23-41 33rd Ave · New York, NY 11106

$1,500,000

9 bd · 3.0 ba · 3,039 sqft · MultiFamily public records · 200 Days on market

Built 1960 2,062 sqft lot Est $1808k · 17% under

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Why this score? — see what drove the A- 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 +28.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Appreciation +6.0/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• 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: 3 units. confirmed

Listing remarks

LOCATION LOCATION LOCATION! LEGAL 3 FAMILY! CLOSE TO MASS TRANSPORTATION, BUSES & TRAIN , RFK BRIDGE, MINUTES AWAY FROM MANHATTAN. CLOSE TO ALL!, Additional information: Appearance:Fair

Key facts

• Legal 3 family
• 2,062 sq ft lot
• 2 parking spots

Tags

• LEGAL 3 FAMILY
• CLOSE TO MASS TRANSPORTATION
• MINUTES AWAY FROM MANHATTAN

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $5k ($59k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.50M).
• Recommended offer: $1.32M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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 (+7.3%/yr); 106 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $18,094/mo this rent would consume 256% of the median local household income ($85k/yr) (locally 3679% 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 $41k of equity ($10k loan paydown + $31k appreciation (2.1% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.1% appreciation + 7.3% rent growth), your $420k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$105k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 200 days — a 12% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $365k; list at $1.50M implies a 311% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $1,320,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 200 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 1960 — 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: 1.21% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.07%
• DSCR: 1.63
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $1,808,205
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25-35 Crescent St	0.71mi	10/3.0 (+1)	3,150 (+4%)	3mo	$1,580,000	$502	53
3280 38th St	0.57mi	8/3.0 (-1)	3,192 (+5%)	8mo	$1,900,000	$595	53

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

Projected returns pro-forma

2.06% appreciation · 7.28% rent growth · sell at horizon

5-year hold

• IRR: 21.4%
• Equity multiple: 2.20×
• Total profit: $502,251
• Equity at exit: $596,861

10-year hold

• IRR: 25.7%
• Equity multiple: 4.78×
• Total profit: $1,588,396
• Equity at exit: $863,517

Cash invested: $420,000 (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 11106

• Home prices YoY: 0.6%
• Rents YoY: 7.3%
• Active inventory: 106
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $18,094 high
• Mortgage (P&I): −$7,866
• Tax from tax record: −$880 /mo · $10,558/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,800
• Net cashflow: $4,923

Break-even live

Break-even rent $11,862

Max offer price $1,500,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$18,093
Total (3 units)			$18,094

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2024-10-28
   status Pending
2. 2024-06-24
   price $1,500,000
3. 2024-04-11
   listed $1,800,000 Active
4. 2001-02-07
   soldstatus $365,000

ⓘ 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: $10,558 · $880/mo
• Projected year-2 tax: $17,954 · $1,496/mo
• Expected delta: +$7,396/yr (+$616/mo · 70.1%)

ⓘ 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 6/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $217,128
• − Mortgage interest: −$84,023
• − Property taxes: −$10,558
• − Insurance: −$7,500
• − Repairs & maintenance: −$17,370
• − Management: −$17,370
• − Depreciation: −$43,636
• Taxable income: $36,670
• Est. tax owed @ 24.0%: −$8,801
• After-tax cash flow: $50,278/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): 40,930
• Household income: $84,867
• Rent vs Own: 83.4% rent · 16.6% own
• Severe rent burden: 3679.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 42% Hispanic / Latino 27% Asian 19% Two or more races 12% Black 7% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Dominican 4%
• Common ancestry: Scotch-Irish 3% Romanian 3% Estonian 2%
• Foreign-born: 39% · Canada, Jamaica, China
• Languages at home: 48% English-only · Spanish 22% Other Indo-European 13% Russian/Polish/Slavic 4%

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: ▲ 2.06%
• Current HPI: 348.3009
• Rent YoY: ▲ 7.28%
• 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

+311.0% since first listed

4 events — show timeline

• 2024-10-28 Pending — OneKey® MLS as Distributed by MLS Grid
• 2024-06-24 Price Changed $1,500,000 OneKey® MLS as Distributed by MLS Grid
• 2024-04-11 Listed $1,800,000 OneKey® MLS as Distributed by MLS Grid
• 2001-02-07 Sold (Public Records) $365,000 Public Records

Property tax history

+9.7%/yr

Latest (2025): $10,558 · +3.5% YoY. Source: county tax records.