2132A Fulton St · New York, NY 11233

$879,000

16 bd · 16.0 ba · 3,000 sqft · MultiFamily · 143 Days on market

Built 1920 2,000 sqft lot ↓ 51% since listing

---

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 +14.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.3/10.0
• Rent growth +4.1/5.0
• 1% rule +3.9/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

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

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

Great opportunity to own a great investment property. This Mixed-use building is a 4-Family with 1 commercial unit at street level. A total of 12 rooms, 3,000 square feet of livable space on a 2,178 square foot lot in the heart of Brooklyn. Located on the same block as the Rockaway Station's A-C blue line. Property has several open violations and there are HPD liens. Auction Property. AUCTION/OCCUPIED. Buyers will be required to sign an occupancy declaration. Property is sold "as is" with NO property disclosures, NO inspection reports, NO interior photos, NO lease in place, NO access- The seller does not represent or guarantee occupancy status. NO VIEWINGS of this property. Please

Key facts

• 2,000 sq ft lot
• Built 1920
• Listed 143 days

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Sewer: Other; Utilities: See remarks
• Home design: Quadruplex; Total building area approximately 3000
• Construction: Stone construction materials
• Exterior features: Stone construction; Not waterfront

Interior

• Bedrooms: Four 1-bedroom units
• Bathrooms: Four full bathrooms
• Heating & cooling: Wall/window air conditioning units; Other heating type
• Interior features: Basement: Full basement

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $879k.

Deal economics

• At list price, monthly cash flow is $131 ($2k/yr) — positive. Per door: $33/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 $786k (10.6% below list).
• Recommended offer: $774k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% 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 (+6.4%/yr); 152 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,855/mo this rent would consume 151% of the median local household income ($62k/yr) (locally 6960% 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 $94k of equity ($6k loan paydown + $88k 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 + 6.4% rent growth), your $246k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$151k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($774k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $950k (52%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% 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 $773,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 143 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 1920 — 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: 0.89% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 6.44% rent growth · sell at horizon

5-year hold

• IRR: 25.9%
• Equity multiple: 3.09×
• Total profit: $515,306
• Equity at exit: $791,873

10-year hold

• IRR: 23.7%
• Equity multiple: 7.41×
• Total profit: $1,576,718
• Equity at exit: $1,707,704

Cash invested: $246,120 (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 11233

• Home prices YoY: 2.9%
• Rents YoY: 6.4%
• Active inventory: 152
• Price-to-rent: 37.3×

Monthly cashflow live

• Estimated rent: $7,855 high
• Mortgage (P&I): −$4,610
• Tax est. 1.5%: −$1,099 /mo · $13,185/yr
• Insurance: −$366
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,650
• Net cashflow: $131

Break-even live

Break-even rent $7,689

Max offer price $879,000

Occupancy floor 93%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$7,856
Total (4 units)			$7,855

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: $219,750
• Closing costs: $26,370
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $879,000 Active 143 DOM
2. 2026-06-17
   days on market $879,000 Active 142 DOM
3. 2026-06-15
   price $879,000 Active 140 DOM
4. 2026-06-15
   days on market $884,500 Active 140 DOM
5. 2026-06-13
   days on market $884,500 Active 138 DOM
6. 2026-06-10
   days on market $884,500 Active 134 DOM
7. 2026-06-08
   days on market $884,500 Active 133 DOM
8. 2026-06-04
   days on market $884,500 Active 129 DOM
9. 2026-06-03
   days on market $884,500 Active 128 DOM
10. 2026-06-01
    days on market $884,500 Active 126 DOM
11. 2026-05-31
    pricedays on market $884,500 Active 125 DOM
12. 2026-05-07
    price $889,000
13. 2026-04-20
    price $895,500
14. 2026-04-01
    price $900,000
15. 2026-03-16
    price $1,000,000
16. 2026-02-25
    price $1,200,000
17. 2026-02-25
    status Active
18. 2025-11-25
    price $1,679,000
19. 2025-11-10
    price $1,793,300
20. 2025-10-22
    listed $1,828,500 Active

ⓘ 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 39% 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: $94,260
• − Mortgage interest: −$49,238
• − Property taxes: −$13,185
• − Insurance: −$4,395
• − Repairs & maintenance: −$7,541
• − Management: −$7,541
• − Depreciation: −$25,571
• Taxable loss: −$13,210
• Est. tax savings @ 24.0%: +$3,170
• After-tax cash flow: $4,741/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): 81,822
• Household income: $62,411
• Rent vs Own: 76.3% rent · 23.7% own
• Severe rent burden: 6960.0

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: Predominantly Black (65%)
• Race & ethnicity: Black 65% Hispanic / Latino 16% White 12% Two or more races 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 5% Dominican 5%
• Common ancestry: Hispanic 1% Romanian 1% Lithuanian 1%
• Foreign-born: 25% · Canada, Mexico, China
• Languages at home: 80% English-only · Spanish 12% French/Haitian/Cajun 3% Other Indo-European 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: ▲ 18.31%
• Current HPI: 645.4828
• Rent YoY: ▲ 6.44%
• 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

-51.4% since first listed

9 events — show timeline

• 2026-05-07 Price Changed $889,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-20 Price Changed $895,500 OneKey® MLS as Distributed by MLS Grid
• 2026-04-01 Price Changed $900,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-16 Price Changed $1,000,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-25 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-11-25 Price Changed $1,679,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-10 Price Changed $1,793,300 OneKey® MLS as Distributed by MLS Grid
• 2025-10-22 Listed $1,828,500 OneKey® MLS as Distributed by MLS Grid