411 88th St · New York, NY 11209

$1,299,000

66 bd · 36.0 ba · 5,250 sqft · MultiFamily public records · 549 Days on market

Built 1917 2,474 sqft lot ↓ 13% since listing

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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 +22.0/30.0
• ARV discount +7.5/15.0
• DSCR +7.0/10.0
• 1% rule +5.9/10.0
• 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

Welcome to this exceptional 6-family property in Bay Ridge, one of Brooklyn’s most vibrant and desirable neighborhoods. This remarkable building spans approximately 5,250 square feet and sits on a generous 25' x 120' lot, offering an excellent opportunity for both homeowners and investors alike. With an annual rental income of over $129,000, this property promises solid returns. Apartment 3F will be vacant at closing and can be leased at the legal rate of $2,356, boosting annual income to $135,000 after two-year lease renewals, delivering a strong 7% return on investment. The building features five well-maintained 2-bedroom, 1-bath apartments, plus a 1-bedroom unit on the first floor

Key facts

• Private backyard
• Spacious lot
• Vibrant neighborhood

Tags

• PRIVATE BACKYARD
• RENTAL INCOME
• SPACIOUS LOT
• VIBRANT NEIGHBORHOOD

Property features AI

Finance

• Other: Building footprint approximately 1,750 sq ft; Total building area reported as 5,250; Building dimensions approximately 70 x 25; Property located in Brooklyn (cross streets near 4th Ave and 5th Ave)
• Financial info: Property contains 6 income units (all currently leased); Current rents reported per unit vary (examples range from about $1,493 to $2,300); Financing options indicated: cash, bank mortgage, exchange considered

Exterior

• Parking: No off-street parking reported
• Utilities: Electric service: other; Hot water: gas; Heating fuel: gas; Typical utility expense reported
• Home design: Attached residential building; Flat roof; Brick exterior; Zoned C4-2A
• Construction: Brick construction; Other type of foundation
• Exterior features: Back yard; Lot shape is irregular

Interior

• Bedrooms: Six total residential units: five 2-bedroom units and one 1-bedroom unit (unit-level floors: 1–3)
• Flooring: Hardwood floors throughout
• Bathrooms: Six full bathrooms (one per unit)
• Heating & cooling: Gas hot water; Steam/radiator heat; No AC units reported
• Interior features: Hardwood floors; Full basement

What this means for you Summary

Snapshot

• This is a 5×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $344/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.30M).
• Recommended offer: $1.14M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.2% 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 (+3.5%/yr); 317 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $14,157/mo this rent would consume 181% of the median local household income ($94k/yr) (locally 5101% 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 $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 549 days — a 12% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,143,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 549 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 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.09% ✓
• Cap rate: 8.20%
• Cash-on-cash: 6.81%
• DSCR: 1.30
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.51% rent growth · sell at horizon

5-year hold

• IRR: -5.2%
• Equity multiple: 0.80×
• Total profit: $-71,390
• Equity at exit: $193,685

10-year hold

• IRR: 5.1%
• Equity multiple: 1.38×
• Total profit: $138,659
• Equity at exit: $112,314

Cash invested: $363,720 (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 11209

• Rents YoY: 3.5%
• Active inventory: 317
• Price-to-rent: 45.5×

Monthly cashflow live

• Estimated rent: $14,157 medium
• Mortgage (P&I): −$6,812
• Tax from tax record: −$1,766 /mo · $21,192/yr
• Insurance: −$541
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,973
• Net cashflow: $2,065

Break-even live

Break-even rent $11,543

Max offer price $1,299,000

Occupancy floor 80%

Sensitivity live

Price	-10% $2,800	-5% $2,432	+0% $2,065	+5% $1,697	+10% $1,329
Rent	-10% $946	-5% $1,505	+0% $2,065	+5% $2,624	+10% $3,183
Rate	-1.0pp $2,719	-0.5pp $2,395	base $2,065	+0.5pp $1,728	+1.0pp $1,386

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$11,905
1× unit	1	1	$2,250
Total (6 units)			$14,157

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: $324,750
• Closing costs: $38,970
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $1,299,000 Active 549 DOM
2. 2026-06-17
   days on market $1,299,000 Active 548 DOM
3. 2026-06-15
   days on market $1,299,000 Active 546 DOM
4. 2026-06-13
   days on market $1,299,000 Active 544 DOM
5. 2026-06-10
   days on market $1,299,000 Active 540 DOM
6. 2026-06-08
   days on market $1,299,000 Active 539 DOM
7. 2026-06-03
   days on market $1,299,000 Active 534 DOM
8. 2026-06-01
   days on market $1,299,000 Active 532 DOM
9. 2026-05-31
   days on market $1,299,000 Active 531 DOM
10. 2025-06-25
    price $1,299,000
11. 2025-02-26
    price $1,425,000
12. 2024-12-16
    listed $1,500,000 Active

ⓘ 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: $21,192 · $1,766/mo
• Projected year-2 tax: $21,572 · $1,798/mo
• Expected delta: +$381/yr (+$32/mo · 1.8%)

ⓘ 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 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $169,884
• − Mortgage interest: −$72,764
• − Property taxes: −$21,192
• − Insurance: −$6,495
• − Repairs & maintenance: −$13,591
• − Management: −$13,591
• − Depreciation: −$37,789
• Taxable income: $4,462
• Est. tax owed @ 24.0%: −$1,071
• After-tax cash flow: $23,705/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): 71,004
• Household income: $93,854
• Rent vs Own: 63.8% rent · 36.2% own
• Severe rent burden: 5101.0

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 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 19% Asian 13% Two or more races 9% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 4% Scotch-Irish 3% Subsaharan African 2%
• Foreign-born: 32% · Canada, China, Vietnam
• Languages at home: 55% English-only · Spanish 12% Arabic 9% Other Indo-European 7%

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: ▼ -255.14%
• Current HPI: 253.4434
• Rent YoY: ▲ 3.51%
• 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

-13.4% since first listed

3 events — show timeline

• 2025-06-25 Price Changed $1,299,000 BNYMLS
• 2025-02-26 Price Changed $1,425,000 BNYMLS
• 2024-12-16 Listed $1,500,000 BNYMLS

Property tax history

+5.6%/yr

Latest (2025): $21,192 · +6.9% YoY. Source: county tax records.