140 Baltimore Ave

Massapequa, NY 11758

$1,375,000D

9 bd · 4.0 ba · 3,560 sqft · Built 1958 · MultiFamily · Active · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,239/mo
• Mortgage (P&I): −$7,211
• Tax + insurance: −$2,166
• HOA: −$0
• Vac / Maint / Mgmt: −$2,360
• Net cashflow: $-498/mo
• Annual: $-5,975/yr
• Cap rate: 5.86%
• Cash-on-cash: -1.55%
• DSCR: 0.93
• 1% rule: 0.82%
• Cash to close: $385,000

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $1.38M.
• At list price, monthly cash flow is $-498 ($-6k/yr) — negative. Per door: $-166/mo.
• To cash-flow at today's rent, offer at most $1.29M (6.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.12M (18.3% below list).
• It's been on market 33 days — a 3% lower offer ($1.33M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.12M (18.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $41k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#82 in NY, #1,242 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities D, cost of living F.
• Massapequa Union Free School District (suburban): math 76% / reading 83% proficiency, ranked #39 of 590 in NY (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 4% free/reduced lunch — higher-income household profile.
• Zoned schools: Lockhart Elementary School (math 72% / reading 82%, grade A, #244 of 2,108 statewide, top 13%, 366 students, 8% FRL); Berner Middle School (math 63% / reading 71%, grade A-, #101 of 729 statewide, top 15%, 1,596 students, 10% FRL); Massapequa High School (math 97% / reading 100%, grade A+, #10 of 1,100 statewide, top 1%, 1,453 students, 10% FRL).
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 269 active listings in the ZIP; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts; this cycle's ask is 18233% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $448k; list at $1.38M implies a 207% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 62% 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.
• Cap rate 5.9% vs local median 2.5% in Massapequa — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?