2837 W 37th St · New York, NY 11224

$1,085,000

5 bd · 3.0 ba · 2,244 sqft · MultiFamily public records · 59 Days on market

Built 1920 2,375 sqft lot Est $967k · 12% over

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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 +16.7/30.0
• Appreciation +7.5/10.0
• DSCR +5.2/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

GREAT LOCATION LARGE MULTIFAMILY HOME CLOSE TO TRANSPORTATION AND SHOPPING

Key facts

• Large multifamily
• Great location
• Close to shopping

Tags

• GREAT LOCATION
• LARGE MULTIFAMILY
• CLOSE TO TRANSPORTATION
• CLOSE TO SHOPPING

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Con-Edison electric service; Public sewer; Cable available; Electricity available; Natural gas available and connected
• Home design: Manufactured on land
• Construction: Other construction materials; Other foundation type; Other body type
• Exterior features: Not waterfront

Interior

• Kitchen: Cooktop
• Bedrooms: 11 total rooms (includes bedroom count within room total)
• Bathrooms: 3 full bathrooms
• Heating & cooling: Natural gas heating; No central cooling listed
• Interior features: Entrance foyer; Partial basement
• Laundry & utility: Basement present (partial)

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $1.08M.

Deal economics

• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $899k (17.2% below list).
• Recommended offer: $899k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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 (+7.0%/yr); 114 active listings in the ZIP; lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $8,988/mo this rent would consume 247% of the median local household income ($44k/yr) (locally 4426% 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 $62k of equity ($8k loan paydown + $54k appreciation (5.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.0% appreciation + 7.0% rent growth), your $304k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$99k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($1.05M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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: flood insurance adds $427/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 72% 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 $898,800 (17.2% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 7.03%
• Cash-on-cash: 2.63%
• DSCR: 1.12
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $967,164
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3735 Oceanic Ave	0.08mi	5/3.5	2,053 (-8%)	1mo	$885,000	$431	79
32 Tudor Ter	0.02mi	4/2.0 (-1)	2,280 (+2%)	20mo	$650,000	$285	71

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

Projected returns pro-forma

4.98% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 15.4%
• Equity multiple: 1.99×
• Total profit: $301,913
• Equity at exit: $613,669

10-year hold

• IRR: 17.4%
• Equity multiple: 4.25×
• Total profit: $987,215
• Equity at exit: $1,058,130

Cash invested: $303,800 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $8,988 high
• Mortgage (P&I): −$5,690
• Tax from tax record: −$292 /mo · $3,504/yr
• Insurance: −$452
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,887
• Net cashflow: $240

Break-even live

Break-even rent $8,684

Max offer price $1,085,000

Occupancy floor 92%

Sensitivity live

Price	-10% $854	-5% $547	+0% $240	+5% $-67	+10% $-374
Rent	-10% $-470	-5% $-115	+0% $240	+5% $595	+10% $950
Rate	-1.0pp $786	-0.5pp $516	base $240	+0.5pp $-41	+1.0pp $-327

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$8,988
Total (2 units)			$8,988

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: $271,250
• Closing costs: $32,550
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $1,085,000 Active 59 DOM
2. 2026-06-18
   days on market $1,085,000 Active 56 DOM
3. 2026-06-17
   days on market $1,085,000 Active 55 DOM
4. 2026-06-16
   days on market $1,085,000 Active 54 DOM
5. 2026-06-15
   days on market $1,085,000 Active 53 DOM
6. 2026-06-13
   days on market $1,085,000 Active 51 DOM
7. 2026-06-10
   days on market $1,085,000 Active 47 DOM
8. 2026-06-08
   days on market $1,085,000 Active 46 DOM
9. 2026-06-08
   days on market $1,085,000 Active 45 DOM
10. 2026-06-04
    days on market $1,085,000 Active 42 DOM
11. 2026-06-03
    days on market $1,085,000 Active 41 DOM
12. 2026-06-01
    days on market $1,085,000 Active 39 DOM
13. 2026-05-31
    days on market $1,085,000 Active 38 DOM
14. 2026-04-23
    listed $1,085,000 Active
15. 2023-10-05
    historical
16. 2023-07-22
    listed
17. 2013-06-13
    historical
18. 2013-01-15
    listed $483,900

ⓘ 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: $3,504 · $292/mo
• Projected year-2 tax: $10,920 · $910/mo
• Expected delta: +$7,416/yr (+$618/mo · 211.6%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 98% 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 72% 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: $107,856
• − Mortgage interest: −$60,777
• − Property taxes: −$3,504
• − Insurance: −$10,544
• − Repairs & maintenance: −$8,628
• − Management: −$8,628
• − Depreciation: −$31,564
• Taxable loss: −$15,789
• Est. tax savings @ 24.0%: +$3,789
• After-tax cash flow: $6,670/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): 50,822
• Household income: $43,648
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 4426.0

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 0.68)
• Race & ethnicity: White 48% Black 22% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 8% Dominican 2%
• Common ancestry: Scotch-Irish 10% Subsaharan African 7% Romanian 1%
• Foreign-born: 48% · Canada, China
• Languages at home: 42% English-only · Russian/Polish/Slavic 32% Spanish 11% Chinese 5%

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: ▲ 4.98%
• Current HPI: 505.1405
• Rent YoY: ▲ 7.03%
• 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

+124.2% since first listed

5 events — show timeline

• 2026-04-23 Listed $1,085,000 OneKey® MLS as Distributed by MLS Grid
• 2023-10-05 Rental Removed — ONEKEY
• 2023-07-22 Listed for Rent — ONEKEY
• 2013-06-13 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2013-01-15 Listed $483,900 OneKey® MLS as Distributed by MLS Grid

Property tax history

+4.8%/yr

Latest (2025): $3,504 · -1.2% YoY. Source: county tax records.