700 Partridge Ave · West Hempstead, NY 11552

$975,000

4 bd · 3.0 ba · 2,304 sqft · MultiFamily public records · 31 Days on market

Built 1922 10,000 sqft lot $423/sqft · at area comps Est $1148k · 15% under

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Why this score? — see what drove the D 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).

• ARV discount +14.3/15.0
• Cash flow +8.6/30.0
• Schools +5.4/10.0
• Livability +4.3/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 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 MLS

Welcome to this exceptional legal 2-family property in West Hempstead, perfectly situated on an expansive 100x100 lot. This versatile home offers an excellent opportunity for both investors and end-users alike. The property features two well-proportioned units: one offering 2 bedrooms and 1 full bath, and the other boasting 3 bedrooms and 1 full bath—ideal for generating rental income while maintaining comfortable living space. Additional highlights include an unfinished basement with endless potential for storage or future customization, gas heating for efficiency, and solar panels to help reduce energy costs. The exterior is equally impressive, featuring a spacious backyard complete with a pool—perfect for relaxing or entertaining—as well as a convenient 2-zone sprinkler system to maintain the lush grounds. With its generous lot size, income-producing potential, and desirable location, this is a rare opportunity you won’t want to miss.

Key facts

• Spacious backyard
• Unfinished basement
• Gas heating

Tags

• LEGAL 2-FAMILY PROPERTY
• EXPANSIVE 100X100 LOT
• UNFINISHED BASEMENT
• GAS HEATING
• SOLAR PANELS
• SPACIOUS BACKYARD

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $-835 ($-10k/yr) — negative. Per door: $-417/mo.
• To cash-flow at today's rent, offer at most $828k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $750k (23.0% below list).
• Recommended offer: $750k (23.0% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.8% in West Hempstead — 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 86/100 on livability (#19 in NY, #382 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• West Hempstead Union Free School District (suburban): math 54% / reading 63% proficiency, ranked #191 of 590 in NY (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 101 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• At $7,503/mo this rent would consume 58% of the median local household income ($155k/yr) (locally 208% 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 $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($946k) 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.
• Current owner paid $410k; list at $975k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 51% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $750,300 (23.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.77% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.67%
• DSCR: 0.84
• GRM: 10.8

CMA / ARV

• ARV (median comp): $1,148,174
• List price: $975,000
• Delta: -15.08%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
618 Jennings Ave	0.15mi	3/4.0 (-1)	1,996 (-13%)	2mo	$620,000	$311	60

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: -22.4%
• Equity multiple: 0.23×
• Total profit: $-211,034
• Equity at exit: $145,376

10-year hold

• IRR: -16.6%
• Equity multiple: 0.08×
• Total profit: $-251,710
• Equity at exit: $84,300

Cash invested: $273,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11552

• Active inventory: 101
• Price-to-rent: 24.3×

Monthly cashflow live

• Estimated rent: $7,503 medium
• Mortgage (P&I): −$5,113
• Tax from tax record: −$1,243 /mo · $14,915/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,576
• Net cashflow: $-835

Break-even live

Break-even rent $8,560

Max offer price $827,525

Occupancy floor —

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$3,341
1× unit	3	1	$4,162
Total (2 units)			$7,503

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
111 Hempstead Tpke West Hempstead, NY	3.0	1.0–2.5	1226	$6,776	$5.52	1d	87	1.36mi

Listing history 6 events

1. 2026-06-02
   status $975,000 Pending 31 DOM
2. 2026-06-01
   days on market $975,000 Active 31 DOM
3. 2026-05-31
   days on market $975,000 Active 30 DOM
4. 2026-05-07
   status Active 975-char remark

   Show marketing remark (975 chars)

   Welcome to this exceptional legal 2-family property in West Hempstead, perfectly situated on an expansive 100x100 lot. This versatile home offers an excellent opportunity for both investors and end-users alike. The property features two well-proportioned units: one offering 2 bedrooms and 1 full bath, and the other boasting 3 bedrooms and 1 full bath—ideal for generating rental income while maintaining comfortable living space. Additional highlights include an unfinished basement with endless potential for storage or future customization, gas heating for efficiency, and solar panels to help reduce energy costs. The exterior is equally impressive, featuring a spacious backyard complete with a pool—perfect for relaxing or entertaining—as well as a convenient 2-zone sprinkler system to maintain the lush grounds. With its generous lot size, income-producing potential, and desirable location, this is a rare opportunity you won’t want to miss.

5. 2026-03-26
   listed $975,000 Active 975-char remark

   Show marketing remark (975 chars)

   Welcome to this exceptional legal 2-family property in West Hempstead, perfectly situated on an expansive 100x100 lot. This versatile home offers an excellent opportunity for both investors and end-users alike. The property features two well-proportioned units: one offering 2 bedrooms and 1 full bath, and the other boasting 3 bedrooms and 1 full bath—ideal for generating rental income while maintaining comfortable living space. Additional highlights include an unfinished basement with endless potential for storage or future customization, gas heating for efficiency, and solar panels to help reduce energy costs. The exterior is equally impressive, featuring a spacious backyard complete with a pool—perfect for relaxing or entertaining—as well as a convenient 2-zone sprinkler system to maintain the lush grounds. With its generous lot size, income-producing potential, and desirable location, this is a rare opportunity you won’t want to miss.

6. 2002-10-01
   soldstatus $410,000

ⓘ 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: $14,915 · $1,243/mo
• Projected year-2 tax: $15,696 · $1,308/mo
• Expected delta: +$781/yr (+$65/mo · 5.2%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 51% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $90,036
• − Mortgage interest: −$54,615
• − Property taxes: −$14,915
• − Insurance: −$4,875
• − Repairs & maintenance: −$7,203
• − Management: −$7,203
• − Depreciation: −$28,364
• Taxable loss: −$27,139
• Est. tax savings @ 24.0%: +$6,513
• After-tax cash flow: $-3,505/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)

• District: West Hempstead Union Free School District
• NCES district ID: 3630660
• Math proficiency: 54% ▼ -3.00%
• Reading proficiency: 63% ▲ 7.00%
• Median HH income: $98,641
• Composite: 54.45/100
• National rank: #1354
• State rank: #191 of 590 in NY

Livability — West Hempstead

• Score: 86/100
• State rank: #19
• US rank: #382

Category grades

Amenities A+ Commute A+ Cost of living F Crime A- Employment A+ Housing A+ Health & safety A User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Hempstead, NY
• County: Nassau County · 653,051 people
• City population: 25,174
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 25,174
• Household income: $155,154
• Rent vs Own: 10.6% rent · 89.4% own
• Severe rent burden: 208.0

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Hispanic / Latino 24% Black 18% Two or more races 8% Asian 5%
• Hispanic origin (detail): Puerto Rican 4% Dominican 7%
• Common ancestry: Romanian 6% Hispanic 3% Scotch-Irish 2%
• Foreign-born: 22% · Canada, Jamaica, China
• Languages at home: 70% English-only · Spanish 17% Other Indo-European 3% French/Haitian/Cajun 2%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -803.45%
• Current HPI: 335.0721
• 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

+137.8% since first listed

3 events — show timeline

• 2026-05-07 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-26 Listed $975,000 OneKey® MLS as Distributed by MLS Grid
• 2002-10-01 Sold (Public Records) $410,000 Public Records

Property tax history

+2.0%/yr

Latest (2024): $14,915 · -11.8% YoY. Source: county tax records.