7602 Blake Ave · New York, NY 11414

$699,990

8 bd · 3.0 ba · 3,036 sqft · MultiFamily public records · 96 Days on market

Built 1899 4,092 sqft lot Est $1145k · 39% under

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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 +26.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.2/10.0
• 1% rule +6.3/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks

Investor Opportunity – Legal 2-Family with Additional First-Floor Unit (Public Record Indicates 3-Family) | 40x100 Lot | R4 Zoning | Built 1899 Excellent investment opportunity in a prime location. Public records show this property as a 3-family, currently configured as a legal 2-family with a bonus first-floor walk-out unit offering strong potential for additional income (buyer to verify use). This property offers room for value-add improvements or future expansion possibilities. Perfect for investors or end users seeking rental income. Property sold as-is. Great potential—bring your vision! Layout: • 1st Floor: 1 bedroom, 1 bath with private walk-out access • 2nd F

Key facts

• R4 zoning
• Legal 2-family
• 40x100 lot

Tags

• LEGAL 2-FAMILY
• ADDITIONAL FIRST-FLOOR UNIT
• 40X100 LOT
• R4 ZONING
• VALUE-ADD IMPROVEMENTS
• FUTURE EXPANSION POSSIBILITIES

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $930/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $700k).
• Recommended offer: $637k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: 262 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $7,887/mo this rent would consume 100% of the median local household income ($95k/yr) (locally 985% 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 $5k of loan paydown is wiped out by about $21k 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 + 3.0% rent growth), your $196k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($637k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 67% 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 $636,990 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.13% ✓
• Cap rate: 9.59%
• Cash-on-cash: 11.79%
• DSCR: 1.52
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $1,144,572
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7602 Blake Ave	0.00mi	7/3.0 (-1)	3,036 (0%)	1mo	$640,000	$211	94
9735 77th St	0.56mi	8/2.0	2,984 (-2%)	8mo	$1,450,000	$486	60
80-10 95th Ave	0.74mi	8/3.0	2,820 (-7%)	4mo	$1,240,000	$440	50
306 Sheridan Ave	0.37mi	8/5.0	2,652 (-13%)	19mo	$1,000,000	$377	38
80-14 95th Ave	0.74mi	8/3.0	2,640 (-13%)	8mo	$950,000	$360	37
97-09 82 St	0.68mi	7/3.0 (-1)	2,650 (-13%)	10mo	$1,280,000	$483	34
15016 89th St	0.74mi	7/4.0 (-1)	3,388 (+12%)	13mo	$950,000	$280	26

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

Projected returns pro-forma

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

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $4,807
• Equity at exit: $104,371

10-year hold

• IRR: 10.3%
• Equity multiple: 1.80×
• Total profit: $155,969
• Equity at exit: $60,522

Cash invested: $195,997 (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 11414

• Active inventory: 262
• Price-to-rent: 14.8×

Monthly cashflow live

• Estimated rent: $7,887 high
• Mortgage (P&I): −$3,671
• Tax from tax record: −$343 /mo · $4,113/yr
• Insurance: −$292
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,656
• Net cashflow: $1,859

Break-even live

Break-even rent $5,534

Max offer price $699,990

Occupancy floor 71%

Sensitivity live

Price	-10% $2,255	-5% $2,057	+0% $1,859	+5% $1,661	+10% $1,463
Rent	-10% $1,236	-5% $1,547	+0% $1,859	+5% $2,171	+10% $2,482
Rate	-1.0pp $2,212	-0.5pp $2,037	base $1,859	+0.5pp $1,678	+1.0pp $1,493

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$7,888
Total (2 units)			$7,887

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: $174,998
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-03-11
   status Pending
2. 2025-12-05
   listed $699,990 Active
3. 2017-04-26
   historical
4. 2016-05-11
   status Under Contract
5. 2016-04-14
   status Back On Market
6. 2016-03-03
   status Under Contract
7. 2016-02-26
   listed $250,000 New

ⓘ 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: $4,113 · $343/mo
• Projected year-2 tax: $7,971 · $664/mo
• Expected delta: +$3,858/yr (+$322/mo · 93.8%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% 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 67% 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: $94,644
• − Mortgage interest: −$39,210
• − Property taxes: −$4,113
• − Insurance: −$4,297
• − Repairs & maintenance: −$7,572
• − Management: −$7,572
• − Depreciation: −$20,363
• Taxable income: $11,517
• Est. tax owed @ 24.0%: −$2,764
• After-tax cash flow: $19,544/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): 31,308
• Household income: $95,051
• Rent vs Own: 26.9% rent · 73.1% own
• Severe rent burden: 985.0

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 0.56)
• Race & ethnicity: White 61% Hispanic / Latino 25% Two or more races 13% Black 5% Asian 5%
• Hispanic origin (detail): Puerto Rican 11% Dominican 6%
• Common ancestry: Romanian 4% Scotch-Irish 1%
• Foreign-born: 20% · Canada, Jamaica, China
• Languages at home: 63% English-only · Spanish 17% Other Indo-European 14% Russian/Polish/Slavic 2%

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: ▼ -227.02%
• Current HPI: 206.6334
• Rent YoY: —
• 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

+180.0% since first listed

7 events — show timeline

• 2026-03-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-12-05 Listed $699,990 OneKey® MLS as Distributed by MLS Grid
• 2017-04-26 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2016-05-11 Pending — OneKey® MLS as Distributed by MLS Grid
• 2016-04-14 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2016-03-03 Pending — OneKey® MLS as Distributed by MLS Grid
• 2016-02-26 Listed $250,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+6.0%/yr

Latest (2025): $4,113 · +1.5% YoY. Source: county tax records.