224-24 Union Tpke Unit 6G · New York, NY 11364

$315,000

2 bd · 1.0 ba · 1,200 sqft · Condo · 195 Days on market

Built 1956

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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 +20.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Schools +5.0/10.0
• Rent growth +4.6/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Located on the 6th-floor penthouse level, this bright and spacious 2-bedroom, 1-bath co-op offers peaceful open views and a comfortable, practical layout. The apartment includes a large living room, a dedicated dining area, an updated kitchen, and two well-sized bedrooms with excellent storage. The bathroom is set between the bedrooms for added convenience. The building provides outstanding amenities, including an Olympic-size outdoor pool, a BBQ area, bike room, laundry facilities, and a live-in super. Cats are allowed, and subletting is permitted after one year. Maintenance is $1,742.76/month and covers all utilities except electricity. On-site parking is available in the rear lot (first-

Key facts

• 6th-floor penthouse
• Large living room
• Updated kitchen

Tags

• 6TH-FLOOR PENTHOUSE
• LARGE LIVING ROOM
• DEDICATED DINING AREA
• UPDATED KITCHEN
• OUTSTANDING AMENITIES
• OLYMPIC-SIZE OUTDOOR POOL

Property features AI

Finance

• Other: Living area reported as 1200 (source: Other)
• Financial info: Financial details not provided
• HOA & community: Cooperative building amenities include bicycle room and pool/spa

Exterior

• Parking: Common parking; Garage; Oversized spaces; Private parking
• Security: Security details not provided
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected; Water connected; Private trash collection
• Home design: Stock cooperative; 6 total stories; Entry on 6th floor
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Cooktop; Gas cooktop; Gas oven; Gas range; Dishwasher; Microwave; Refrigerator; Freezer; Stainless steel appliances
• Bedrooms: 5 rooms total (includes bedroom spaces)
• Flooring: Flooring details not provided
• Bathrooms: 1 full bathroom
• Heating & cooling: Hot water heating; Wall/window air conditioning unit(s)
• Interior features: Elevator; Entrance foyer; Formal dining; Galley kitchen layout; Pantry; Soaking tub; Storage; Walk-in closet(s); Bicycle room; Pool/Spa (building)
• Laundry & utility: Washer/dryer details not provided

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $315k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $315k).
• Recommended offer: $277k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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 (+8.5%/yr); 248 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• This rent runs 40% of the median local income ($98k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 $88k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 195 days — a 12% lower offer ($277k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $277,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 195 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 1.04% ✓
• Cap rate: 7.86%
• Cash-on-cash: 5.58%
• DSCR: 1.25
• GRM: 8.0

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: -2.2%
• Equity multiple: 0.91×
• Total profit: $-7,548
• Equity at exit: $46,968

10-year hold

• IRR: 12.3%
• Equity multiple: 2.20×
• Total profit: $106,059
• Equity at exit: $27,235

Cash invested: $88,200 (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 11364

• Rents YoY: 8.5%
• Active inventory: 248
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $3,275 high
• Mortgage (P&I): −$1,652
• Tax est. 1.5%: −$394 /mo · $4,725/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$688
• Net cashflow: $410

Break-even live

Break-even rent $2,756

Max offer price $315,000

Occupancy floor 82%

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6747 222nd St Oakland Gardens, NY	3.0	1.0	924	$2,700	$2.92	2d	1	0.34mi
61-11 219th St Unit 2 Flushing, NY	3.0	1.5	1200	$3,050	$2.54	15d	1	0.49mi
5847 215th St Bayside Hills, NY	3.0	2.0	1196	$4,860	$4.06	24d	1	0.54mi
5775 Cloverdale Blvd Oakland Gardens, NY	3.0	2.0	1200	$4,200	$3.50	24d	1	0.82mi
232-15 67th Ave Unit 1FL Flushing, NY	2.0	2.0	900	$2,900	$3.22	4d	1	0.87mi
56-25 226th St Unit 3 Bayside, NY	3.0	1.5	977	$3,250	$3.33	24d	1	0.92mi
203-06 53rd Ave Unit 2 Flushing, NY	1.0	1.0	850	$2,200	$2.59	24d	1	1.07mi
7364 196th St Fresh Meadows, NY	3.0	2.5	1000	$5,500	$5.50	24d	1	1.10mi
5839 196th Pl Fresh Meadows, NY	2.0	1.0	750	$2,750	$3.67	24d	1	1.16mi
01 194th St Unit Main Fresh Meadows, NY	1.0	1.0	895	$2,400	$2.68	15d	1	1.26mi
240-53 68th Ave Unit 1st Floor Douglaston, NY	2.0	1.0	900	$2,500	$2.78	24d	1	1.30mi
43-27 220th St Unit 2nd Floor Flushing, NY	3.0	2.0	1200	$3,700	$3.08	24d	1	1.46mi
8737 Marengo St #1 Hollis, NY	1.0	1.0	720	$1,950	$2.71	11d	1	1.47mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: electricpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $315,000 Active 195 DOM
2. 2026-06-17
   days on market $315,000 Active 194 DOM
3. 2026-06-15
   days on market $315,000 Active 192 DOM
4. 2026-06-13
   days on market $315,000 Active 190 DOM
5. 2026-06-10
   days on market $315,000 Active 186 DOM
6. 2026-06-08
   days on market $315,000 Active 185 DOM
7. 2026-06-04
   days on market $315,000 Active 181 DOM
8. 2026-06-03
   days on market $315,000 Active 180 DOM
9. 2026-06-01
   days on market $315,000 Active 178 DOM
10. 2026-05-31
    days on market $315,000 Active 177 DOM
11. 2025-12-05
    listed $315,000 Active

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

Taxation est. · year 1

• Rental income: $39,300
• − Mortgage interest: −$17,645
• − Property taxes: −$4,725
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,144
• − Management: −$3,144
• − Depreciation: −$9,164
• Taxable loss: −$96
• Est. tax savings @ 24.0%: +$23
• After-tax cash flow: $4,948/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): 35,276
• Household income: $98,359
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 1288.0

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 0.64)
• Race & ethnicity: Asian 50% White 29% Hispanic / Latino 15% Two or more races 7% Black 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Scotch-Irish 2% Lithuanian 1%
• Foreign-born: 44% · China, South Korea, Canada
• Languages at home: 41% English-only · Chinese 30% Spanish 9% Korean 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: ▼ -179.50%
• Current HPI: 242.5386
• Rent YoY: ▲ 8.47%
• 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

1 event — show timeline

• 2025-12-05 Listed $315,000 OneKey® MLS as Distributed by MLS Grid