2601 2nd St · New York, NY 11102

$1,349,000

None bd · None ba · 2,766 sqft · MultiFamily public records · 128 Days on market

Built 2005 1,150 sqft lot Est $1389k · at est.

---

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 +28.4/30.0
• DSCR +10.0/10.0
• ARV discount +8.8/15.0
• 1% rule +7.8/10.0
• Appreciation +5.1/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• 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 rare opportunity to acquire a premier three-building portfolio in prime waterfront Astoria. Offered at $1.349MM per property, these three-family residences at 26-01, 26-03, and 26-05 2nd Street are ideally suited for a strategic package acquisition. Built in 2005, each building features modern finishes and thoughtfully designed layouts, including: • First-floor 1-bedroom residence • Second and third-floor 2-bedroom residences This is an exceptional offering for investors or end users seeking newer construction, strong rental income, and long-term upside in one of Astoria’s most desirable waterfront corridors.

Key facts

• 1,150 sq ft lot
• Garage
• Built 2005

Property features AI

Exterior

• Parking: Attached garage; 1 garage space; No carport
• Utilities: Public sewer; Electricity connected; Natural gas available
• Home design: Triplex
• Construction: Block and brick construction
• Exterior features: Waterfront property; Block and brick construction

Interior

• Bedrooms: Includes a bedroom on the first floor
• Heating & cooling: Baseboard heating; Natural gas heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; No basement

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $1.35M.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.35M).
• Recommended offer: $1.19M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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 (+4.8%/yr); 114 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $17,300/mo this rent would consume 215% of the median local household income ($97k/yr) (locally 2407% 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 $12k of equity ($9k loan paydown + $2k appreciation (0.2% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (0.2% appreciation + 4.8% rent growth), your $378k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$78k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($1.19M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $675k; list at $1.35M implies a 100% gain — meaningful room to come down on a strong offer.

Recommended offer $1,187,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.28% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.80%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $1,388,532
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12-21 30th Dr	0.51mi	5/2.0	2,646 (-4%)	7mo	$1,200,000	$454	63
14-28 Astoria Park S	0.41mi	5/3.0	2,544 (-8%)	6mo	$1,725,000	$678	63
25-35 Crescent St	0.74mi	10/3.0	3,150 (+14%)	3mo	$1,580,000	$502	40

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

Projected returns pro-forma

0.16% appreciation · 4.79% rent growth · sell at horizon

5-year hold

• IRR: 15.0%
• Equity multiple: 1.74×
• Total profit: $279,645
• Equity at exit: $402,813

10-year hold

• IRR: 20.6%
• Equity multiple: 3.45×
• Total profit: $924,689
• Equity at exit: $493,153

Cash invested: $377,720 (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 11102

• Home prices YoY: 0.1%
• Rents YoY: 4.8%
• Active inventory: 114
• Price-to-rent: 20.9×

Monthly cashflow live

• Estimated rent: $17,300 high
• Mortgage (P&I): −$7,074
• Tax est. 1.5%: −$1,686 /mo · $20,235/yr
• Insurance: −$562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,633
• Net cashflow: $4,344

Break-even live

Break-even rent $11,801

Max offer price $1,349,000

Occupancy floor 70%

Sensitivity live

Price	-10% $5,277	-5% $4,810	+0% $4,344	+5% $3,878	+10% $3,412
Rent	-10% $2,978	-5% $3,661	+0% $4,344	+5% $5,028	+10% $5,711
Rate	-1.0pp $5,024	-0.5pp $4,687	base $4,344	+0.5pp $3,995	+1.0pp $3,639

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$5,371
▸ 2× units	2	1	$11,928
Total (3 units)			$17,300

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: $337,250
• Closing costs: $40,470
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
344 E 84th St #1 New York, NY	3.0	2.5	2100	$14,000	$6.67	22d	1	0.90mi
120 E 87th St Unit R18BC New York, NY	3.0	3.0	2700	$24,000	$8.89	25d	1	1.15mi
2812 37th St Astoria, NY	3.0	1.5	2200	$4,700	$2.14	19d	1	1.22mi

Listing history 13 events

1. 2026-06-18
   days on market $1,349,000 Active 128 DOM
2. 2026-06-17
   days on market $1,349,000 Active 127 DOM
3. 2026-06-15
   days on market $1,349,000 Active 125 DOM
4. 2026-06-13
   days on market $1,349,000 Active 123 DOM
5. 2026-06-10
   days on market $1,349,000 Active 119 DOM
6. 2026-06-08
   days on market $1,349,000 Active 118 DOM
7. 2026-06-04
   days on market $1,349,000 Active 114 DOM
8. 2026-06-03
   days on market $1,349,000 Active 113 DOM
9. 2026-06-01
   days on market $1,349,000 Active 111 DOM
10. 2026-05-31
    days on market $1,349,000 Active 110 DOM
11. 2026-04-11
    price $1,349,000
12. 2026-02-10
    listed $1,499,000 Active
13. 2009-04-16
    soldstatus $675,000

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

Taxation est. · year 1

• Rental income: $207,600
• − Mortgage interest: −$75,565
• − Property taxes: −$20,235
• − Insurance: −$6,745
• − Repairs & maintenance: −$16,608
• − Management: −$16,608
• − Depreciation: −$39,244
• Taxable income: $32,595
• Est. tax owed @ 24.0%: −$7,823
• After-tax cash flow: $44,309/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): 28,503
• Household income: $96,617
• Rent vs Own: 86.6% rent · 13.4% own
• Severe rent burden: 2407.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 47% Hispanic / Latino 26% Asian 15% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 34% · Canada, China, Jamaica
• Languages at home: 55% English-only · Spanish 21% Other Indo-European 14% Russian/Polish/Slavic 3%

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: ▲ 0.16%
• Current HPI: 144.3118
• Rent YoY: ▲ 4.79%
• 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

+99.9% since first listed

3 events — show timeline

• 2026-04-11 Price Changed $1,349,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-10 Listed $1,499,000 OneKey® MLS as Distributed by MLS Grid
• 2009-04-16 Sold (Public Records) $675,000 Public Records

Property tax history

+1.2%/yr

Latest (2024): $2,453 · +6.3% YoY. Source: county tax records.