2760 W 15th St · New York, NY 11224

$999,000

6 bd · 3.0 ba · 1,836 sqft · MultiFamily public records · 183 Days on market

Built 1915 2,375 sqft lot Est $1214k · 18% under

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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 +18.9/30.0
• ARV discount +15.0/15.0
• Appreciation +7.5/10.0
• DSCR +5.9/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• 1% rule +3.8/10.0
• 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: 2 units. confirmed

Listing remarks

prime location investment opportunity , money making property 2 family with finished bsmt , pvt entrance . Near subway D<Q<F and N . bus line ( B64 & B68). Easy access to Belt pkwy b & Major Roadways. Located in Opportunity ZONE. land has M1-2 zoning . FRONT garage and Entrance , 2 family House located back of the lot , money producing property with having business Front of the houseone of the kind in the area, WINNER. ..

Key facts

• Pvt entrance
• Front garage
• Near subway

Tags

• PRIME LOCATION
• INVESTMENT OPPORTUNITY
• FINISHED BSMT
• PVT ENTRANCE
• NEAR SUBWAY
• FRONT GARAGE

Property features AI

Finance

• Other: Property configured as a 2-unit multi-family building
• Financial info: Financing options: Bank mortgage or cash; Reported annual rent income: rental income period 12 months (income listed); Utility expense listed
• HOA & community: No HOA information provided

Exterior

• Parking: Private drive; Built-in garage with 4 parking spaces
• Security: No security features specified
• Utilities: Electric: 110V, 200 Amp; Hot water: Gas; Heating fuel: Gas; Typical utility expense reported
• Home design: Attached building; Residential property
• Construction: Wood frame construction; Brick exterior; Flat roof; Other type foundation
• Exterior features: Front yard; Storage rooms

Interior

• Kitchen: Each unit includes stove/oven and refrigerator
• Bedrooms: Two 3-bedroom units (one on the 1st floor, one on the 2nd floor)
• Flooring: Hardwood floors
• Bathrooms: Unit 1: 1 full bath; Unit 2: 2 full baths; Additional: 1 three-quarter bath reported for the property
• Heating & cooling: Steam/radiator heat; Gas hot water; Electrical service: 110V, 200 Amp
• Interior features: Finished basement; Hardwood floors; No central air units reported
• Laundry & utility: No washer/dryer specified

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive. Per door: $295/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 $879k (12.0% below list).
• Recommended offer: $879k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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 (+7.0%/yr); 114 active listings in the ZIP; lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $8,788/mo this rent would consume 242% of the median local household income ($44k/yr) (locally 4426% 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 $57k of equity ($7k loan paydown + $50k appreciation (5.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.0% appreciation + 7.0% rent growth), your $280k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$91k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($879k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $365k; list at $999k implies a 174% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 69% 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 $878,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 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 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 0.88% ✗
• Cap rate: 7.51%
• Cash-on-cash: 4.36%
• DSCR: 1.19
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $1,213,596
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
78 28th Ave	0.62mi	6/3.0	1,740 (-5%)	5mo	$1,150,000	$661	58

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.98% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 2.09×
• Total profit: $303,670
• Equity at exit: $565,028

10-year hold

• IRR: 18.7%
• Equity multiple: 4.47×
• Total profit: $971,351
• Equity at exit: $974,260

Cash invested: $279,720 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $8,788 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$271 /mo · $3,252/yr
• Insurance: −$416
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,845
• Net cashflow: $590

Break-even live

Break-even rent $8,041

Max offer price $999,000

Occupancy floor 88%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$8,788
Total (2 units)			$8,788

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: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $999,000 Active 183 DOM
2. 2026-06-17
   days on market $999,000 Active 182 DOM
3. 2026-06-15
   days on market $999,000 Active 180 DOM
4. 2026-06-13
   days on market $999,000 Active 178 DOM
5. 2026-06-10
   days on market $999,000 Active 174 DOM
6. 2026-06-08
   days on market $999,000 Active 173 DOM
7. 2026-06-04
   days on market $999,000 Active 169 DOM
8. 2026-06-03
   days on market $999,000 Active 168 DOM
9. 2026-06-01
   days on market $999,000 Active 166 DOM
10. 2026-05-31
    days on market $999,000 Active 165 DOM
11. 2025-12-18
    price $999,000
12. 2025-12-17
    listed $9,999,000 Active
13. 2004-07-08
    soldstatus $365,000
14. 2002-08-15
    soldstatus $325,000
15. 1998-07-14
    soldstatus $205,000
16. 1986-02-25
    soldstatus $22,000

ⓘ 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: $3,252 · $271/mo
• Projected year-2 tax: $10,067 · $839/mo
• Expected delta: +$6,816/yr (+$568/mo · 209.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% 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: $105,456
• − Mortgage interest: −$55,960
• − Property taxes: −$3,252
• − Insurance: −$10,114
• − Repairs & maintenance: −$8,436
• − Management: −$8,436
• − Depreciation: −$29,062
• Taxable loss: −$9,803
• Est. tax savings @ 24.0%: +$2,353
• After-tax cash flow: $9,432/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): 50,822
• Household income: $43,648
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 4426.0

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 0.68)
• Race & ethnicity: White 48% Black 22% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 8% Dominican 2%
• Common ancestry: Scotch-Irish 10% Subsaharan African 7% Romanian 1%
• Foreign-born: 48% · Canada, China
• Languages at home: 42% English-only · Russian/Polish/Slavic 32% Spanish 11% Chinese 5%

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: ▲ 4.98%
• Current HPI: 505.1405
• Rent YoY: ▲ 7.03%
• 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

+4440.9% since first listed

6 events — show timeline

• 2025-12-18 Price Changed $999,000 BNYMLS
• 2025-12-17 Listed $9,999,000 BNYMLS
• 2004-07-08 Sold (Public Records) $365,000 Public Records
• 2002-08-15 Sold (Public Records) $325,000 Public Records
• 1998-07-14 Sold (Public Records) $205,000 Public Records
• 1986-02-25 Sold (Public Records) $22,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $3,252 · -2.4% YoY. Source: county tax records.