438 60th St · New York, NY 11220

$1,399,000

12 bd · 6.0 ba · 3,600 sqft · MultiFamily public records · 496 Days on market

Built 1907 2,000 sqft lot Est $2135k · 34% 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 +23.7/30.0
• ARV discount +15.0/15.0
• Appreciation +7.8/10.0
• DSCR +7.6/10.0
• 1% rule +5.6/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Attention all investors! Presenting this extraordinary priced to sell 6 family dwelling unit in Brooklyn's very own Sunset Park. This is a legal 6 family with all 2 bedroom units each with 1 bathroom. This is located in a prime neighborhood and area just few minutes away from shopping, restaurants, and transportation, with the R train, D train and N train at the 59th St stop and the B9 bus at 60th St/4 Ave stop /B9 bus at 60th St. 5th Ave stop. Brooklyn Army Terminal and NYU Langone Hospital nearby. The schools are Sunset Park School Health, P. S. 503 the School of Discovery, Sunset School of Cultural Learning, Magical Years early childhood daycare center. Public School 310, P. S. 169 Suns

Key facts

• Near shopping
• Near restaurants
• Prime neighborhood

Tags

• PRIME NEIGHBORHOOD
• NEAR SHOPPING
• NEAR RESTAURANTS
• NEAR TRANSPORTATION
• NEAR BROOKLYN ARMY TERMINAL
• NEAR NYU LANGONE HOSPITAL

Property features AI

Finance

• Other: Zoning: R6B
• Financial info: Six-unit multifamily (6 units); Current rents reported by unit: $1,400, $1,350, $1,400, $1,350, $1,400, $1,350; Financing options may include cash, bank mortgage, assumption, or exchange considered; Typical utility expense reported (period unspecified)

Exterior

• Parking: Street parking
• Utilities: 110V electric; Gas hot water; Gas heating; Steam/radiator heat
• Home design: Attached building; Residential property; Three-story building (units across floors 1–3); Flat roof; Facing direction not specified
• Construction: Brick exterior; Brick construction; Poured concrete foundation; Building footprint approximately 1,200; Building dimensions about 60.00 x 20.00
• Exterior features: Back yard

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: Six 2-bedroom units (units on floors 1–3)
• Flooring: Ceramic floors; Hardwood floors; Tile floors
• Bathrooms: Six full bathrooms (one per unit)
• Heating & cooling: Steam/radiator heat; Gas hot water; 110V electric service
• Interior features: Finished basement; Refrigerator; Stove
• Laundry & utility: No central AC units reported

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $444/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.40M).
• Recommended offer: $1.23M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Market conditions: Rents rising fast (+11.0%/yr); 271 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $14,861/mo this rent would consume 255% of the median local household income ($70k/yr) (locally 6563% 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 $88k of equity ($10k loan paydown + $79k appreciation (5.6% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $392k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$142k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 496 days — a 12% lower offer ($1.23M) is reasonable based on typical stale-listing flexibility.
• 2 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.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $1,231,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 496 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. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.06% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.15%
• DSCR: 1.36
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $2,134,800
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
439 60th St	0.03mi	11/6.0 (-1)	3,156 (-12%)	1mo	$1,900,000	$602	72
356 62nd St	0.16mi	11/6.0 (-1)	3,120 (-13%)	6mo	$1,850,000	$593	60
606 61st St	0.25mi	11/4.0 (-1)	3,090 (-14%)	10mo	$1,600,000	$518	44
360 62nd St	0.15mi	11/4.0 (-1)	3,120 (-13%)	17mo	$1,850,000	$593	44
4916 7th Ave	0.64mi	11/4.0 (-1)	3,300 (-8%)	4mo	$1,910,000	$579	40
434 Bay Ridge Ave	0.50mi	11/4.0 (-1)	3,300 (-8%)	21mo	$1,400,000	$424	32

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

Projected returns pro-forma

5.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 23.8%
• Equity multiple: 2.59×
• Total profit: $621,539
• Equity at exit: $847,235

10-year hold

• IRR: 24.9%
• Equity multiple: 5.85×
• Total profit: $1,898,728
• Equity at exit: $1,509,341

Cash invested: $391,720 (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 11220

• Home prices YoY: 2.5%
• Rents YoY: 11.0%
• Active inventory: 271
• Price-to-rent: 47.1×

Monthly cashflow live

• Estimated rent: $14,861 medium
• Mortgage (P&I): −$7,337
• Tax from tax record: −$1,159 /mo · $13,910/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,121
• Net cashflow: $2,662

Break-even live

Break-even rent $11,492

Max offer price $1,399,000

Occupancy floor 77%

Sensitivity live

Price	-10% $3,454	-5% $3,058	+0% $2,662	+5% $2,266	+10% $1,870
Rent	-10% $1,488	-5% $2,075	+0% $2,662	+5% $3,249	+10% $3,836
Rate	-1.0pp $3,366	-0.5pp $3,017	base $2,662	+0.5pp $2,299	+1.0pp $1,930

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$14,862
Total (6 units)			$14,861

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: $349,750
• Closing costs: $41,970
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $1,399,000 Active 496 DOM
2. 2026-06-18
   days on market $1,399,000 Active 493 DOM
3. 2026-06-17
   days on market $1,399,000 Active 492 DOM
4. 2026-06-15
   days on market $1,399,000 Active 490 DOM
5. 2026-06-13
   days on market $1,399,000 Active 488 DOM
6. 2026-06-10
   days on market $1,399,000 Active 484 DOM
7. 2026-06-08
   days on market $1,399,000 Active 483 DOM
8. 2026-06-03
   days on market $1,399,000 Active 478 DOM
9. 2026-06-01
   days on market $1,399,000 Active 476 DOM
10. 2026-05-31
    days on market $1,399,000 Active 475 DOM
11. 2026-04-10
    historical
12. 2025-04-08
    listed $1,399,000 Active
13. 2025-02-10
    listed $1,399,000 Active

ⓘ 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: $13,910 · $1,159/mo
• Projected year-2 tax: $18,777 · $1,565/mo
• Expected delta: +$4,866/yr (+$406/mo · 35.0%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $178,332
• − Mortgage interest: −$78,366
• − Property taxes: −$13,910
• − Insurance: −$6,995
• − Repairs & maintenance: −$14,267
• − Management: −$14,267
• − Depreciation: −$40,698
• Taxable income: $9,830
• Est. tax owed @ 24.0%: −$2,359
• After-tax cash flow: $29,580/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): 90,652
• Household income: $69,883
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 6563.0

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 0.65)
• Race & ethnicity: Asian 40% Hispanic / Latino 40% White 16% Two or more races 7% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 8% Dominican 5%
• Common ancestry: Romanian 1% Scotch-Irish 1% Subsaharan African 1%
• Foreign-born: 52% · China, Canada, Jamaica
• Languages at home: 20% English-only · Spanish 35% Chinese 35% Arabic 3%

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: ▲ 5.63%
• Current HPI: 226.624
• Rent YoY: ▲ 11.02%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-04-10 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-04-08 Listed $1,399,000 OneKey® MLS as Distributed by MLS Grid
• 2025-02-10 Listed $1,399,000 BNYMLS

Property tax history

+5.3%/yr

Latest (2025): $13,910 · +4.9% YoY. Source: county tax records.