2233 W 5th St · New York, NY 11223

$959,000

4 bd · 2.0 ba · 1,425 sqft · MultiFamily public records · 2684 Days on market

Built 1925 1,675 sqft lot Est $1049k · 9% under

---

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 +16.9/30.0
• ARV discount +11.4/15.0
• DSCR +5.3/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

FINISHED BASEMENT W/BATH SUMMER KITCHEN. 1ST FLR KITCHEN, NEW PARQUET FLOORS. LARGE YARD. SEPARATE ENT. TO BASEMENT. BEST HOUSE FOR THIS PRICE. OWNER WANTS OFFERS. FULL POSSESSION.

Key facts

• 1,675 sq ft lot
• Listed 2684 days

Property features AI

Finance

• Other: Two-unit multi-family property (2 units total); one unit owner-occupied, one unit leased
• Financial info: Financing available: bank mortgage or cash

Exterior

• Parking: No on-site parking
• Utilities: 220V electric; Gas hot water; Gas heating; Steam/radiator heat
• Home design: Detached residential building; Two-story building; Building dimensions approximately 50.00 x 15.00; Building footprint about 750
• Construction: Wood frame construction; Flat rubber roof; Poured concrete foundation; Property zoned R5
• Exterior features: Back yard; Side yard; Siding exterior

Interior

• Bedrooms: Two 2-bedroom units (one on 1st floor, one on 2nd floor)
• Flooring: Hardwood; Tile
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Steam/radiator heat; Gas heating; 220V electric
• Interior features: Finished full basement; Hardwood floors; Tile floors; No central air

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $959k.

Deal economics

• At list price, monthly cash flow is $635 ($8k/yr) — positive. Per door: $317/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 $794k (17.2% below list).
• Recommended offer: $794k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 (+13.1%/yr); 216 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $7,942/mo this rent would consume 150% of the median local household income ($63k/yr) (locally 6011% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 2684 days — a 12% lower offer ($844k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask is 4% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $510k; list at $959k implies a 88% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 68% 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.

Recommended offer $794,200 (17.2% below list)

Questions for the listing agent

1. It's been on market 2684 days. Have you received any prior offers? Is the seller open to a 17% 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 1925 — 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: 0.83% ✗
• Cap rate: 7.09%
• Cash-on-cash: 2.84%
• DSCR: 1.13
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $1,048,800
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2032 W 4th St	0.30mi	4/3.0	1,440 (+1%)	5mo	$1,196,000	$831	76
450 Lake St	0.06mi	3/2.0 (-1)	1,292 (-9%)	11mo	$1,110,000	$859	67
26 Bay 41 St	0.60mi	4/3.5	1,428 (+0%)	1mo	$1,200,000	$840	64
2030 W 8th St	0.37mi	4/3.0	1,280 (-10%)	1mo	$990,000	$773	61
2574 Stillwell Ave	0.72mi	4/2.0	1,504 (+6%)	8mo	$998,000	$664	51
2552 East 2nd St	0.60mi	3/1.5 (-1)	1,480 (+4%)	10mo	$1,150,000	$777	50
145 Bay 41 St	0.68mi	4/2.0	1,540 (+8%)	14mo	$995,000	$646	43
1885 W 11th St	0.63mi	4/3.0	1,488 (+4%)	19mo	$1,095,000	$736	43
1871 West 8th St	0.60mi	5/2.0 (+1)	1,600 (+12%)	9mo	$850,000	$531	39
2701 86th St	0.36mi	5/3.0 (+1)	1,590 (+12%)	20mo	$880,000	$553	38
322 Avenue S	0.55mi	4/2.5	1,608 (+13%)	23mo	$1,165,000	$725	31

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -7.1%
• Equity multiple: 0.73×
• Total profit: $-73,480
• Equity at exit: $142,990

10-year hold

• IRR: 7.3%
• Equity multiple: 1.66×
• Total profit: $177,131
• Equity at exit: $82,917

