Baseboard heating; Natural gas heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Full basement with Bilco door(s); Crawl attic

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 3×3bd/1.0ba units multifamily listed at $790k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $6k ($72k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $790k).
• Recommended offer: $778k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.4% vs local median 5.1% in Hempstead — 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 79/100 on livability (#123 in NY, #2,002 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A; Watch: crime C-, cost of living F.
• Hempstead Union Free School District (suburban): math 27% / reading 38% proficiency, ranked #567 of 590 in NY (top 96%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 72% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Barack Obama Elementary School (math 37% / reading 47%, grade F, #1,361 of 2,108 statewide, top 67%, 501 students, 78% FRL); Alverta B Gray Schultz Middle School (math 11% / reading 27%, grade F, #688 of 729 statewide, top 94%, 938 students, 73% FRL); Hempstead High School (math 50% / reading 69%, grade C+, #851 of 1,100 statewide, top 80%, 1,866 students, 63% FRL) — zoned schools at 72% FRL track the district average.
• Market conditions: 170 active listings in the ZIP; solid renter incomes; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• At $14,487/mo this rent would consume 188% of the median local household income ($93k/yr) (locally 2535% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $221k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($778k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago 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 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 56% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $778,150 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.83% ✓
• Cap rate: 15.38%
• Cash-on-cash: 32.47%
• DSCR: 2.44
• GRM: 4.5

CMA / ARV

• ARV (median comp): $850,000
• List price: $790,000
• Delta: -7.06%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 27.6%
• Equity multiple: 2.15×
• Total profit: $253,406
• Equity at exit: $117,792

10-year hold

• IRR: 35.1%
• Equity multiple: 4.22×
• Total profit: $712,408
• Equity at exit: $68,305

Cash invested: $221,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11550

• Active inventory: 170
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $14,487 high
• Mortgage (P&I): −$4,143
• Tax est. 1.5%: −$988 /mo · $11,850/yr
• Insurance: −$329
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,042
• Net cashflow: $5,985

Break-even live

Break-even rent $6,911

Max offer price $790,000

Occupancy floor 54%

Sensitivity live

Price	-10% $6,531	-5% $6,258	+0% $5,985	+5% $5,712	+10% $5,439
Rent	-10% $4,841	-5% $5,413	+0% $5,985	+5% $6,557	+10% $7,130
Rate	-1.0pp $6,383	-0.5pp $6,186	base $5,985	+0.5pp $5,781	+1.0pp $5,572

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	2	1	$3,236
▸ 3× units	3	1	$11,250
Total (4 units)			$14,487

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: $197,500
• Closing costs: $23,700
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-04-24
   listed $790,000 Active 778-char remark
2. 2024-03-23
   historical
3. 2024-01-20
   price $800,000
4. 2024-01-19
   listed $700,000 Active
5. 2020-12-14
   historical
6. 2020-03-27
   status Pending
7. 2020-02-21
   price $578,000
8. 2020-01-21
   status Under Contract
9. 2019-11-18
   price $579,000
10. 2019-11-15
    listed $479,888 New
11. 2019-11-12
    historical
12. 2019-09-07
    price $588,000
13. 2019-08-07
    listed $600,000 New

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 56% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $173,844
• − Mortgage interest: −$44,252
• − Property taxes: −$11,850
• − Insurance: −$3,950
• − Repairs & maintenance: −$13,908
• − Management: −$13,908
• − Depreciation: −$22,982
• Taxable income: $62,995
• Est. tax owed @ 24.0%: −$15,119
• After-tax cash flow: $56,704/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 · 6 photos

Poor 20/100 Extensive rehab

This multi-family property requires extensive repairs and updates to improve its condition and value. Significant work is needed on the exterior, interior, and kitchen to make it move-in ready.

Repairs flagged

• Major exterior paint — Peeling paint and exposed brick indicate significant damage.
• Major exterior doors — Worn and damaged exterior doors need replacement.
• Major kitchen cabinetry — Outdated and worn cabinetry needs replacement.
• Major flooring — Worn and dirty tile flooring needs replacement.
• Major interior walls — Painted walls with visible wear and tear need repainting.

Value-add opportunities

• Resale Paint exterior walls and replace doors — Fresh paint and new doors will improve curb appeal and attract buyers.
• Both Replace kitchen cabinetry and flooring — New cabinetry and flooring will enhance the interior and appeal to both buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior paint · Peeling paint and exposed brick indicate significant damage.	Major	$15,000–50,000
exterior doors · Worn and damaged exterior doors need replacement.	Major	$15,000–50,000
kitchen cabinetry · Outdated and worn cabinetry needs replacement.	Major	$15,000–50,000
flooring · Worn and dirty tile flooring needs replacement.	Major	$15,000–50,000
interior walls · Painted walls with visible wear and tear need repainting.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Resale Paint exterior walls and replace doors — Fresh paint and new doors will improve curb appeal and attract buyers. ↑
• Both Replace kitchen cabinetry and flooring — New cabinetry and flooring will enhance the interior and appeal to both buyers and 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)

• District: Hempstead Union Free School District
• NCES district ID: 3614130
• Math proficiency: 27% ▼ -4.00%
• Reading proficiency: 38% ▲ 5.00%
• Median HH income: $48,774
• Composite: 28.12/100
• National rank: #6821
• State rank: #567 of 590 in NY

Livability — Hempstead

• Score: 79/100
• State rank: #123
• US rank: #2002

Category grades

Amenities A+ Commute A+ Cost of living F Crime C- Employment A- Housing A- Health & safety A User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hempstead, NY
• County: Nassau County · 653,051 people
• City population: 60,960
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 60,960
• Household income: $92,677
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 2535.0

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 44% Black 43% Two or more races 14% White 7% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 4%
• Common ancestry: Hispanic 4%
• Foreign-born: 37% · Canada, Jamaica
• Languages at home: 53% English-only · Spanish 40% French/Haitian/Cajun 4% Other Indo-European 1%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -297.72%
• Current HPI: 339.055
• Rent YoY: —
• 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

+41.7% since first listed

15 events — show timeline

• 2026-06-17 Sold (MLS) $850,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-21 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-24 Listed $790,000 OneKey® MLS as Distributed by MLS Grid
• 2024-03-23 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-01-20 Price Changed $800,000 OneKey® MLS as Distributed by MLS Grid
• 2024-01-19 Listed $700,000 OneKey® MLS as Distributed by MLS Grid
• 2020-12-14 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-03-27 Pending — OneKey® MLS as Distributed by MLS Grid
• 2020-02-21 Price Changed $578,000 OneKey® MLS as Distributed by MLS Grid
• 2020-01-21 Pending — OneKey® MLS as Distributed by MLS Grid
• 2019-11-18 Price Changed $579,000 OneKey® MLS as Distributed by MLS Grid
• 2019-11-15 Listed $479,888 OneKey® MLS as Distributed by MLS Grid
• 2019-11-12 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-09-07 Price Changed $588,000 OneKey® MLS as Distributed by MLS Grid
• 2019-08-07 Listed $600,000 OneKey® MLS as Distributed by MLS Grid