1737 Pacific St

New York, NY 11213

$1,099,000D-

6 bd · 3.0 ba · 1,043 sqft · Built 1905 · MultiFamily · Active · 53 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,215/mo
• Mortgage (P&I): −$5,763
• Tax + insurance: −$1,832
• HOA: −$0
• Vac / Maint / Mgmt: −$1,305
• Net cashflow: $-2,685/mo
• Annual: $-32,221/yr
• Cap rate: 3.36%
• Cash-on-cash: -10.47%
• DSCR: 0.53
• 1% rule: 0.57%
• Cash to close: $307,720

Investor read

• This is a 6-bed/3.0-bath multifamily listed at $1.10M.
• At list price, monthly cash flow is $-3k ($-32k/yr) — negative.
• To cash-flow at today's rent, offer at most $710k (35.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $622k (43.4% below list).
• It's been on market 53 days — a 3% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $622k (43.4% below list) — sets the bar for 1% rule.
• In year one you build about $117k of equity ($8k loan paydown + $110k 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 1905 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.0%/yr); 73 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• 5 sale attempts since 26y 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.
• Current owner paid $525k; list at $1.10M implies a 109% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$189k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 3.4% vs local median 2.6% in New York — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $6,215/mo this rent would consume 115% of the median local household income ($65k/yr) (locally 6603% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 53 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
• Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.