45-36 220th Pl

New York, NY 11361

$1,450,000F

20 bd · 20.0 ba · 2,486 sqft · Built 1979 · MultiFamily · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,869/mo
• Mortgage (P&I): −$7,604
• Tax + insurance: −$3,527
• HOA: −$0
• Vac / Maint / Mgmt: −$2,072
• Net cashflow: $-3,334/mo
• Annual: $-40,014/yr
• Cap rate: 3.53%
• Cash-on-cash: -9.86%
• DSCR: 0.56
• 1% rule: 0.68%
• Cash to close: $406,000

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.45M.
• At list price, monthly cash flow is $-3k ($-40k/yr) — negative. Per door: $-834/mo.
• To cash-flow at today's rent, offer at most $861k (40.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $987k (31.9% below list).
• It's been on market 55 days — a 3% lower offer ($1.41M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $861k (40.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $44k of value loss. Plan a longer hold.
• 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 (+5.4%/yr); 168 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 10y ago 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 $1.26M; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• Cap rate 3.5% 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 $9,869/mo this rent would consume 112% of the median local household income ($106k/yr) (locally 1087% 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 55 days. Have you received any prior offers? Is the seller open to a 41% 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 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?