448 E 26th St · New York, NY 11226

$1,999,999

27 bd · 11.7 ba · 10,000 sqft · MultiFamily · 70 Days on market

Fair condition 4,000 sqft lot

---

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 +21.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• Appreciation +6.4/10.0
• 1% rule +5.7/10.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 9 units. estimate disagrees with records

Listing remarks

We are pleased to present 448 East 26th Street to market. This solid 12 Family Building in Flatbush consists of 12 Rent Stabilized units. The building spans 10,000sf and sits on a unique 4,000 SF lot. Zoned R6, 448 East 26th Street is primely located a few blocks from the Flatbush Avenue commercial corridors, benefiting from high foot traffic, strong visibility, high traffic count. The central location offers seamless connectivity to public transportation. 448 East 26th Street is nestled in a thriving submarket of Brooklyn with consistent demand for rental housing.

Key facts

• Zoned r6
• Strong visibility
• High foot traffic

Tags

• UNIQUE 4000 SF LOT
• ZONED R6
• HIGH FOOT TRAFFIC
• STRONG VISIBILITY
• HIGH TRAFFIC COUNT

Property features AI

Finance

• Other: Monthly utility expense reported
• Financial info: Financing considered: cash, bank mortgage, exchange

Exterior

• Parking: Street parking
• Security: Secure lobby
• Utilities: 110V electric; Gas hot water; Gas heating; Steam/radiator heat
• Home design: Detached residential building; Flat roof; Poured concrete foundation; Building footprint approximately 3,000 (75 x 40); Zoning: R6
• Construction: Masonry construction; Brick exterior; Flat roof; Poured concrete foundation
• Exterior features: Front yard; Back yard; Brick exterior; Masonry construction

Interior

• Flooring: Hardwood floors
• Bathrooms: 12 full bathrooms
• Heating & cooling: Steam/radiator heating; Gas hot water; 110V electric
• Interior features: Window air conditioning units; Hardwood floors; Full basement

What this means for you Summary

Snapshot

• This is a 9 × 3-bed/?-bath units multifamily listed at $2.00M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $341/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $2.00M).
• Recommended offer: $1.88M (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 (+4.0%/yr); 153 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $21,383/mo this rent would consume 317% of the median local household income ($81k/yr) (locally 8485% 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 $71k of equity ($14k loan paydown + $57k appreciation (2.9% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.9% appreciation + 4.0% rent growth), your $560k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$116k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($1.88M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $700k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $1,879,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.07% ✓
• Cap rate: 8.14%
• Cash-on-cash: 6.58%
• DSCR: 1.29
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.87% appreciation · 4.0% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 1.80×
• Total profit: $445,246
• Equity at exit: $885,106

10-year hold

• IRR: 16.4%
• Equity multiple: 3.43×
• Total profit: $1,360,875
• Equity at exit: $1,353,130

Cash invested: $560,000 (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 11226

• Home prices YoY: 0.9%
• Rents YoY: 4.0%
• Active inventory: 153
• Price-to-rent: 70.1×

Monthly cashflow live

• Estimated rent: $21,383 high
• Mortgage (P&I): −$10,488
• Tax est. 1.5%: −$2,500 /mo · $30,000/yr
• Insurance: −$833
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,490
• Net cashflow: $3,071

Break-even live

Break-even rent $17,496

Max offer price $1,999,999

Occupancy floor 81%

Sensitivity live

Price	-10% $4,453	-5% $3,762	+0% $3,071	+5% $2,380	+10% $1,689
Rent	-10% $1,382	-5% $2,226	+0% $3,071	+5% $3,916	+10% $4,760
Rate	-1.0pp $4,078	-0.5pp $3,580	base $3,071	+0.5pp $2,553	+1.0pp $2,026

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

Units	Beds	Baths	Est. rent
▸ 9× units	3	—	$21,384
Total (9 units)			$21,383

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: $500,000
• Closing costs: $60,000
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $1,999,999 Active 70 DOM
2. 2026-06-18
   days on market $1,999,999 Active 67 DOM
3. 2026-06-17
   days on market $1,999,999 Active 66 DOM
4. 2026-06-15
   days on market $1,999,999 Active 64 DOM
5. 2026-06-13
   days on market $1,999,999 Active 62 DOM
6. 2026-06-10
   days on market $1,999,999 Active 58 DOM
7. 2026-06-08
   days on market $1,999,999 Active 57 DOM
8. 2026-06-08
   days on market $1,999,999 Active 56 DOM
9. 2026-06-04
   days on market $1,999,999 Active 53 DOM
10. 2026-06-03
    days on market $1,999,999 Active 52 DOM
11. 2026-06-01
    days on market $1,999,999 Active 50 DOM
12. 2026-05-31
    days on market $1,999,999 Active 49 DOM
13. 2026-05-15
    price $1,999,999
14. 2026-04-12
    listed $2,699,999 Active
15. 2025-08-28
    price $2,096,696
16. 2025-05-31
    price $1,981,000
17. 2025-05-03
    price $2,341,149
18. 2024-01-30
    price $2,300,000
19. 2023-12-07
    price $2,500,000
20. 2023-11-17
    price $2,650,000
21. 2007-08-23
    listed $1,150,000

ⓘ 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: $256,596
• − Mortgage interest: −$112,031
• − Property taxes: −$30,000
• − Insurance: −$10,000
• − Repairs & maintenance: −$20,528
• − Management: −$20,528
• − Depreciation: −$58,182
• Taxable income: $5,328
• Est. tax owed @ 24.0%: −$1,279
• After-tax cash flow: $35,574/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This 12-unit multi-family building requires moderate repairs and maintenance, with potential for significant value increase through exterior updates and roof repair.

Repairs flagged

• Minor roof — Possible minor leaks or damage
• Minor exterior walls — Weathered and minor cracking
• Minor exterior siding — Signs of wear

Value-add opportunities

• Both Landscaping and exterior painting — Enhances curb appeal and property value
• Both Roof inspection and repair — Prevents leaks and improves property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Possible minor leaks or damage	Minor	$500–3,000
exterior walls · Weathered and minor cracking	Minor	$500–3,000
exterior siding · Signs of wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Landscaping and exterior painting — Enhances curb appeal and property value ↑
• Both Roof inspection and repair — Prevents leaks and improves property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 95,144
• Household income: $81,014
• Rent vs Own: 86.0% rent · 14.0% own
• Severe rent burden: 8485.0

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 0.60)
• Race & ethnicity: Black 59% Hispanic / Latino 16% White 14% Two or more races 9% Asian 4% Native American 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Hispanic 12% Romanian 1% Italian 1%
• Foreign-born: 43% · Canada, China, Mexico
• Languages at home: 65% English-only · French/Haitian/Cajun 14% Spanish 13% Other Indo-European 2%

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: ▲ 2.87%
• Current HPI: 331.4138
• Rent YoY: ▲ 4.00%
• 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

+73.9% since first listed

9 events — show timeline

• 2026-05-15 Price Changed $1,999,999 BNYMLS
• 2026-04-12 Listed $2,699,999 BNYMLS
• 2025-08-28 Price Changed $2,096,696 BNYMLS
• 2025-05-31 Price Changed $1,981,000 BNYMLS
• 2025-05-03 Price Changed $2,341,149 BNYMLS
• 2024-01-30 Price Changed $2,300,000 BNYMLS
• 2023-12-07 Price Changed $2,500,000 BNYMLS
• 2023-11-17 Price Changed $2,650,000 BNYMLS
• 2007-08-23 Listed $1,150,000 BNYMLS