Cash invested: $268,520 (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 11223

• Rents YoY: 13.1%
• Active inventory: 216
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $7,942 medium
• Mortgage (P&I): −$5,029
• Tax from tax record: −$211 /mo · $2,528/yr
• Insurance: −$400
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,668
• Net cashflow: $635

Break-even live

Break-even rent $7,138

Max offer price $959,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$7,942
Total (2 units)			$7,942

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: $239,750
• Closing costs: $28,770
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8642 26th Ave Unit 3 Brooklyn, NY	3.0	1.0	1100	$3,100	$2.82	15d	1	0.55mi
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	24d	1	0.61mi
2321 81st St Unit 1 Brooklyn, NY	3.0	1.0	1199	$2,499	$2.08	17d	1	0.89mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	24d	1	0.94mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	24d	1	0.94mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$5,725	$6.04	7d	8	1.01mi
187 Bay 31st St #1 Brooklyn, NY	3.0	3.0	1800	$5,200	$2.89	19d	1	1.12mi

Listing history 14 events

1. 2026-06-18
   days on market $959,000 Active 2684 DOM
2. 2026-06-17
   days on market $959,000 Active 2683 DOM
3. 2026-06-15
   days on market $959,000 Active 2681 DOM
4. 2026-06-13
   days on market $959,000 Active 2679 DOM
5. 2026-06-10
   days on market $959,000 Active 2675 DOM
6. 2026-06-08
   days on market $959,000 Active 2674 DOM
7. 2026-06-03
   days on market $959,000 Active 2669 DOM
8. 2026-06-01
   days on market $959,000 Active 2667 DOM
9. 2026-05-31
   days on market $959,000 Active 2666 DOM
10. 2019-03-22
    price $959,000
11. 2019-02-11
    listed $919,000 Active
12. 2007-10-09
    soldstatus $510,000
13. 2007-03-01
    listed $528,000 182-char remark

    Show marketing remark (182 chars)

    FINISHED BASEMENT W/BATH SUMMER KITCHEN. 1ST FLR KITCHEN, NEW PARQUET FLOORS. LARGE YARD. SEPARATE ENT. TO BASEMENT. BEST HOUSE FOR THIS PRICE. OWNER WANTS OFFERS. FULL POSSESSION.

14. 1984-10-30
    soldstatus $93,000

ⓘ 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: $2,528 · $211/mo
• Projected year-2 tax: $9,367 · $781/mo
• Expected delta: +$6,840/yr (+$570/mo · 270.6%)

ⓘ 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 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% 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: $95,304
• − Mortgage interest: −$53,719
• − Property taxes: −$2,528
• − Insurance: −$4,795
• − Repairs & maintenance: −$7,624
• − Management: −$7,624
• − Depreciation: −$27,898
• Taxable loss: −$8,884
• Est. tax savings @ 24.0%: +$2,132
• After-tax cash flow: $9,751/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): 78,093
• Household income: $63,368
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 6011.0

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: White 51% Asian 26% Hispanic / Latino 13% Black 5% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2% Dominican 1%
• Common ancestry: Scotch-Irish 4% Subsaharan African 4% Romanian 1%
• Foreign-born: 46% · China, Canada, Philippines
• Languages at home: 41% English-only · Chinese 17% Russian/Polish/Slavic 15% Spanish 9%

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: ▼ -286.92%
• Current HPI: 430.9891
• Rent YoY: ▲ 13.09%
• 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

+931.2% since first listed

5 events — show timeline

• 2019-03-22 Price Changed $959,000 BNYMLS
• 2019-02-11 Listed $919,000 BNYMLS
• 2007-10-09 Sold (Public Records) $510,000 Public Records
• 2007-03-01 Listed $528,000 BNYMLS
• 1984-10-30 Sold (Public Records) $93,000 Public Records

Property tax history

+7.1%/yr

Latest (2025): $2,528 · +5.0% YoY. Source: county tax records.