8439 60th Dr · New York, NY 11379

$1,498,000

24 bd · None ba · 5,040 sqft · MultiFamily public records · 150 Days on market

Built 2005

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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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

Legal Six family with Free Market is located in the Prime Middle Village area. 4-1 bedrooms, 2 studio Apts. The property on the Mint condition. Building size 31x56. Lot size 40x100. Just blocks away from E, F, M, R train. Easy access to Queens Center Mall. Private driveway parking, big laundry room, 7 gas meters, 7 electricity meters, separate hot water and heater. ..

Key facts

• Big laundry room
• Mint condition
• 2 parking spots

Tags

• PRIME MIDDLE VILLAGE AREA
• MINT CONDITION
• PRIVATE DRIVEWAY PARKING
• BIG LAUNDRY ROOM
• SEPARATE HOT WATER AND HEATER

Property features AI

Exterior

• Parking: Driveway parking; Two parking spaces total; No carport
• Utilities: Public sewer; Electricity connected; Natural gas connected; Public trash collection; Water connected; Sewer connected
• Home design: Quadruplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: One 4-bedroom unit (multi-unit property)
• Heating & cooling: Natural gas heating; Other heating; No central air conditioning
• Interior features: High ceilings; Walk-in closet(s); Other interior features

What this means for you Summary

Snapshot

• This is a 6 × 4-bed/?-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $5k ($60k/yr) — positive. Per door: $840/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.50M).
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+3.8%/yr); 134 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $22,104/mo this rent would consume 284% of the median local household income ($94k/yr) (locally 1573% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• 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 + 3.8% rent growth), your $419k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $150k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $120k; list at $1.50M implies a 1148% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price.
• 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 $1,318,240 (12.0% below list)

Questions for the listing agent

1. It's been on market 150 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. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.48% ✓
• Cap rate: 10.33%
• Cash-on-cash: 14.42%
• DSCR: 1.64
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.75% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.23×
• Total profit: $96,638
• Equity at exit: $223,357

10-year hold

• IRR: 16.1%
• Equity multiple: 2.37×
• Total profit: $573,988
• Equity at exit: $129,520

Cash invested: $419,440 (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 11379

• Rents YoY: 3.8%
• Active inventory: 134
• Price-to-rent: 33.9×

Monthly cashflow live

• Estimated rent: $22,104 high
• Mortgage (P&I): −$7,856
• Tax from tax record: −$3,943 /mo · $47,314/yr
• Insurance: −$624
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,642
• Net cashflow: $5,039

Break-even live

Break-even rent $15,725

Max offer price $1,498,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 6× units	4	—	$22,104
Total (6 units)			$22,104

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: $374,500
• Closing costs: $44,940
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-13
   days on market $1,498,000 Active 150 DOM
2. 2026-06-10
   days on market $1,498,000 Active 146 DOM
3. 2026-06-08
   days on market $1,498,000 Active 145 DOM
4. 2026-06-04
   days on market $1,498,000 Active 141 DOM
5. 2026-06-03
   days on market $1,498,000 Active 140 DOM
6. 2026-06-01
   days on market $1,498,000 Active 138 DOM
7. 2026-05-31
   days on market $1,498,000 Active 137 DOM
8. 2026-02-27
   price $1,498,000
9. 2026-01-14
   listed $1,648,000 Active
10. 2025-07-01
    historical
11. 2025-05-14
    price $1,788,000
12. 2025-01-31
    listed $1,888,000 Active
13. 1990-11-30
    soldstatus $120,000

ⓘ 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: $47,314 · $3,943/mo
• Projected year-2 tax: $47,314 · $3,943/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 1/10 Low FEMA zone X (unshaded) · 0% 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $265,248
• − Mortgage interest: −$83,911
• − Property taxes: −$47,314
• − Insurance: −$7,490
• − Repairs & maintenance: −$21,220
• − Management: −$21,220
• − Depreciation: −$43,578
• Taxable income: $40,515
• Est. tax owed @ 24.0%: −$9,724
• After-tax cash flow: $50,750/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): 36,773
• Household income: $93,558
• Rent vs Own: 39.9% rent · 60.1% own
• Severe rent burden: 1573.0

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 0.56)
• Race & ethnicity: White 61% Hispanic / Latino 23% Asian 11% Two or more races 9%
• Hispanic origin (detail): Mexican 1% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 11% Scandinavian 2% Scotch-Irish 1%
• Foreign-born: 37% · Canada, China, Jamaica
• Languages at home: 51% English-only · Spanish 17% Russian/Polish/Slavic 11% Other Indo-European 10%

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: ▼ -176.05%
• Current HPI: 310.0656
• Rent YoY: ▲ 3.75%
• 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

+1148.3% since first listed

6 events — show timeline

• 2026-02-27 Price Changed $1,498,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-14 Listed $1,648,000 OneKey® MLS as Distributed by MLS Grid
• 2025-07-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-05-14 Price Changed $1,788,000 OneKey® MLS as Distributed by MLS Grid
• 2025-01-31 Listed $1,888,000 OneKey® MLS as Distributed by MLS Grid
• 1990-11-30 Sold (Public Records) $120,000 Public Records

Property tax history

+1.0%/yr

Latest (2024): $47,314 · +7.4% YoY. Source: county tax records.