3622 37th St · New York, NY 11101

$984,950

3 bd · 2.0 ba · 1,540 sqft · MultiFamily public records · 67 Days on market

Built 1920 2,521 sqft lot Est $1006k · at est.

---

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 +25.3/30.0
• ARV discount +8.4/15.0
• DSCR +8.3/10.0
• Appreciation +7.8/10.0
• 1% rule +5.8/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

A great opportunity for an end user or investor! Perfect for you to design and renovate just the way you need. Close drive to shopping, restaurants, queens borough bridge to Manhattan, grand central parkway, Laguardia airport, and much more! The property is sold as-is, the 1st floor is vacant with interior access, there is no interior access for the 2nd floor, the 2nd floor is occupied, the 2nd floor will not be delivered vacant, and the buyer are responsible for transfer tax. All information is deemed accurate but should be re-verified.

Key facts

• 2,521 sq ft lot
• Built 1920
• Listed 67 days

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Public sewer; Other utilities: See remarks
• Home design: Duplex
• Construction: Stucco construction
• Exterior features: Stucco exterior; Not waterfront

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: One 1-bedroom unit; One 2-bedroom unit
• Bathrooms: Two full bathrooms
• Heating & cooling: Steam heating; No central cooling
• Interior features: Eat-in kitchen

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $985k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $985k).
• Recommended offer: $926k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 (+1.1%/yr); 258 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $10,685/mo this rent would consume 106% of the median local household income ($121k/yr) (locally 3440% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $62k of equity ($7k loan paydown + $55k appreciation (5.6% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (5.6% appreciation + 1.1% rent growth), your $276k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$99k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($926k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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 $160k; list at $985k implies a 516% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $925,853 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.08% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.69%
• DSCR: 1.43
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $1,005,620
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36-48 35 St	0.11mi	3/2.0	1,600 (+4%)	16mo	$1,045,000	$653	75
3218 42nd St	0.49mi	4/— (+1)	1,460 (-5%)	6mo	$937,500	$642	59
31-71 32 St	0.58mi	4/2.0 (+1)	1,764 (+14%)	1mo	$1,475,000	$836	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

5.62% appreciation · 1.09% rent growth · sell at horizon

5-year hold

• IRR: 21.6%
• Equity multiple: 2.39×
• Total profit: $383,447
• Equity at exit: $595,408

10-year hold

• IRR: 20.1%
• Equity multiple: 4.57×
• Total profit: $985,056
• Equity at exit: $1,059,798

Cash invested: $275,786 (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 11101

• Home prices YoY: 1.1%
• Rents YoY: 1.1%
• Active inventory: 258
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $10,685 high
• Mortgage (P&I): −$5,165
• Tax from tax record: −$640 /mo · $7,676/yr
• Insurance: −$410
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,244
• Net cashflow: $2,226

Break-even live

Break-even rent $7,867

Max offer price $984,950

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$10,686
Total (2 units)			$10,685

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: $246,238
• Closing costs: $29,548
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4126 27th St Unit 6D Long Island City, NY	2.0	2.0	1203	$4,990	$4.15	24d	1	0.71mi
30-37 38th St Unit 4 Astoria, NY	3.0	2.0	1200	$5,200	$4.33	14d	1	0.81mi
2812 37th St Astoria, NY	3.0	1.5	2200	$4,700	$2.14	19d	1	0.98mi
1420 27th Ave Astoria, NY	1.0–2.0	1.0–2.0	887	$4,899	$5.52	3d	9	1.30mi
888 Main St New York, NY	1.0–3.0	1.0–2.0	963	$7,375	$7.66	6d	7	1.38mi

Listing history 10 events

1. 2026-06-08
   statusdays on market $984,950 Pending 67 DOM
2. 2026-06-03
   days on market $984,950 Active 65 DOM
3. 2026-06-01
   days on market $984,950 Active 63 DOM
4. 2026-05-31
   days on market $984,950 Active 62 DOM
5. 2026-04-29
   price $984,950
6. 2026-03-24
   listed $999,950 Active
7. 2024-09-10
   status Pending
8. 2024-09-09
   listed $779,000 Active
9. 2024-09-09
   historical
10. 1997-10-07
    soldstatus $160,000

ⓘ 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: $7,676 · $640/mo
• Projected year-2 tax: $12,161 · $1,013/mo
• Expected delta: +$4,485/yr (+$374/mo · 58.4%)

ⓘ 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 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $128,220
• − Mortgage interest: −$55,173
• − Property taxes: −$7,676
• − Insurance: −$4,925
• − Repairs & maintenance: −$10,258
• − Management: −$10,258
• − Depreciation: −$28,653
• Taxable income: $11,279
• Est. tax owed @ 24.0%: −$2,707
• After-tax cash flow: $24,004/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): 42,219
• Household income: $121,062
• Rent vs Own: 84.8% rent · 15.2% own
• Severe rent burden: 3440.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 34% Asian 31% Hispanic / Latino 19% Two or more races 11% Black 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Scotch-Irish 1%
• Foreign-born: 41% · Canada, China, South Korea
• Languages at home: 52% English-only · Spanish 15% Other Indo-European 11% Chinese 10%

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: ▲ 5.62%
• Current HPI: 500.0296
• Rent YoY: ▲ 1.09%
• 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

+515.6% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $984,950 OneKey® MLS as Distributed by MLS Grid
• 2026-03-24 Listed $999,950 OneKey® MLS as Distributed by MLS Grid
• 2024-09-10 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-09-09 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-09-09 Listed $779,000 OneKey® MLS as Distributed by MLS Grid
• 1997-10-07 Sold (Public Records) $160,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $7,676 · +7.2% YoY. Source: county tax records.