928 Belmont Ave · New York, NY 11208

$1,200,000

28 bd · 16.0 ba · 2,856 sqft · MultiFamily public records · 79 Days on market

Built 1930 2,150 sqft lot

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Why this score? — see what drove the D+ 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 +16.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• 1% rule +3.4/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

2 units occupied. Tenants are showing.

Key facts

• 2,150 sq ft lot
• Built 1930
• Listed 79 days

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Electric service by NYSEG; Public sewer; Cable available; Electricity connected; Natural gas available and connected; Phone available; Sewer connected; Public trash collection; Water available and connected
• Home design: Triplex
• Construction: Block construction; Block foundation
• Exterior features: No waterfront

Interior

• Bedrooms: One 1-bedroom unit; Three 2-bedroom units
• Bathrooms: Four full bathrooms (total)
• Heating & cooling: Baseboard heating (natural gas); Separate meters
• Interior features: First-floor bedroom; First-floor full bathroom; Partially finished basement

What this means for you Summary

Snapshot

• This is a 3×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $669 ($8k/yr) — positive. Per door: $167/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 $1.01M (15.7% below list).
• Recommended offer: $1.01M (15.7% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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.
• Market conditions: Rents rising fast (+6.1%/yr); 192 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $10,121/mo this rent would consume 196% of the median local household income ($62k/yr) (locally 7574% 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 $8k of loan paydown is wiped out by about $36k 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 79 days — a 6% lower offer ($1.13M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $150k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 67% 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 $1,012,100 (15.7% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 16% 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 1930 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.84% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.39%
• DSCR: 1.11
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.14% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.64×
• Total profit: $-119,321
• Equity at exit: $178,924

10-year hold

• IRR: 3.4%
• Equity multiple: 1.28×
• Total profit: $93,510
• Equity at exit: $103,754

Cash invested: $336,000 (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 11208

• Rents YoY: 6.1%
• Active inventory: 192
• Price-to-rent: 38.3×

Monthly cashflow live

• Estimated rent: $10,121 medium
• Mortgage (P&I): −$6,293
• Tax from tax record: −$534 /mo · $6,407/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,125
• Net cashflow: $669

Break-even live

Break-even rent $9,275

Max offer price $1,200,000

Occupancy floor 88%

Sensitivity live

Price	-10% $1,348	-5% $1,008	+0% $669	+5% $329	+10% $-11
Rent	-10% $-131	-5% $269	+0% $669	+5% $1,069	+10% $1,468
Rate	-1.0pp $1,273	-0.5pp $974	base $669	+0.5pp $358	+1.0pp $41

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,842
1× unit	1	1	$2,280
Total (4 units)			$10,121

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-13
   statusdays on market $1,200,000 Pending 79 DOM
2. 2026-06-10
   days on market $1,200,000 Active 78 DOM
3. 2026-06-08
   days on market $1,200,000 Active 77 DOM
4. 2026-06-08
   days on market $1,200,000 Active 76 DOM
5. 2026-06-04
   days on market $1,200,000 Active 73 DOM
6. 2026-06-03
   days on market $1,200,000 Active 72 DOM
7. 2026-06-01
   days on market $1,200,000 Active 70 DOM
8. 2026-05-31
   days on market $1,200,000 Active 69 DOM
9. 2026-04-06
   price $1,200,000
10. 2026-03-23
    listed $1,350,000 Active
11. 2026-03-08
    price $1,250,000
12. 2026-02-10
    price $1,120,000
13. 2026-01-22
    listed $1,280,000 Active
14. 2025-06-16
    status Pending 38-char remark

    Show marketing remark (38 chars)

    2 units occupied. Tenants are showing.

15. 2025-06-12
    soldstatus $1,050,000
16. 2025-06-05
    soldstatus $1,050,000 Closed 38-char remark

    Show marketing remark (38 chars)

    2 units occupied. Tenants are showing.

17. 2025-02-02
    listed $1,199,999 Active 38-char remark

    Show marketing remark (38 chars)

    2 units occupied. Tenants are showing.

18. 1985-11-04
    soldstatus $25,000

ⓘ 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: $6,407 · $534/mo
• Projected year-2 tax: $13,344 · $1,112/mo
• Expected delta: +$6,936/yr (+$578/mo · 108.3%)

ⓘ 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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% 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: $121,452
• − Mortgage interest: −$67,219
• − Property taxes: −$6,407
• − Insurance: −$6,000
• − Repairs & maintenance: −$9,716
• − Management: −$9,716
• − Depreciation: −$34,909
• Taxable loss: −$12,515
• Est. tax savings @ 24.0%: +$3,004
• After-tax cash flow: $11,028/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): 105,428
• Household income: $62,077
• Rent vs Own: 75.1% rent · 24.9% own
• Severe rent burden: 7574.0

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 0.66)
• Race & ethnicity: Black 42% Hispanic / Latino 39% Asian 10% Two or more races 8% White 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 16%
• Common ancestry: Hispanic 1%
• Foreign-born: 40% · Canada, China, Mexico
• Languages at home: 48% English-only · Spanish 36% Other Indo-European 11% French/Haitian/Cajun 1%

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: ▼ -546.38%
• Current HPI: 376.1489
• Rent YoY: ▲ 6.14%
• 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

+4700.0% since first listed

10 events — show timeline

• 2026-04-06 Price Changed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-23 Listed $1,350,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-08 Price Changed $1,250,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-10 Price Changed $1,120,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-22 Listed $1,280,000 OneKey® MLS as Distributed by MLS Grid
• 2025-06-16 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-06-12 Sold (Public Records) $1,050,000 Public Records
• 2025-06-05 Sold (MLS) $1,050,000 OneKey® MLS as Distributed by MLS Grid
• 2025-02-02 Listed $1,199,999 OneKey® MLS as Distributed by MLS Grid
• 1985-11-04 Sold (Public Records) $25,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $6,407 · -0.9% YoY. Source: county tax records.