862 Woodward Ave · New York, NY 11358

$1,349,000

15 bd · 6.0 ba · 5,775 sqft · MultiFamily public records · 76 Days on market

Built 1930 2,742 sqft lot

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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 +22.3/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 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

Turnkey six (6) family building in prime Ridgewood, 7% cap rate, well-maintained, railroad style. 7 gas meters and 7 electric meters. Three 3-bedroom apartments and three 2-bedroom apartments. New roof replaced in 2022, new skylight, basement front entrance door, and new boiler in 2023. Close to 5,800 square feet of interior space, building size is 27.5x70, lot size is 27.5x100. Property tax is $19,650. Close to $130,000 great NOI, 7% cap rate. Excellent location, close to all. DHCR available upon request. Motivated seller

Key facts

• New boiler
• Prime ridgewood
• Well maintained

Tags

• PRIME RIDGEWOOD
• WELL MAINTAINED
• NEW ROOF
• NEW SKYLIGHT
• NEW BOILER
• BASEMENT FRONT ENTRANCE DOOR

Property features AI

Finance

• Other: Utility expense reported as 0.00 (per listing data)
• Financial info: Rent income reported (details provided); Financing options include cash, bank mortgage, and exchange considered
• HOA & community: Bike rooms; Storage rooms

Exterior

• Parking: Street parking
• Security: Secure lobby
• Utilities: Electric service (details listed as other); Hot water (details listed as other); Heating fuel listed as other; Heat delivery listed as other
• Home design: Attached residential building; Total building area approximately 5,775; Zoning R6B; Lot dimensions approximately 27.42 x 100; Lot number 35
• Construction: Construction materials noted as other; Other roof (see remarks); Other foundation; Building footprint about 1,890 sq ft; Building dimensions about 70.00 x 27.00
• Exterior features: Yard with details in remarks; Exterior details referenced (see remarks)

Interior

• Flooring: Other flooring (see remarks)
• Bathrooms: Six full bathrooms
• Heating & cooling: Five or more AC units
• Interior features: Additional interior features noted (see remarks); Basement with unspecified features

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/?-bath units multifamily listed at $1.35M.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $443/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.35M).
• Recommended offer: $1.27M (6.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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 (+12.7%/yr); 177 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $14,521/mo this rent would consume 198% of the median local household income ($88k/yr) (locally 1845% 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 $9k of loan paydown is wiped out by about $40k of value loss. Plan a longer hold.
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $378k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($1.27M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $255k; list at $1.35M implies a 429% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 40% 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 $1,268,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% 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 1930 — 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: 1.08% ✓
• Cap rate: 8.26%
• Cash-on-cash: 7.03%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $2,864,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1701 Gates Ave	0.38mi	15/6.0	5,850 (+1%)	4mo	$2,900,000	$496	76

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: -0.0%
• Equity multiple: 1.00×
• Total profit: $-683
• Equity at exit: $201,140

10-year hold

• IRR: 14.2%
• Equity multiple: 2.41×
• Total profit: $530,961
• Equity at exit: $116,637

Cash invested: $377,720 (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 11358

• Rents YoY: 12.7%
• Active inventory: 177
• Price-to-rent: 38.7×

Monthly cashflow live

• Estimated rent: $14,521 high
• Mortgage (P&I): −$7,074
• Tax from tax record: −$1,621 /mo · $19,458/yr
• Insurance: −$562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,049
• Net cashflow: $2,214

Break-even live

Break-even rent $11,719

Max offer price $1,349,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	—	$14,520
Total (5 units)			$14,521

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: $337,250
• Closing costs: $40,470
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $1,349,000 Active 76 DOM
2. 2026-06-17
   days on market $1,349,000 Active 75 DOM
3. 2026-06-15
   days on market $1,349,000 Active 73 DOM
4. 2026-06-13
   days on market $1,349,000 Active 71 DOM
5. 2026-06-10
   days on market $1,349,000 Active 67 DOM
6. 2026-06-08
   days on market $1,349,000 Active 66 DOM
7. 2026-06-08
   days on market $1,349,000 Active 65 DOM
8. 2026-06-04
   days on market $1,349,000 Active 62 DOM
9. 2026-06-03
   days on market $1,349,000 Active 61 DOM
10. 2026-06-01
    days on market $1,349,000 Active 59 DOM
11. 2026-05-31
    days on market $1,349,000 Active 58 DOM
12. 2026-04-02
    listed $1,349,000 Active
13. 1999-06-02
    soldstatus $255,000
14. 1994-02-09
    soldstatus $195,000

ⓘ 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: $19,458 · $1,621/mo
• Projected year-2 tax: $21,128 · $1,761/mo
• Expected delta: +$1,670/yr (+$139/mo · 8.6%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% 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 40% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $174,252
• − Mortgage interest: −$75,565
• − Property taxes: −$19,458
• − Insurance: −$6,745
• − Repairs & maintenance: −$13,940
• − Management: −$13,940
• − Depreciation: −$39,244
• Taxable income: $5,360
• Est. tax owed @ 24.0%: −$1,286
• After-tax cash flow: $25,278/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): 37,665
• Household income: $88,165
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1845.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Asian 49% White 28% Hispanic / Latino 17% Two or more races 7%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 1% Scotch-Irish 1%
• Foreign-born: 50% · China, South Korea, Canada
• Languages at home: 33% English-only · Chinese 25% Spanish 14% Korean 13%

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: ▼ -593.47%
• Current HPI: 304.3857
• Rent YoY: ▲ 12.74%
• 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

+591.8% since first listed

3 events — show timeline

• 2026-04-02 Listed $1,349,000 BNYMLS
• 1999-06-02 Sold (Public Records) $255,000 Public Records
• 1994-02-09 Sold (Public Records) $195,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $19,458 · +2.2% YoY. Source: county tax records.