11-41 123 St

New York, NY 11361

$1,748,888B

21 bd · 7.0 ba · 8,928 sqft · Built 1857 · MultiFamily · Active · 173 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $24,770/mo
• Mortgage (P&I): −$9,171
• Tax + insurance: −$2,915
• HOA: −$0
• Vac / Maint / Mgmt: −$5,202
• Net cashflow: $7,482/mo
• Annual: $89,786/yr
• Cap rate: 11.43%
• Cash-on-cash: 18.34%
• DSCR: 1.82
• 1% rule: 1.42%
• Cash to close: $489,689

Investor read

• This is a 7 × 3-bed/1.0-bath units multifamily listed at $1.75M.
• At list price, monthly cash flow is $7k ($90k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $1.75M).
• It's been on market 173 days — a 12% lower offer ($1.54M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.54M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $52k 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.
• Watch-outs: built in 1857 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.4%/yr); 166 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.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $490k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 11.4% 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 $24,770/mo this rent would consume 281% 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

• It's been on market 173 days. Have you received any prior offers? Is the seller open to a 12% 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 1857 — 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?
• 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?