3822 Cypress Ave · New York, NY 11224

$1,049,000

4 bd · 4.0 ba · 1,807 sqft · MultiFamily · 513 Days on market

Built 1925 4,000 sqft lot Est $840k · 25% over

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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).

• Cash flow +13.0/30.0
• Appreciation +7.5/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• DSCR +3.9/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Excellent detached two-family home located in the exclusive gated beach community of Sea Gate! This property sits on an expansive 40x100 lot, offering a detached garage and a private driveway that accommodates over 6 vehicles—a rare and highly sought-after feature. This home is great for a homeowner or investor with high rental income! The first-floor unit features two large bedrooms, a spacious eat-in kitchen, a cozy living room with a fireplace, a den/family room, and a luxurious bathroom complete with a jacuzzi tub and separate shower. The second-floor unit, including an attic, boasts four generously sized bedrooms, two full bathrooms, and an open-concept living/dining area. The

Key facts

• Private driveway
• Private beach access
• Cobble paved yard

Tags

• DETACHED GARAGE
• PRIVATE DRIVEWAY
• FULLY FINISHED BASEMENT
• COBBLE PAVED YARD
• PRIVATE BEACH ACCESS

Property features AI

Finance

• Other: Two-unit multi-family property (Unit 1: 1-bed, 1-bath, 4 rooms, first floor; Unit 2: 4+ beds, 4 baths, 6 rooms, second floor; Unit 2 currently month-to-month)
• Financial info: Financing options considered: exchange, bank mortgage, or cash

Exterior

• Parking: Private drive; Detached garage with 6+ parking spaces
• Utilities: 220V electric; Gas hot water; Gas heating (steam/radiator)
• Home design: Detached residential building; Pitched shingle roof; Stucco exterior; Wood frame construction; Poured concrete foundation; Two-story building; R3-1 zoning
• Construction: Wood frame construction; Stucco exterior; Pitched shingle roof; Poured concrete foundation; Building footprint approximately 792 sq ft
• Exterior features: Back yard; Front yard; Side yard; Full and partial fencing

Interior

• Kitchen: Stove
• Bedrooms: One bedroom on the first floor; Five bedrooms on the second floor (total of 6 bedrooms in the building)
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Four full bathrooms total (one full bath on the first floor, one full bath on the second floor)
• Heating & cooling: Three AC units; Gas hot water; Gas heating via steam/radiator; 220V electric service
• Interior features: Fireplace; Patio/garden; Front porch; Stove provided; Window treatments
• Laundry & utility: Finished full basement with separate entrance

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $1.05M.

Deal economics

• At list price, monthly cash flow is $-51 ($-611/yr) — negative. Per door: $-25/mo.
• To cash-flow at today's rent, offer at most $1.04M (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $911k (13.1% below list).
• Recommended offer: $911k (13.1% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 (+7.0%/yr); 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $9,112/mo this rent would consume 251% of the median local household income ($44k/yr) (locally 4426% 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 $60k of equity ($7k loan paydown + $52k appreciation (5.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.0% appreciation + 7.0% rent growth), your $294k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$95k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 513 days — a 12% lower offer ($923k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 14y ago; this cycle's ask has dropped $100k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 69% 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 $911,200 (13.1% 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 513 days. Have you received any prior offers? Is the seller open to a 13% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
11. 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.
12. 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.
13. 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: 0.87% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.21%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $840,255
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3820 Cypress Ave	0.01mi	4/—	1,840 (+2%)	6mo	$855,000	$465	92
3735 Oceanic Ave	0.23mi	5/3.5 (+1)	2,053 (+14%)	1mo	$885,000	$431	58

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

Projected returns pro-forma

4.98% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 14.5%
• Equity multiple: 1.94×
• Total profit: $276,040
• Equity at exit: $593,308

10-year hold

• IRR: 16.8%
• Equity multiple: 4.16×
• Total profit: $926,955
• Equity at exit: $1,023,021

Cash invested: $293,720 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $9,112 high
• Mortgage (P&I): −$5,501
• Tax est. 1.5%: −$1,311 /mo · $15,735/yr
• Insurance: −$437
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,914
• Net cashflow: $-51

