24-56 29th St · New York, NY 11102

$1,320,000

12 bd · 6.0 ba · 4,950 sqft · MultiFamily public records · 194 Days on market

Built 1931 2,700 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

ATTENTION INVESTORS! Build Your Passive Income And Path To Generational Financial Freedom! This Three Story, Six Family Property Is Generating Over $100,000 Annually With Plenty Of Room For Growth. In Addition, This Cash-Flowing Asset Offers Peace Of Mind And Minimal Maintenance For Years To Come Because Many Recent Upgrades Include Redone Roof, Repointing & Some Renovations Of The Interior. Situated In A Very Desirable & Exciting Renter Neighborhood It Will Only Appreciate Due To A Supply-Constrained Rental Market.. Nearby Subway (Astoria Blvd Station- N & W Trains) And Enclave Of Affordable Coffee Shops & Bakeries But Also Of Top Rated Restaurants. Explore thousands of activities, attractions Trendy Independent Boutiques, Popular "Mom And Pop" Shops, Parks, Pools & So Much More!

Key facts

• 2,700 sq ft lot
• Built 1931
• Listed 194 days

Tags

• PRIME ASTORIA LOCATION
• LIVE-IN PLUS INCOME POTENTIAL
• VACANT FREE-MARKET UNIT

Property features AI

Finance

• Financial info: Annual taxes approximately $24,000; Building contains 6 total units; Pets: building allows pets (restrictions apply)

Exterior

• Home design: 3-story building; Entry level is 1; Green building
• Construction: Lot dimensions approximately 100 x 27 ft
• Exterior features: Private outdoor space larger than 60 sq ft

Interior

• Bedrooms: Total of 30 rooms (includes bedrooms and living spaces)
• Bathrooms: 6 full bathrooms
• Heating & cooling: Ductless cooling
• Interior features: Smoke-free property; Basement (other type)
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $1.32M.

Deal economics

• At list price, monthly cash flow is $13k ($153k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($28k rent vs $1.32M).
• Recommended offer: $1.16M (12.0% below list) — sets the bar for market timing.
• Cap rate 18.0% 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; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $28,360/mo this rent would consume 352% 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 $11k 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 $370k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$76k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($1.16M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $75k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $900k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; 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 $1,161,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 194 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. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
11. 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.
12. 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: 2.15% ✓
• Cap rate: 17.97%
• Cash-on-cash: 41.70%
• DSCR: 2.86
• GRM: 3.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 44.6%
• Equity multiple: 3.27×
• Total profit: $838,021
• Equity at exit: $394,154

10-year hold

• IRR: 48.2%
• Equity multiple: 6.92×
• Total profit: $2,186,563
• Equity at exit: $482,551

Cash invested: $369,600 (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: 23.3×

Monthly cashflow live

• Estimated rent: $28,360 medium
• Mortgage (P&I): −$6,922
• Tax from tax record: −$2,090 /mo · $25,079/yr
• Insurance: −$550
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,956
• Net cashflow: $12,776

Break-even live

Break-even rent $12,188

Max offer price $1,320,000

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$28,362
Total (6 units)			$28,360

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: $330,000
• Closing costs: $39,600
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $1,320,000 Active 194 DOM
2. 2026-06-17
   days on market $1,320,000 Active 193 DOM
3. 2026-06-15
   days on market $1,320,000 Active 191 DOM
4. 2026-06-13
   days on market $1,320,000 Active 189 DOM
5. 2026-06-10
   days on market $1,320,000 Active 185 DOM
6. 2026-06-08
   days on market $1,320,000 Active 184 DOM
7. 2026-05-31
   days on market $1,320,000 Active 180 DOM
8. 2026-04-22
   price $1,320,000
9. 2026-01-27
   price $1,360,000
10. 2025-12-02
    listed $1,395,000 Active
11. 2025-08-13
    soldstatus $900,000
12. 2025-05-21
    soldstatus $900,000 Sold 821-char remark

    Show marketing remark (821 chars)

