137-16 88th St · New York, NY 11417

$999,000

25 bd · 25.0 ba · 3,705 sqft · MultiFamily public records · 3 Days on market

Built 1978 3,284 sqft lot ↓ 17% since listing

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• 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: 5 units. estimate disagrees with records

Listing remarks MLS

Exceptional investment opportunity in the heart of Ozone Park. This brick 5-unit income-producing property consists of five 1-bedroom apartments and is currently operating at approximately a 5% cap rate with significant upside potential. Two units are currently vacant, providing a rare opportunity for a new owner to immediately lease at market rents and substantially increase the property’s income and overall return. Additional features include a private driveway, garage, common laundry area with supplemental income potential, separate utility services, and approximately 3,705 square feet of building area. Located just minutes from Cross Bay Boulevard, transportation, shopping, restaurants, and major roadways. Whether you’re looking for a stable long-term hold, value-add investment, or 1031 exchange opportunity, this property offers immediate cash flow with the ability to significantly improve performance through lease-up and rental optimization. Rarely does a Queens multifamily asset offer both current income and such clear potential for future growth.

Key facts

• Private driveway
• Common laundry area
• 3,284 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• INCOME PRODUCING PROPERTY
• PRIVATE DRIVEWAY
• COMMON LAUNDRY AREA
• SEPARATE UTILITY SERVICES
• MINUTES FROM TRANSPORTATION

Property features AI

Finance

• Other: Building area approximately 3,705 (unit not shown); Lot approximately 0.08 acres (22.3 x 120)
• Financial info: Five rental units total; Sample rents listed for units: $2,000; $1,300; $1,500 (other units show market rents or not listed)

Exterior

• Parking: Attached garage (1 car); On-street parking available
• Utilities: 220-volt electric service
• Home design: Brick construction; Three-story multi-family building; Zoned R4
• Construction: Brick construction; Approximate year built
• Exterior features: Balconies

Interior

• Bedrooms: Five total one-bedroom units (unit levels: at least one on level 2 and one on level 3)
• Bathrooms: Five full bathrooms (one per unit)
• Heating & cooling: Natural gas heating; Hot water and steam heating systems; Cooling provided by units
• Interior features: Central air conditioning units; Cable available; On-site laundry; Storage space
• Laundry & utility: Laundry in building

What this means for you Summary

Snapshot

• This is a 5 × 5-bed/5.0-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $6k ($74k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $999k).
• Cap rate 13.7% 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: 116 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $18,377/mo this rent would consume 253% of the median local household income ($87k/yr) (locally 1206% 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 $30k 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 + 3.0% rent growth), your $280k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 3.2% of price.
• Climate carrying-cost: major wind risk, 67% 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 $999,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.84% ✓
• Cap rate: 13.71%
• Cash-on-cash: 26.51%
• DSCR: 2.18
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 20.4%
• Equity multiple: 1.83×
• Total profit: $232,810
• Equity at exit: $148,954

10-year hold

• IRR: 28.7%
• Equity multiple: 3.55×
• Total profit: $714,172
• Equity at exit: $86,375

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 11417

• Active inventory: 116
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $18,377 medium
• Mortgage (P&I): −$5,239
• Tax from tax record: −$2,684 /mo · $32,207/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,859
• Net cashflow: $6,179

Break-even live

Break-even rent $10,556

Max offer price $999,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 5× units	5	5	$18,375
Total (5 units)			$18,377

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 4 events

1. 2026-06-18
   days on market $999,000 Active 3 DOM
2. 2026-06-17
   days on market $999,000 Active 2 DOM
3. 2026-06-15
   remarks 699-char remark

   Show marketing remark (1081 chars)

   Exceptional investment opportunity in the heart of Ozone Park. This brick 5-unit income-producing property consists of five 1-bedroom apartments and is currently operating at approximately a 5% cap rate with significant upside potential. Two units are currently vacant, providing a rare opportunity for a new owner to immediately lease at market rents and substantially increase the property’s income and overall return. Additional features include a private driveway, garage, common laundry area with supplemental income potential, separate utility services, and approximately 3,705 square feet of building area. Located just minutes from Cross Bay Boulevard, transportation, shopping, restaurants, and major roadways. Whether you’re looking for a stable long-term hold, value-add investment, or 1031 exchange opportunity, this property offers immediate cash flow with the ability to significantly improve performance through lease-up and rental optimization. Rarely does a Queens multifamily asset offer both current income and such clear potential for future growth.

4. 2026-06-15
   listed $999,000 Active 1 DOM

   Show marketing remark (1081 chars)

   Exceptional investment opportunity in the heart of Ozone Park. This brick 5-unit income-producing property consists of five 1-bedroom apartments and is currently operating at approximately a 5% cap rate with significant upside potential. Two units are currently vacant, providing a rare opportunity for a new owner to immediately lease at market rents and substantially increase the property’s income and overall return. Additional features include a private driveway, garage, common laundry area with supplemental income potential, separate utility services, and approximately 3,705 square feet of building area. Located just minutes from Cross Bay Boulevard, transportation, shopping, restaurants, and major roadways. Whether you’re looking for a stable long-term hold, value-add investment, or 1031 exchange opportunity, this property offers immediate cash flow with the ability to significantly improve performance through lease-up and rental optimization. Rarely does a Queens multifamily asset offer both current income and such clear potential for future growth.

ⓘ 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: $32,207 · $2,684/mo
• Projected year-2 tax: $32,207 · $2,684/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 67% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $220,524
• − Mortgage interest: −$55,960
• − Property taxes: −$32,207
• − Insurance: −$4,995
• − Repairs & maintenance: −$17,642
• − Management: −$17,642
• − Depreciation: −$29,062
• Taxable income: $63,017
• Est. tax owed @ 24.0%: −$15,124
• After-tax cash flow: $59,022/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): 30,578
• Household income: $87,006
• Rent vs Own: 41.7% rent · 58.3% own
• Severe rent burden: 1206.0

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 0.74)
• Race & ethnicity: Hispanic / Latino 37% Asian 29% White 17% Two or more races 16% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 10% Dominican 10%
• Common ancestry: Romanian 1%
• Foreign-born: 44% · Canada, China, Jamaica
• Languages at home: 46% English-only · Spanish 28% Other Indo-European 16% Chinese 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: ▼ -407.81%
• Current HPI: 307.7585
• Rent YoY: —
• 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

-16.8% since first listed

16 events — show timeline

• 2026-06-15 Listed $999,000 BNYMLS
• 2026-06-15 Listed $999,000 SIBORMLS
• 2026-05-22 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-02-03 Price Changed $999,000 OneKey® MLS as Distributed by MLS Grid
• 2025-11-21 Listed $1,100,000 OneKey® MLS as Distributed by MLS Grid
• 2024-01-30 Rental Removed $2,200 ONEKEY
• 2024-01-12 Price Changed $2,200 ONEKEY
• 2023-11-23 Listed for Rent $2,500 ONEKEY
• 2022-08-28 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2022-07-20 Price Changed $909,000 OneKey® MLS as Distributed by MLS Grid
• 2022-06-22 Price Changed $949,000 OneKey® MLS as Distributed by MLS Grid
• 2022-05-10 Price Changed $989,000 OneKey® MLS as Distributed by MLS Grid
• 2022-03-11 Listed $1,076,000 OneKey® MLS as Distributed by MLS Grid
• 2020-12-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-08-28 Price Changed $1,199,000 OneKey® MLS as Distributed by MLS Grid
• 2020-02-25 Listed $1,200,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.4%/yr

Latest (2025): $32,207 · +6.9% YoY. Source: county tax records.