369 E 32nd St #6

New York, NY 11226

$1,295,000F

None bd · None ba · 3,120 sqft · Built 1935 · MultiFamily · Active · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,794/mo
• Mortgage (P&I): −$6,791
• Tax + insurance: −$1,902
• HOA: −$0
• Vac / Maint / Mgmt: −$1,637
• Net cashflow: $-2,536/mo
• Annual: $-30,426/yr
• Cap rate: 3.94%
• Cash-on-cash: -8.39%
• DSCR: 0.63
• 1% rule: 0.60%
• Cash to close: $362,600

Investor read

• This is a 4 × 2-bed/?-bath units multifamily listed at $1.29M.
• At list price, monthly cash flow is $-3k ($-30k/yr) — negative. Per door: $-634/mo.
• To cash-flow at today's rent, offer at most $847k (34.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $779k (39.8% below list).
• It's been on market 110 days — a 9% lower offer ($1.18M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $779k (39.8% below list) — sets the bar for 1% rule.
• In year one you build about $46k of equity ($9k loan paydown + $37k appreciation (2.9% local appreciation)).
• 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); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.0%/yr); 153 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$75k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• Cap rate 3.9% 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.
• At $7,794/mo this rent would consume 115% of the median local household income ($81k/yr) (locally 8485% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 110 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?