6910 Beach Front Rd

New York, NY 11692

$1,178,000D

4 bd · 5.0 ba · 2,520 sqft · Built 2007 · MultiFamily · Pending · 82 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,650/mo
• Mortgage (P&I): −$6,178
• Tax + insurance: −$932
• HOA: −$0
• Vac / Maint / Mgmt: −$1,396
• Net cashflow: $-1,856/mo
• Annual: $-22,277/yr
• Cap rate: 4.40%
• Cash-on-cash: -6.75%
• DSCR: 0.70
• 1% rule: 0.56%
• Cash to close: $329,840

Investor read

• This is a 2 × 2-bed/2.5-bath units multifamily listed at $1.18M.
• At list price, monthly cash flow is $-2k ($-22k/yr) — negative. Per door: $-928/mo.
• To cash-flow at today's rent, offer at most $850k (27.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $665k (43.5% below list).
• It's been on market 82 days — a 6% lower offer ($1.11M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $665k (43.5% below list) — sets the bar for 1% rule.
• In year one you build about $126k of equity ($8k loan paydown + $118k appreciation (10.0% local appreciation)).
• 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: 80 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 11y ago 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.
• Current owner paid $840k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$202k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% 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.
• Cap rate 4.4% 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.
• At $6,650/mo this rent would consume 160% of the median local household income ($50k/yr) (locally 1734% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 82 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?