251 Bergen St · New York, NY 11217

$2,200,000

20 bd · 20.0 ba · 3,204 sqft · MultiFamily · 10 Days on market

Built 1900 1,200 sqft lot

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Why this score? — see what drove the A- 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
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

5 Family TownhouseRare mixed-use townhouse featuring a ground-floor deli and four residential apartments above, offering strong in-place income with long-term upside potential. The commercial space is occupied by an established deli with approximately three years remaining on the lease and built-in 5% annual escalations, providing steady cash flow and predictable growth. Above the retail are four residential units . This asset presents an attractive cap rate with immediate income and future value-add potential through strategic management of the residential component. Ideal for investors seeking stable cash flow in a classic New York mixed-use property with long-term appreciation potential.

Key facts

• Ground-floor deli
• Established deli
• Steady cash flow

Tags

• MIXED-USE TOWNHOUSE
• GROUND-FLOOR DELI
• RESIDENTIAL APARTMENTS
• STRONG IN-PLACE INCOME
• ESTABLISHED DELI
• STEADY CASH FLOW

Property features AI

Finance

• Other: Pets allowed in building
• Financial info: Annual tax listed (see listing for details)

Exterior

• Home design: 4-story building
• Construction: Foundation area listed as 0.0
• Exterior features: Lot dimensions approximately 20 x 60

Interior

• Bedrooms: Total of 8 rooms (includes bedrooms and living space)
• Bathrooms: 4 full bathrooms
• Interior features: Intercom
• Laundry & utility: Laundry details available in remarks

What this means for you Summary

Snapshot

• This is a 5 × 4-bed/4.0-bath units multifamily listed at $2.20M.

Deal economics

• At list price, monthly cash flow is $15k ($178k/yr) — positive. Per door: $3k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($38k rent vs $2.20M).
• Cap rate 14.4% 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.

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 (+6.7%/yr); 127 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 $37,989/mo this rent would consume 280% of the median local household income ($163k/yr) (locally 2688% 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 $235k of equity ($15k loan paydown + $220k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 6.7% rent growth), your $616k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$378k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• 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 $2,200,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.73% ✓
• Cap rate: 14.37%
• Cash-on-cash: 28.85%
• DSCR: 2.28
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 6.7% rent growth · sell at horizon

5-year hold

• IRR: 48.4%
• Equity multiple: 4.72×
• Total profit: $2,288,531
• Equity at exit: $1,981,934

10-year hold

• IRR: 43.7%
• Equity multiple: 11.30×
• Total profit: $6,344,194
• Equity at exit: $4,274,116

Cash invested: $616,000 (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 11217

• Home prices YoY: 2.5%
• Rents YoY: 6.7%
• Active inventory: 127
• Price-to-rent: 24.1×

Monthly cashflow live

• Estimated rent: $37,989 high
• Mortgage (P&I): −$11,537
• Tax est. 1.5%: −$2,750 /mo · $33,000/yr
• Insurance: −$917
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,978
• Net cashflow: $14,808

Break-even live

Break-even rent $19,245

Max offer price $2,200,000

Occupancy floor 56%

Sensitivity live

Price	-10% $16,328	-5% $15,568	+0% $14,808	+5% $14,047	+10% $13,287
Rent	-10% $11,806	-5% $13,307	+0% $14,808	+5% $16,308	+10% $17,809
Rate	-1.0pp $15,916	-0.5pp $15,367	base $14,808	+0.5pp $14,238	+1.0pp $13,658

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

Units	Beds	Baths	Est. rent
▸ 5× units	4	4	$37,990
Total (5 units)			$37,989

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: $550,000
• Closing costs: $66,000
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-09
   days on market $2,200,000 Active 10 DOM
2. 2026-06-08
   days on market $2,200,000 Active 9 DOM
3. 2026-06-08
   days on market $2,200,000 Active 8 DOM
4. 2026-06-04
   days on market $2,200,000 Active 5 DOM
5. 2026-06-03
   days on market $2,200,000 Active 4 DOM
6. 2026-06-02
   days on market $2,200,000 Active 3 DOM
7. 2026-06-01
   days on market $2,200,000 Active 2 DOM
8. 2026-05-31
   remarks 699-char remark
9. 2026-05-31
   listed $2,200,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥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: $455,868
• − Mortgage interest: −$123,234
• − Property taxes: −$33,000
• − Insurance: −$11,000
• − Repairs & maintenance: −$36,469
• − Management: −$36,469
• − Depreciation: −$64,000
• Taxable income: $151,695
• Est. tax owed @ 24.0%: −$36,407
• After-tax cash flow: $141,284/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): 43,490
• Household income: $162,863
• Rent vs Own: 72.2% rent · 27.8% own
• Severe rent burden: 2688.0

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 0.69)
• Race & ethnicity: White 50% Black 16% Hispanic / Latino 16% Two or more races 15% Asian 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7% Dominican 1%
• Common ancestry: Romanian 3% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 19% · Canada, China, South Korea
• Languages at home: 74% English-only · Spanish 11% French/Haitian/Cajun 4% Other Indo-European 3%

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: ▲ 11.76%
• Current HPI: 491.2658
• Rent YoY: ▲ 6.70%
• 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

3 events — show timeline

• 2026-05-30 Relisted — RLS at REBNY
• 2026-05-30 Delisted — RLS at REBNY
• 2026-05-29 Listed $2,200,000 RLS at REBNY