224 Berriman St · New York, NY 11208

$885,000

9 bd · 3.9 ba · 2,163 sqft · MultiFamily public records · 637 Days on market

Built 2004 1,575 sqft lot

---

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 +27.9/30.0
• DSCR +9.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.9/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• 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: 3 units. confirmed

Key facts

• 1,575 sq ft lot
• 2 parking spots
• Built 2004

Property features AI

Finance

• Other: Located in Kings County (Brooklyn)

Exterior

• Parking: Private detached parking for 2 vehicles
• Utilities: Public sewer; Trash collection (public)
• Home design: Duplex property
• Construction: Brick construction
• Exterior features: Near public transit; Near schools; Brick construction

Interior

• Bathrooms: Four full bathrooms
• Heating & cooling: Natural gas heating with hot water system; No central cooling
• Interior features: Finished full basement; Total of 14 rooms

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $885k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $910/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $885k).
• Recommended offer: $779k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 fast (+6.1%/yr); 193 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $10,526/mo this rent would consume 203% of the median local household income ($62k/yr) (locally 7574% 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 $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $248k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 637 days — a 12% lower offer ($779k) 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 $520k; list at $885k implies a 70% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 65% 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 $778,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 637 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: 1.19% ✓
• Cap rate: 10.00%
• Cash-on-cash: 13.22%
• DSCR: 1.59
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: 6.5%
• Equity multiple: 1.26×
• Total profit: $64,659
• Equity at exit: $131,956

10-year hold

• IRR: 18.3%
• Equity multiple: 2.73×
• Total profit: $429,728
• Equity at exit: $76,519

Cash invested: $247,800 (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 11208

• Rents YoY: 6.1%
• Active inventory: 193
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $10,526 medium
• Mortgage (P&I): −$4,641
• Tax from tax record: −$575 /mo · $6,898/yr
• Insurance: −$369
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,210
• Net cashflow: $2,731

Break-even live

Break-even rent $7,069

Max offer price $885,000

Occupancy floor 69%

Sensitivity live

Price	-10% $3,232	-5% $2,981	+0% $2,731	+5% $2,480	+10% $2,230
Rent	-10% $1,899	-5% $2,315	+0% $2,731	+5% $3,147	+10% $3,562
Rate	-1.0pp $3,177	-0.5pp $2,956	base $2,731	+0.5pp $2,502	+1.0pp $2,268

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$10,527
Total (3 units)			$10,526

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: $221,250
• Closing costs: $26,550
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $885,000 Active 637 DOM
2. 2026-06-18
   days on market $885,000 Active 634 DOM
3. 2026-06-17
   days on market $885,000 Active 633 DOM
4. 2026-06-15
   days on market $885,000 Active 631 DOM
5. 2026-06-13
   days on market $885,000 Active 629 DOM
6. 2026-06-10
   days on market $885,000 Active 625 DOM
7. 2026-06-08
   days on market $885,000 Active 624 DOM
8. 2026-06-03
   days on market $885,000 Active 619 DOM
9. 2026-06-01
   days on market $885,000 Active 617 DOM
10. 2026-05-31
    days on market $885,000 Active 616 DOM
11. 2026-05-13
    price $885,000
12. 2025-09-23
    status Active
13. 2025-09-11
    historical
14. 2024-11-20
    price $895,000
15. 2024-09-11
    listed $930,000 Active
16. 2024-09-10
    historical $930,000
17. 2007-12-18
    soldstatus $520,000

ⓘ 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: $6,898 · $575/mo
• Projected year-2 tax: $10,927 · $911/mo
• Expected delta: +$4,029/yr (+$336/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 7/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $126,312
• − Mortgage interest: −$49,574
• − Property taxes: −$6,898
• − Insurance: −$4,425
• − Repairs & maintenance: −$10,105
• − Management: −$10,105
• − Depreciation: −$25,745
• Taxable income: $19,460
• Est. tax owed @ 24.0%: −$4,670
• After-tax cash flow: $28,101/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: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 105,428
• Household income: $62,077
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 7574.0

Population outlook (Kings County) Hauer SSP2

• Today (2025): 2,847,441 people
• By 2030: 2,937,006 · +3.1%
• By 2040: 3,095,491 · +8.7%
• By 2050: 3,228,968 · +13.4%
• By 2075: 3,321,723 · +16.7%
• By 2100: 3,111,387 · +9.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Black 42% Hispanic / Latino 39% Asian 10% Two or more races 8% White 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 16%
• Common ancestry: Hispanic 1%
• Foreign-born: 40% · Canada, China, Mexico
• Languages at home: 48% English-only · Spanish 36% Other Indo-European 11% French/Haitian/Cajun 1%

Political lean MEDSL · Kings

• 2024 margin: Solid D (+44.0) · D 72.0% · R 28.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
• All cycles: 2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -546.38%
• Current HPI: 376.1489
• Rent YoY: ▲ 6.14%
• 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

+70.2% since first listed

7 events — show timeline

• 2026-05-13 Price Changed $885,000 OneKey® MLS as Distributed by MLS Grid
• 2025-09-23 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-09-11 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-11-20 Price Changed $895,000 OneKey® MLS as Distributed by MLS Grid
• 2024-09-11 Listed $930,000 OneKey® MLS as Distributed by MLS Grid
• 2024-09-10 Coming Soon $930,000 OneKey® MLS as Distributed by MLS Grid
• 2007-12-18 Sold (Public Records) $520,000 Public Records

Property tax history

+4.3%/yr

Latest (2025): $6,898 · +3.4% YoY. Source: county tax records.