22-39 74 St · New York, NY 11370

$1,498,000

15 bd · 9.0 ba · 2,698 sqft · MultiFamily public records · 370 Days on market

Built 1965 2,800 sqft lot ↓ 12% since listing

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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 +12.9/30.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

~~A Very Special Find - Legal 3-Family Home with a Backyard and Garage~~ Brick Semi detached 3-Family Home on a tree-lined block in the lovely Astoria Heights neighborhood. The first floor features a one-bedroom apartment with kitchen, living room and full bath. This apartment has easy access to the outdoor space — perfect for play, gardening or just relaxing on weekends. Each of the two 2-bedroom/1-bathroom apartments has a spacious floor plan. Enjoy abundance of natural light, and beautiful sunsets and sunrises with soft north-western and south-eastern exposures. Make yourself at home with this truly unique and exciting opportunity! SET UP 1st FLOOR Walk-in, kitchen, living

Key facts

• Attached garage
• Backyard
• Natural light

Tags

• BACKYARD
• ATTACHED GARAGE
• TREE LINED BLOCK
• NATURAL LIGHT
• OUTDOOR SPACE
• SHORT WALK TO RESTAURANTS

Property features AI

Exterior

• Parking: Private attached garage; Total parking for 2 vehicles; 1 garage space
• Utilities: Con-Edison electric; Public sewer; Water available
• Home design: Triplex; Actual property condition
• Construction: Block and brick construction
• Exterior features: Awnings; Rain gutters; Back yard; Near public transit; Close to shops; Near schools

Interior

• Bedrooms: One 1-bedroom unit; Two 2-bedroom units
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Natural gas heating; Electric cooling with ENERGY STAR qualified equipment
• Interior features: First-floor bedroom; First-floor full bathroom; Patio
• Laundry & utility: Washer hookup available; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $-119 ($-1k/yr) — negative. Per door: $-40/mo.
• To cash-flow at today's rent, offer at most $1.48M (1.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.20M (19.9% below list).
• Recommended offer: $1.20M (19.9% 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: 72 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $12,003/mo this rent would consume 189% of the median local household income ($76k/yr) (locally 1451% 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 $113k of equity ($10k loan paydown + $103k appreciation (6.9% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$181k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 370 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $1,200,300 (19.9% 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 370 days. Have you received any prior offers? Is the seller open to a 20% 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 1965 — 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: 0.80% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.34%
• DSCR: 0.98
• GRM: 10.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.87% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.1%
• Equity multiple: 2.20×
• Total profit: $502,984
• Equity at exit: $1,025,058

10-year hold

• IRR: 16.6%
• Equity multiple: 4.50×
• Total profit: $1,468,447
• Equity at exit: $1,935,472

Cash invested: $419,440 (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 11370

• Home prices YoY: 1.7%
• Active inventory: 72
• Price-to-rent: 31.2×

Monthly cashflow live

• Estimated rent: $12,003 medium
• Mortgage (P&I): −$7,856
• Tax from tax record: −$1,122 /mo · $13,461/yr
• Insurance: −$624
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,521
• Net cashflow: $-119

Break-even live

Break-even rent $12,154

Max offer price $1,476,936

Occupancy floor 96%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$12,003
Total (3 units)			$12,003

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: $374,500
• Closing costs: $44,940
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $1,498,000 Active 370 DOM
2. 2026-06-17
   days on market $1,498,000 Active 369 DOM
3. 2026-06-15
   days on market $1,498,000 Active 367 DOM
4. 2026-06-13
   days on market $1,498,000 Active 365 DOM
5. 2026-06-10
   days on market $1,498,000 Active 361 DOM
6. 2026-06-08
   days on market $1,498,000 Active 360 DOM
7. 2026-06-03
   days on market $1,498,000 Active 355 DOM
8. 2026-06-01
   days on market $1,498,000 Active 353 DOM
9. 2026-05-31
   days on market $1,498,000 Active 352 DOM
10. 2026-01-07
    price $1,498,000
11. 2025-11-19
    price $1,529,000
12. 2025-10-01
    price $1,598,000
13. 2025-06-07
    listed $1,698,000 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: $13,461 · $1,122/mo
• Projected year-2 tax: $19,389 · $1,616/mo
• Expected delta: +$5,927/yr (+$494/mo · 44.0%)

ⓘ 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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $144,036
• − Mortgage interest: −$83,911
• − Property taxes: −$13,461
• − Insurance: −$7,490
• − Repairs & maintenance: −$11,523
• − Management: −$11,523
• − Depreciation: −$43,578
• Taxable loss: −$27,450
• Est. tax savings @ 24.0%: +$6,588
• After-tax cash flow: $5,157/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): 30,267
• Household income: $76,009
• Rent vs Own: 53.5% rent · 46.5% own
• Severe rent burden: 1451.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Hispanic / Latino 39% White 27% Asian 25% Two or more races 13% Black 7% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 4% Dominican 2%
• Common ancestry: Scotch-Irish 1% Slovak 1% Romanian 1%
• Foreign-born: 47% · Canada, Jamaica, China
• Languages at home: 35% English-only · Spanish 33% Other Indo-European 17% Chinese 7%

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: ▲ 6.87%
• Current HPI: 411.1525
• 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

-11.8% since first listed

4 events — show timeline

• 2026-01-07 Price Changed $1,498,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-19 Price Changed $1,529,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-01 Price Changed $1,598,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-07 Listed $1,698,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2025): $13,461 · +1.2% YoY. Source: county tax records.