Break-even live

Break-even rent $9,176

Max offer price $1,041,631

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$9,112
Total (2 units)			$9,112

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: $262,250
• Closing costs: $31,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
187 Bay 31st St #1 Brooklyn, NY	3.0	3.0	1800	$5,200	$2.89	19d	1	1.45mi

Listing history 29 events

1. 2026-06-18
   days on market $1,049,000 Active 513 DOM
2. 2026-06-17
   days on market $1,049,000 Active 512 DOM
3. 2026-06-15
   days on market $1,049,000 Active 510 DOM
4. 2026-06-13
   days on market $1,049,000 Active 508 DOM
5. 2026-06-10
   days on market $1,049,000 Active 504 DOM
6. 2026-06-08
   days on market $1,049,000 Active 503 DOM
7. 2026-06-03
   days on market $1,049,000 Active 498 DOM
8. 2026-06-01
   days on market $1,049,000 Active 496 DOM
9. 2026-05-31
   days on market $1,049,000 Active 495 DOM
10. 2026-03-16
    price $1,049,000
11. 2026-01-12
    price $999,999
12. 2025-09-22
    price $1,095,000
13. 2025-07-25
    price $1,055,000
14. 2025-07-22
    price $1,095,000
15. 2025-01-21
    listed $1,149,000 Active
16. 2024-12-15
    historical
17. 2024-11-13
    price $999,999
18. 2024-08-13
    price $1,075,000
19. 2024-04-15
    listed $1,150,000 Active
20. 2024-04-15
    historical
21. 2024-04-14
    listed $1,150,000 Active
22. 2021-08-28
    listed $948,000 Active
23. 2021-04-14
    price $1,050,000
24. 2021-04-13
    listed $1,050,000 Active
25. 2021-04-13
    listed $1,050 Active
26. 2016-11-11
    soldstatus Sold
27. 2016-05-09
    listed $938,000
28. 2014-12-01
    historical
29. 2012-04-19
    listed $675,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 57% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% 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: $109,344
• − Mortgage interest: −$58,760
• − Property taxes: −$15,735
• − Insurance: −$5,245
• − Repairs & maintenance: −$8,748
• − Management: −$8,748
• − Depreciation: −$30,516
• Taxable loss: −$18,408
• Est. tax savings @ 24.0%: +$4,418
• After-tax cash flow: $3,807/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): 50,822
• Household income: $43,648
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 4426.0

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 0.68)
• Race & ethnicity: White 48% Black 22% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 8% Dominican 2%
• Common ancestry: Scotch-Irish 10% Subsaharan African 7% Romanian 1%
• Foreign-born: 48% · Canada, China
• Languages at home: 42% English-only · Russian/Polish/Slavic 32% Spanish 11% Chinese 5%

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: ▲ 4.98%
• Current HPI: 505.1405
• Rent YoY: ▲ 7.03%
• 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

+55.4% since first listed

20 events — show timeline

• 2026-03-16 Price Changed $1,049,000 BNYMLS
• 2026-01-12 Price Changed $999,999 BNYMLS
• 2025-09-22 Price Changed $1,095,000 BNYMLS
• 2025-07-25 Price Changed $1,055,000 BNYMLS
• 2025-07-22 Price Changed $1,095,000 BNYMLS
• 2025-01-21 Listed $1,149,000 BNYMLS
• 2024-12-15 Listing Removed — SIBORMLS
• 2024-11-13 Price Changed $999,999 SIBORMLS
• 2024-08-13 Price Changed $1,075,000 SIBORMLS
• 2024-04-15 Listing Removed — SIBORMLS
• 2024-04-15 Listed $1,150,000 SIBORMLS
• 2024-04-14 Listed $1,150,000 SIBORMLS
• 2021-08-28 Listed $948,000 RLS at REBNY
• 2021-04-14 Price Changed $1,050,000 RLS at REBNY
• 2021-04-13 Listed $1,050 RLS at REBNY
• 2021-04-13 Listed $1,050,000 RLS at REBNY
• 2016-11-11 Sold (MLS) — RLS at REBNY
• 2016-05-09 Listed $938,000 RLS at REBNY
• 2014-12-01 Listing Removed — SIBORMLS
• 2012-04-19 Listed $675,000 SIBORMLS