2123 33rd Ave · New York, NY 11106

$1,100,000

None bd · None ba · 2,938 sqft · MultiFamily public records · 31 Days on market

Built 1920 2,521 sqft lot Est $1748k · 37% under

---

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).

• ARV discount +15.0/15.0
• Appreciation +6.0/10.0
• Cash flow +5.2/30.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +0.1/10.0
• DSCR +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Prime Investment Opportunity in Long Island City, NY – 3-Family Property with Endless Potential! Located in the heart of Long Island City, this rare three-family property features two separate homes on one lot—offering a single-family home and a two-family home, both with basements for additional space. Currently tenant-occupied, interior access is limited, and the buyer may need to purchase with tenants in place. While the property requires work, it presents a tremendous upside for investors or end-users looking to renovate and maximize value. Situated in one of NYC’s fastest-growing neighborhoods, this property offers incredible potential for rental income, redevelopmen

Key facts

• Two separate homes
• 2,521 sq ft lot
• Built 1920

Tags

• TWO SEPARATE HOMES
• BASEMENTS FOR ADDITIONAL SPACE

Property features AI

Exterior

• Parking: No carport
• Utilities: Public sewer; Cable available and connected; Electricity available and connected; Natural gas available and connected; Sewer available and connected
• Home design: Triplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront; No additional parcels

Interior

• Bedrooms: Includes a bedroom on the first floor
• Bathrooms: Includes a full bathroom on the first floor
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Finished basement

🏷️ Possibly a rental listed for sale. The $1,100,000 price doesn't fit this home's estimated sale value (~$1,748,110) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $-2k ($-30k/yr) — negative.
• To cash-flow at today's rent, offer at most $662k (39.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $556k (49.4% below list).
• Recommended offer: $556k (49.4% below list) — sets the bar for 1% rule.
• Cap rate 3.6% 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 (+7.3%/yr); 106 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $5,563/mo this rent would consume 79% of the median local household income ($85k/yr) (locally 3679% 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 $30k of equity ($8k loan paydown + $23k appreciation (2.1% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($1.07M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $275k; list at $1.10M implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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 $556,339 (49.4% 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 31 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.51% ✗
• Cap rate: 3.59%
• Cash-on-cash: -9.66%
• DSCR: 0.57
• GRM: 16.5

CMA / ARV

• ARV (on-the-fly): $1,748,110
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
21-11 33rd Rd	0.06mi	—/—	2,836 (-4%)	12mo	$1,840,000	$649	81
3352 29th St	0.27mi	7/5.0	3,120 (+6%)	10mo	$2,025,000	$649	68
3253 35th St	0.56mi	3/—	2,884 (-2%)	10mo	$2,150,000	$745	62
12-21 30th Dr	0.36mi	5/2.0	2,646 (-10%)	7mo	$1,200,000	$454	61
35-12 29th St	0.40mi	6/2.0	2,750 (-6%)	12mo	$1,380,000	$502	61
3145 37th St #3	0.66mi	7/6.0	2,800 (-5%)	5mo	$2,150,000	$768	57
25-35 Crescent St	0.71mi	10/3.0	3,150 (+7%)	3mo	$1,580,000	$502	52
3280 38th St	0.69mi	8/3.0	3,192 (+9%)	8mo	$1,900,000	$595	46
32-87 38th St	0.72mi	5/4.0	2,576 (-12%)	6mo	$1,550,000	$602	41
2540 32nd St	0.73mi	6/3.0	2,565 (-13%)	6mo	$1,310,000	$511	39
38- 2 31st St Unit 2-F	0.73mi	7/3.0	2,524 (-14%)	23mo	$830,000	$329	23

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

Projected returns pro-forma

2.06% appreciation · 7.28% rent growth · sell at horizon

5-year hold

• IRR: -3.2%
• Equity multiple: 0.82×
• Total profit: $-54,192
• Equity at exit: $437,698

10-year hold

• IRR: 3.2%
• Equity multiple: 1.46×
• Total profit: $141,951
• Equity at exit: $633,246

Cash invested: $308,000 (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 11106

• Home prices YoY: 0.6%
• Rents YoY: 7.3%
• Active inventory: 106
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $5,563 medium
• Mortgage (P&I): −$5,769
• Tax from tax record: −$646 /mo · $7,756/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,168
• Net cashflow: $-2,478

Break-even live

Break-even rent $8,700

Max offer price $662,227

Occupancy floor —

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2812 37th St Astoria, NY	3.0	1.5	2200	$4,700	$2.14	19d	1	0.81mi
344 E 84th St #1 New York, NY	3.0	2.5	2100	$14,000	$6.67	22d	1	1.33mi

Listing history 20 events

1. 2026-06-18
   days on market $1,100,000 Active 31 DOM
2. 2026-06-17
   days on market $1,100,000 Active 30 DOM
3. 2026-06-16
   days on market $1,100,000 Active 29 DOM
4. 2026-06-15
   days on market $1,100,000 Active 28 DOM
5. 2026-06-13
   days on market $1,100,000 Active 26 DOM
6. 2026-06-10
   days on market $1,100,000 Active 22 DOM
7. 2026-06-08
   days on market $1,100,000 Active 21 DOM
8. 2026-06-08
   days on market $1,100,000 Active 20 DOM
9. 2026-06-04
   days on market $1,100,000 Active 17 DOM
10. 2026-06-03
    days on market $1,100,000 Active 16 DOM
11. 2026-06-02
    days on market $1,100,000 Active 15 DOM
12. 2026-06-01
    days on market $1,100,000 Active 14 DOM
13. 2026-05-31
    days on market $1,100,000 Active 13 DOM
14. 2026-03-02
    listed $1,100,000 Active
15. 2026-01-25
    historical
16. 2025-09-12
    price $1,400,000
17. 2025-07-28
    price $1,500,000
18. 2025-05-23
    price $1,599,000
19. 2025-03-10
    listed $1,800,000 Active
20. 1991-06-19
    soldstatus $275,000

ⓘ 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: $7,756 · $646/mo
• Projected year-2 tax: $13,173 · $1,098/mo
• Expected delta: +$5,417/yr (+$451/mo · 69.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 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: $66,761
• − Mortgage interest: −$61,617
• − Property taxes: −$7,756
• − Insurance: −$5,500
• − Repairs & maintenance: −$5,341
• − Management: −$5,341
• − Depreciation: −$32,000
• Taxable loss: −$50,794
• Est. tax savings @ 24.0%: +$12,191
• After-tax cash flow: $-17,547/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): 40,930
• Household income: $84,867
• Rent vs Own: 83.4% rent · 16.6% own
• Severe rent burden: 3679.0

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: White 42% Hispanic / Latino 27% Asian 19% Two or more races 12% Black 7% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Dominican 4%
• Common ancestry: Scotch-Irish 3% Romanian 3% Estonian 2%
• Foreign-born: 39% · Canada, Jamaica, China
• Languages at home: 48% English-only · Spanish 22% Other Indo-European 13% Russian/Polish/Slavic 4%

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: ▲ 2.06%
• Current HPI: 348.3009
• Rent YoY: ▲ 7.28%
• 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

+300.0% since first listed

7 events — show timeline

• 2026-03-02 Listed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-25 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-09-12 Price Changed $1,400,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-28 Price Changed $1,500,000 OneKey® MLS as Distributed by MLS Grid
• 2025-05-23 Price Changed $1,599,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-10 Listed $1,800,000 OneKey® MLS as Distributed by MLS Grid
• 1991-06-19 Sold (Public Records) $275,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $7,756 · -2.4% YoY. Source: county tax records.