831 56th St · New York, NY 11220

$3,999,000

24 bd · 8.8 ba · — sqft · MultiFamily · 487 Days on market

2,100 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).

• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Cash flow +6.6/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +0.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 8 units. estimate disagrees with records

Listing remarks

Location!Location!Location! Rare opportunity to own a 10 years Mix-Use Property in Sunset Park 8th Avenue. Lot: 21x100, Building: 21x56. 2 medical offices with 4 resident units and 1 parking spaces!!! Separated Heat and Hot water. Lot of potentials for this property, easily increase the rent roll from 203K to 300K!!!

Key facts

• Mix-use property
• Resident units
• Parking spaces

Tags

• MIX-USE PROPERTY
• MEDICAL OFFICES
• RESIDENT UNITS
• PARKING SPACES
• SEPARATED HEAT
• HOT WATER

Property features AI

Finance

• Other: Utility expense reported
• Financial info: Rent income reported: $229,632; Some units currently leased; other units on month-to-month tenancy; Financing considered: Exchange, bank mortgage, or cash

Exterior

• Parking: Community drive parking (1 space)
• Utilities: 220V electric; Gas service; Hot water via boiler coil; Baseboard heat delivery
• Home design: Mixed-use property; Attached building
• Construction: Brick construction; Poured concrete foundation; Roof: Other (see remarks)
• Exterior features: Back yard; Brick exterior

Interior

• Bedrooms: Unit 1: 4 bedrooms; Unit 2: 4 bedrooms; Unit 3: 5 bedrooms; Unit 4: 5 bedrooms; Unit 5: 2 bedrooms; Unit 6: 4 bedrooms
• Bathrooms: Unit 1: 1 full bath; Unit 2: 1 full bath; Unit 3: 2 full baths; Unit 4: 2 full baths; Unit 5: 1 full bath; Unit 6: 2 full baths
• Heating & cooling: Gas heating with baseboard distribution; Hot water coil in boiler for hot water; 220V electric service
• Interior features: Finished basement; No interior floor coverings specified

What this means for you Summary

Snapshot

• This is a 8 × 3-bed/1.1-bath units multifamily listed at $4.00M.

Deal economics

• At list price, monthly cash flow is $-7k ($-79k/yr) — negative. Per door: $-826/mo.
• To cash-flow at today's rent, offer at most $3.04M (23.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.66M (33.4% below list).
• Recommended offer: $2.66M (33.4% below list) — sets the bar for 1% rule.
• Cap rate 4.3% 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 (+11.0%/yr); 271 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $26,620/mo this rent would consume 457% of the median local household income ($70k/yr) (locally 6563% 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 $253k of equity ($28k loan paydown + $225k appreciation (5.6% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$405k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 487 days — a 12% lower offer ($3.52M) is reasonable based on typical stale-listing flexibility.

Recommended offer $2,662,000 (33.4% below list)

Questions for the listing agent

1. 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?
2. It's been on market 487 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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: 0.67% ✗
• Cap rate: 4.31%
• Cash-on-cash: -7.08%
• DSCR: 0.68
• GRM: 12.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.70×
• Total profit: $788,309
• Equity at exit: $2,421,797

10-year hold

• IRR: 13.2%
• Equity multiple: 3.70×
• Total profit: $3,022,835
• Equity at exit: $4,314,406

Cash invested: $1,119,720 (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 11220

• Home prices YoY: 2.5%
• Rents YoY: 11.0%
• Active inventory: 271
• Price-to-rent: 100.2×

Monthly cashflow live

• Estimated rent: $26,620 high
• Mortgage (P&I): −$20,971
• Tax est. 1.5%: −$4,999 /mo · $59,985/yr
• Insurance: −$1,666
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,590
• Net cashflow: $-6,606

Break-even live

Break-even rent $34,983

Max offer price $3,043,045

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 8× units	3	1.1	$26,616
Total (8 units)			$26,620

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: $999,750
• Closing costs: $119,970
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $3,999,000 Active 487 DOM
2. 2026-06-17
   days on market $3,999,000 Active 486 DOM
3. 2026-06-15
   days on market $3,999,000 Active 484 DOM
4. 2026-06-13
   days on market $3,999,000 Active 482 DOM
5. 2026-06-10
   days on market $3,999,000 Active 478 DOM
6. 2026-06-08
   days on market $3,999,000 Active 477 DOM
7. 2026-06-03
   days on market $3,999,000 Active 472 DOM
8. 2026-06-01
   days on market $3,999,000 Active 470 DOM
9. 2026-05-31
   days on market $3,999,000 Active 469 DOM
10. 2025-02-16
    listed $3,999,000 Active
11. 2024-10-24
    price $3,990,000
12. 2024-05-08
    price $4,100,000
13. 2023-04-22
    price $3,700,000
14. 2023-04-14
    price $3,800,000
15. 2022-04-26
    price $3,900,000
16. 2021-11-18
    price $3,998,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $319,440
• − Mortgage interest: −$224,006
• − Property taxes: −$59,985
• − Insurance: −$19,995
• − Repairs & maintenance: −$25,555
• − Management: −$25,555
• − Depreciation: −$116,335
• Taxable loss: −$151,991
• Est. tax savings @ 24.0%: +$36,478
• After-tax cash flow: $-42,799/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): 90,652
• Household income: $69,883
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 6563.0

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 0.65)
• Race & ethnicity: Asian 40% Hispanic / Latino 40% White 16% Two or more races 7% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 8% Dominican 5%
• Common ancestry: Romanian 1% Scotch-Irish 1% Subsaharan African 1%
• Foreign-born: 52% · China, Canada, Jamaica
• Languages at home: 20% English-only · Spanish 35% Chinese 35% Arabic 3%

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: ▲ 5.63%
• Current HPI: 226.624
• Rent YoY: ▲ 11.02%
• 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

+0.0% since first listed

7 events — show timeline

• 2025-02-16 Listed $3,999,000 BNYMLS
• 2024-10-24 Price Changed $3,990,000 BNYMLS
• 2024-05-08 Price Changed $4,100,000 BNYMLS
• 2023-04-22 Price Changed $3,700,000 BNYMLS
• 2023-04-14 Price Changed $3,800,000 BNYMLS
• 2022-04-26 Price Changed $3,900,000 BNYMLS
• 2021-11-18 Price Changed $3,998,000 BNYMLS