31-74 33rd St · New York, NY 11106

$2,500,000

12 bd · 6.0 ba · 5,320 sqft · MultiFamily public records · 277 Days on market

Built 1923 $2660/mo HOA · 54% of rent ↓ 9% since listing

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Why this score? — see what drove the B- 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 +23.5/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Appreciation +6.0/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• 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: 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

PRIME LOCATION! Investor's Dream/excellent income potential. A very desirable location just two blocks from N/W Broadway subway station and 33rd Street. Fully leased 6-family – 5 market rate and 1 rent stabilized apartment. The property features 6 two-bedroom apartments in a well-maintained building. Surrounded by a vibrant mix of shopping and dining options, it is a perfect opportunity for investors seeking strong rental income and long-term value.

Key facts

• Built 1923
• Listed 277 days

Tags

• FULLY LEASED 6-FAMILY
• WELL-MAINTAINED BUILDING

Property features AI

Finance

• Financial info: No pets allowed in building
• HOA & community: Association fee of $2,660 monthly

Exterior

• Home design: 3 stories; Entry level at 1
• Construction: Lot dimensions approximately 25 x 96
• Exterior features: Full basement

Interior

• Bedrooms: 6 total units (multi-unit building)
• Flooring: Hardwood
• Bathrooms: 6 full bathrooms
• Heating & cooling: Central heating
• Interior features: Unfurnished; Crown molding; High ceilings; Hardwood flooring
• Laundry & utility: Common on-floor laundry (see remarks)

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $2.50M.

Deal economics

• At list price, monthly cash flow is $5k ($56k/yr) — positive. Per door: $777/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $2.50M).
• Recommended offer: $2.20M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (+7.3%/yr); 106 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $29,417/mo this rent would consume 416% of the median local household income ($85k/yr) (locally 3679% 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 $69k of equity ($17k loan paydown + $52k appreciation (2.1% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.1% appreciation + 7.3% rent growth), your $700k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$174k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 277 days — a 12% lower offer ($2.20M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,200,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 277 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 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
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: 1.18% ✓
• Cap rate: 8.53%
• Cash-on-cash: 7.99%
• DSCR: 1.36
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.06% appreciation · 7.28% rent growth · sell at horizon

5-year hold

• IRR: 15.6%
• Equity multiple: 1.87×
• Total profit: $609,792
• Equity at exit: $994,768

10-year hold

• IRR: 20.6%
• Equity multiple: 4.07×
• Total profit: $2,151,131
• Equity at exit: $1,439,196

Cash invested: $700,000 (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 11106

• Home prices YoY: 0.6%
• Rents YoY: 7.3%
• Active inventory: 106
• Price-to-rent: 42.5×

Monthly cashflow live

• Estimated rent: $29,417 high
• Mortgage (P&I): −$13,110
• Tax from tax record: −$1,767 /mo · $21,204/yr
• Insurance: −$1,042
• HOA: −$2,660
• Vacancy / Maint / Mgmt: −$6,178
• Net cashflow: $4,661

Break-even live

Break-even rent $23,518

Max offer price $2,500,000

Occupancy floor 79%

Sensitivity live

Price	-10% $6,076	-5% $5,368	+0% $4,661	+5% $3,953	+10% $3,245
Rent	-10% $2,337	-5% $3,499	+0% $4,661	+5% $5,822	+10% $6,984
Rate	-1.0pp $5,920	-0.5pp $5,296	base $4,661	+0.5pp $4,013	+1.0pp $3,354

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$29,418
Total (6 units)			$29,417

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: $625,000
• Closing costs: $75,000
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $2,660 · $31,920/yr

Listing history 10 events

1. 2026-06-17
   days on market $2,500,000 Active 277 DOM
2. 2026-06-15
   days on market $2,500,000 Active 275 DOM
3. 2026-06-13
   days on market $2,500,000 Active 273 DOM
4. 2026-06-10
   days on market $2,500,000 Active 269 DOM
5. 2026-06-08
   days on market $2,500,000 Active 268 DOM
6. 2026-06-03
   days on market $2,500,000 Active 263 DOM
7. 2026-06-01
   days on market $2,500,000 Active 261 DOM
8. 2026-05-31
   days on market $2,500,000 Active 260 DOM
9. 2026-01-13
   price $2,500,000
10. 2025-09-12
    listed $2,750,000 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: $21,204 · $1,767/mo
• Projected year-2 tax: $31,727 · $2,644/mo
• Expected delta: +$10,523/yr (+$877/mo · 49.6%)

ⓘ 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 · 14 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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $353,004
• − Mortgage interest: −$140,039
• − Property taxes: −$21,204
• − Insurance: −$12,500
• − Repairs & maintenance: −$28,240
• − Management: −$28,240
• − HOA: −$31,920
• − Depreciation: −$72,727
• Taxable income: $18,133
• Est. tax owed @ 24.0%: −$4,352
• After-tax cash flow: $51,574/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: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 40,930
• Household income: $84,867
• Rent vs Own: 83.4% rent · 16.6% own
• Severe rent burden: 3679.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 42% Hispanic / Latino 27% Asian 19% Two or more races 12% Black 7% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Dominican 4%
• Common ancestry: Scotch-Irish 3% Romanian 3% Estonian 2%
• Foreign-born: 39% · Canada, Jamaica, China
• Languages at home: 48% English-only · Spanish 22% Other Indo-European 13% Russian/Polish/Slavic 4%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.06%
• Current HPI: 348.3009
• Rent YoY: ▲ 7.28%
• 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

-9.1% since first listed

2 events — show timeline

• 2026-01-13 Price Changed $2,500,000 RLS at REBNY
• 2025-09-12 Listed $2,750,000 RLS at REBNY

Property tax history

+5.6%/yr

Latest (2025): $21,204 · -1.0% YoY. Source: county tax records.