1 Monroe St · New York, NY 11238

$1,800,000

9 bd · 6.0 ba · 3,120 sqft · MultiFamily public records · 94 Days on market

Built 1998 1,600 sqft lot

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Why this score? — see what drove the C+ 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 +20.9/30.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• Schools +5.0/10.0
• 1% rule +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Positioned prominently on the corner of Classon Avenue and Monroe Street, 1 Monroe Street is a rare opportunity to own a 20-ft-wide, 52-ft-deep townhouse set on an oversized 25-foot-wide lot. Currently configured as an income-producing three-family residence, this property offers exceptional flexibility for investors and end users alike. Each of the three free-market apartments occupies a full-floor footprint, providing generous living space, excellent light, and two full bathrooms per unit. The garden apartment offers direct access to the expansive backyard, creating an ideal indoor-outdoor flow perfect for entertaining, gardening, or quiet relaxation. Whether you choose to maintain the

Key facts

• Corner location
• Indoor outdoor flow
• Expansive backyard

Tags

• CORNER LOCATION
• OVERSIZED LOT
• INCOME PRODUCING RESIDENCE
• EXPANSIVE BACKYARD
• INDOOR OUTDOOR FLOW
• GENEROUS LIVING SPACE

Property features AI

Finance

• Financial info: Property contains 3 units

Exterior

• Home design: 3-story building; Entry level is street level
• Construction: Green building
• Exterior features: Private outdoor space (over 60 sq ft)

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Total of 12 rooms (configuration not specified)
• Bathrooms: 6 full bathrooms
• Interior features: Smoke-free building
• Laundry & utility: In-unit laundry; Building laundry options

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/2.0-bath units multifamily listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $834/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.68M (6.6% below list).
• Recommended offer: $1.64M (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+4.4%/yr); 146 active listings in the ZIP; high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $16,806/mo this rent would consume 150% of the median local household income ($135k/yr) (locally 3722% 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 $112k of equity ($12k loan paydown + $100k appreciation (5.5% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.5% appreciation + 4.4% rent growth), your $504k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$180k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($1.64M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y 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 $625k; list at $1.80M implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $1,638,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.93% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.96%
• DSCR: 1.26
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.55% appreciation · 4.4% rent growth · sell at horizon

5-year hold

• IRR: 19.8%
• Equity multiple: 2.30×
• Total profit: $654,576
• Equity at exit: $1,080,851

10-year hold

• IRR: 19.9%
• Equity multiple: 4.70×
• Total profit: $1,864,693
• Equity at exit: $1,917,736

Cash invested: $504,000 (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 11238

• Home prices YoY: 1.5%
• Rents YoY: 4.4%
• Active inventory: 146
• Price-to-rent: 26.8×

Monthly cashflow live

• Estimated rent: $16,806 high
• Mortgage (P&I): −$9,439
• Tax from tax record: −$586 /mo · $7,034/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,529
• Net cashflow: $2,501

Break-even live

Break-even rent $13,640

Max offer price $1,800,000

Occupancy floor 80%

Sensitivity live

Price	-10% $3,520	-5% $3,011	+0% $2,501	+5% $1,992	+10% $1,482
Rent	-10% $1,174	-5% $1,837	+0% $2,501	+5% $3,165	+10% $3,829
Rate	-1.0pp $3,408	-0.5pp $2,959	base $2,501	+0.5pp $2,035	+1.0pp $1,560

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	2	$16,806
Total (3 units)			$16,806

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: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-04
   days on market $1,800,000 Active 94 DOM
2. 2026-06-03
   days on market $1,800,000 Active 93 DOM
3. 2026-06-01
   days on market $1,800,000 Active 91 DOM
4. 2026-05-31
   days on market $1,800,000 Active 90 DOM
5. 2026-03-02
   listed $1,800,000 Active
6. 2021-03-21
   historical
7. 2021-03-01
   status Active
8. 2021-02-26
   historical
9. 2020-12-08
   price $1,995,000
10. 2020-11-28
    price $1,995,000
11. 2020-10-30
    listed $2,195,000 Active
12. 2020-10-28
    listed $1,995,000 Active
13. 2004-02-12
    soldstatus $625,000
14. 2000-01-14
    soldstatus $319,000
15. 2000-01-14
    soldstatus $319,000
16. 1997-05-08
    soldstatus $60,000

ⓘ 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: $7,034 · $586/mo
• Projected year-2 tax: $18,727 · $1,561/mo
• Expected delta: +$11,693/yr (+$974/mo · 166.2%)

ⓘ 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 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $201,672
• − Mortgage interest: −$100,828
• − Property taxes: −$7,034
• − Insurance: −$9,000
• − Repairs & maintenance: −$16,134
• − Management: −$16,134
• − Depreciation: −$52,364
• Taxable income: $179
• Est. tax owed @ 24.0%: −$43
• After-tax cash flow: $29,971/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: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 58,345
• Household income: $134,523
• Rent vs Own: 72.3% rent · 27.7% own
• Severe rent burden: 3722.0

Population outlook (Kings County) Hauer SSP2

• Today (2025): 2,847,441 people
• By 2030: 2,937,006 · +3.1%
• By 2040: 3,095,491 · +8.7%
• By 2050: 3,228,968 · +13.4%
• By 2075: 3,321,723 · +16.7%
• By 2100: 3,111,387 · +9.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 47% Black 23% Hispanic / Latino 15% Two or more races 13% Asian 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 3%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 79% English-only · Spanish 9% Other Indo-European 3% French/Haitian/Cajun 2%

Political lean MEDSL · Kings

• 2024 margin: Solid D (+44.0) · D 72.0% · R 28.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
• All cycles: 2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 5.55%
• Current HPI: 368.1523
• Rent YoY: ▲ 4.40%
• 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

+2900.0% since first listed

12 events — show timeline

• 2026-03-02 Listed $1,800,000 RLS at REBNY
• 2021-03-21 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-03-01 Relisted — RLS at REBNY
• 2021-02-26 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-12-08 Price Changed $1,995,000 OneKey® MLS as Distributed by MLS Grid
• 2020-11-28 Price Changed $1,995,000 RLS at REBNY
• 2020-10-30 Listed $2,195,000 OneKey® MLS as Distributed by MLS Grid
• 2020-10-28 Listed $1,995,000 RLS at REBNY
• 2004-02-12 Sold (Public Records) $625,000 Public Records
• 2000-01-14 Sold (Public Records) $319,000 Public Records
• 2000-01-14 Sold (Public Records) $319,000 Public Records
• 1997-05-08 Sold (Public Records) $60,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $7,034 · -2.4% YoY. Source: county tax records.