7-15 College Pl · New York, NY 11356

$1,899,000

40 bd · 35.0 ba · 2,336 sqft · MultiFamily public records · 292 Days on market

Built 2024 3,403 sqft lot

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Why this score? — see what drove the C- 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 +19.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 1% rule +4.3/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

Investment delight , good rental income $11,000 per mon rental . Brand New Construction , Legal Two Dwelling Brick House In College Point one block walk to Hermon A MacNeil Park. this beautiful gem rest in a quiet private street , huge like 67 inches deep with two cars garage in the back yard , so many bedrooms and bathrooms , Ground Floor With Two Big Offices , one full Bath, 1st Floor Has Four Bedrooms Two Full Bath Rooms , 2nd Floor Has 4 Bedrooms And Two Bathrooms. Finished Attic With Two Rooms , Great View , private two balconies , able to see white stone bridge , two block to No. 25 bus to Flushing , QM2 bus to Manhattan . close to 20 Ave BJs and many shops , close to high ways , clos

Key facts

• Shared drive way
• Two cars garage
• 3,403 sq ft lot

Tags

• LEGAL TWO DWELLING BRICK HOUSE
• FINISHED ATTIC WITH TWO ROOMS
• PRIVATE TWO BALCONIES
• TWO CARS GARAGE
• SHARED DRIVE WAY

Property features AI

Finance

• Financial info: Tax year 2024

Exterior

• Parking: 2-car garage with garage door opener; Other parking features
• Utilities: Natural gas connected; Sewer: other
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Gas grill; Brick exterior; Not waterfront

Interior

• Bedrooms: Two 4-bedroom units
• Bathrooms: Seven full bathrooms
• Heating & cooling: Central air conditioning; Natural gas heating (see remarks)
• Interior features: First-floor bedroom; Full basement; Attic (see remarks)

What this means for you Summary

Snapshot

• This is a 5 × 8-bed/?-bath units multifamily listed at $1.90M.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $434/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.76M (7.4% below list).
• Recommended offer: $1.67M (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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.

Location & tenants

• 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.
• Market conditions: Rents rising fast (+12.1%/yr); 132 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $17,591/mo this rent would consume 243% of the median local household income ($87k/yr) (locally 1545% 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 $13k of loan paydown is wiped out by about $57k of value loss. Plan a longer hold.
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $532k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 292 days — a 12% lower offer ($1.67M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $1.50M; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• 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.

Recommended offer $1,671,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 292 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 7.67%
• Cash-on-cash: 4.90%
• DSCR: 1.22
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -3.7%
• Equity multiple: 0.86×
• Total profit: $-77,048
• Equity at exit: $283,147

10-year hold

• IRR: 10.6%
• Equity multiple: 2.00×
• Total profit: $531,700
• Equity at exit: $164,191

Cash invested: $531,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City New York: 0 Strongly Tenant-Friendly · D+34

Rent Stabilization Code; HSTPA; 6+ months in housing court.

Methodology + full state rankings →

ZIP-level market 11356

• Home prices YoY: -28.9%
• Rents YoY: 12.1%
• Active inventory: 132
• Price-to-rent: 45.0×

Monthly cashflow live

• Estimated rent: $17,591 medium
• Mortgage (P&I): −$9,959
• Tax from tax record: −$976 /mo · $11,707/yr
• Insurance: −$791
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,694
• Net cashflow: $2,171

Break-even live

Break-even rent $14,842

Max offer price $1,899,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 5× units	8	—	$17,590
Total (5 units)			$17,591

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: $474,750
• Closing costs: $56,970
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $1,899,000 Active 292 DOM
2. 2026-06-17
   days on market $1,899,000 Active 291 DOM
3. 2026-06-15
   days on market $1,899,000 Active 289 DOM
4. 2026-06-13
   days on market $1,899,000 Active 287 DOM
5. 2026-06-10
   days on market $1,899,000 Active 283 DOM
6. 2026-06-08
   days on market $1,899,000 Active 282 DOM
7. 2026-06-03
   days on market $1,899,000 Active 277 DOM
8. 2026-06-01
   days on market $1,899,000 Active 275 DOM
9. 2026-05-31
   days on market $1,899,000 Active 274 DOM
10. 2026-04-13
    price $1,899,000
11. 2025-12-31
    status Active
12. 2025-12-08
    historical
13. 2025-12-07
    price $1,950,000
14. 2025-12-07
    status Active
15. 2025-12-01
    historical
16. 2025-08-01
    listed $1,980,000 Active
17. 2024-03-27
    soldstatus $1,500,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $11,707 · $976/mo
• Projected year-2 tax: $21,900 · $1,825/mo
• Expected delta: +$10,193/yr (+$849/mo · 87.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $211,092
• − Mortgage interest: −$106,374
• − Property taxes: −$11,707
• − Insurance: −$9,495
• − Repairs & maintenance: −$16,887
• − Management: −$16,887
• − Depreciation: −$55,244
• Taxable loss: −$5,502
• Est. tax savings @ 24.0%: +$1,321
• After-tax cash flow: $27,378/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.

Schools (NCES district)

No district data.

Livability — New York

• Score: 75/100
• State rank: #268
• US rank: #4188

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New York, NY
• County: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 25,824
• Household income: $86,730
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1545.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 42% Asian 35% White 21% Two or more races 8%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 8%
• Common ancestry: Romanian 1%
• Foreign-born: 53% · Canada, China, South Korea
• Languages at home: 26% English-only · Spanish 35% Chinese 23% Other Indo-European 8%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.50%
• Current HPI: 235.1217
• Rent YoY: ▲ 12.13%
• 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

+26.6% since first listed

8 events — show timeline

• 2026-04-13 Price Changed $1,899,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-31 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-12-08 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-12-07 Price Changed $1,950,000 OneKey® MLS as Distributed by MLS Grid
• 2025-12-07 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-12-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-08-01 Listed $1,980,000 OneKey® MLS as Distributed by MLS Grid
• 2024-03-27 Sold (Public Records) $1,500,000 Public Records

Property tax history

+35.3%/yr

Latest (2025): $11,707 · -0.3% YoY. Source: county tax records.