    ATTENTION INVESTORS! Build Your Passive Income And Path To Generational Financial Freedom! This Three Story, Six Family Property Is Generating Over $100,000 Annually With Plenty Of Room For Growth. In Addition, This Cash-Flowing Asset Offers Peace Of Mind And Minimal Maintenance For Years To Come Because Many Recent Upgrades Include Redone Roof, Repointing & Some Renovations Of The Interior. Situated In A Very Desirable & Exciting Renter Neighborhood It Will Only Appreciate Due To A Supply-Constrained Rental Market.. Nearby Subway (Astoria Blvd Station- N & W Trains) And Enclave Of Affordable Coffee Shops & Bakeries But Also Of Top Rated Restaurants. Explore thousands of activities, attractions Trendy Independent Boutiques, Popular "Mom And Pop" Shops, Parks, Pools & So Much More!

13. 2025-05-13
    status Pending 821-char remark

    Show marketing remark (821 chars)

    ATTENTION INVESTORS! Build Your Passive Income And Path To Generational Financial Freedom! This Three Story, Six Family Property Is Generating Over $100,000 Annually With Plenty Of Room For Growth. In Addition, This Cash-Flowing Asset Offers Peace Of Mind And Minimal Maintenance For Years To Come Because Many Recent Upgrades Include Redone Roof, Repointing & Some Renovations Of The Interior. Situated In A Very Desirable & Exciting Renter Neighborhood It Will Only Appreciate Due To A Supply-Constrained Rental Market.. Nearby Subway (Astoria Blvd Station- N & W Trains) And Enclave Of Affordable Coffee Shops & Bakeries But Also Of Top Rated Restaurants. Explore thousands of activities, attractions Trendy Independent Boutiques, Popular "Mom And Pop" Shops, Parks, Pools & So Much More!

14. 2025-03-09
    listed $1,099,000 Active 821-char remark

    Show marketing remark (821 chars)

    ATTENTION INVESTORS! Build Your Passive Income And Path To Generational Financial Freedom! This Three Story, Six Family Property Is Generating Over $100,000 Annually With Plenty Of Room For Growth. In Addition, This Cash-Flowing Asset Offers Peace Of Mind And Minimal Maintenance For Years To Come Because Many Recent Upgrades Include Redone Roof, Repointing & Some Renovations Of The Interior. Situated In A Very Desirable & Exciting Renter Neighborhood It Will Only Appreciate Due To A Supply-Constrained Rental Market.. Nearby Subway (Astoria Blvd Station- N & W Trains) And Enclave Of Affordable Coffee Shops & Bakeries But Also Of Top Rated Restaurants. Explore thousands of activities, attractions Trendy Independent Boutiques, Popular "Mom And Pop" Shops, Parks, Pools & So Much More!

15. 2014-08-27
    soldstatus $107,000
16. 2013-05-15
    soldstatus $142,968
17. 2013-05-15
    soldstatus $71,984

ⓘ 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: $25,079 · $2,090/mo
• Projected year-2 tax: $25,079 · $2,090/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 78% 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: $340,320
• − Mortgage interest: −$73,941
• − Property taxes: −$25,079
• − Insurance: −$7,398
• − Repairs & maintenance: −$27,226
• − Management: −$27,226
• − Depreciation: −$38,400
• Taxable income: $141,051
• Est. tax owed @ 24.0%: −$33,852
• After-tax cash flow: $119,457/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

+823.3% since first listed

10 events — show timeline

• 2026-04-22 Price Changed $1,320,000 RLS at REBNY
• 2026-01-27 Price Changed $1,360,000 RLS at REBNY
• 2025-12-02 Listed $1,395,000 RLS at REBNY
• 2025-08-13 Sold (Public Records) $900,000 Public Records
• 2025-05-21 Sold (MLS) $900,000 BNYMLS
• 2025-05-13 Pending — BNYMLS
• 2025-03-09 Listed $1,099,000 BNYMLS
• 2014-08-27 Sold (Public Records) $107,000 Public Records
• 2013-05-15 Sold (Public Records) $71,984 Public Records
• 2013-05-15 Sold (Public Records) $142,968 Public Records

Property tax history

+6.0%/yr

Latest (2025): $25,079 · +2.2% YoY. Source: county tax records.