688 Pennsylvania Ave · New York, NY 11207

$1,159,000

None bd · None ba · 3,116 sqft · MultiFamily public records · 49 Days on market

Built 1923 2,470 sqft lot Est $994k · 17% 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 +24.0/30.0
• DSCR +7.7/10.0
• 1% rule +5.6/10.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

This four-family property presents a unique opportunity for investors and end-users looking to add value. The home includes a fully finished basement, offering additional usable space, as well as a private driveway for added convenience. While the property has solid bones and a functional layout, it does require updates and improvements, making it ideal for buyers seeking a renovation project or value-add investment. Each unit is currently maintained, but there is significant potential to modernize and increase rental income. With its generous configuration, there is also the possibility to convert the property into an eight-family dwelling (subject to proper approvals), further enhancing i

Key facts

• Private driveway
• Recently renovated
• 2,470 sq ft lot

Tags

• FULLY FINISHED BASEMENT
• PRIVATE DRIVEWAY
• RECENTLY RENOVATED
• INCOME-PRODUCING CAPACITY

Property features AI

Exterior

• Parking: No carport; Other parking features
• Utilities: Electricity connected; Natural gas connected; Water connected; Sewer: Other
• Home design: Quadruplex
• Construction: Brick construction; Stone construction
• Exterior features: Brick and stone exterior; Not waterfront

Interior

• Heating & cooling: Natural gas heating; Steam heating; No central cooling
• Interior features: Eat-in kitchen; Formal dining room; Full basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $1.16M.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $566/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.16M).
• Recommended offer: $1.12M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+5.3%/yr); 254 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $12,306/mo this rent would consume 261% of the median local household income ($57k/yr) (locally 7510% 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 $8k of loan paydown is wiped out by about $35k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $325k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($1.12M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $21k; list at $1.16M implies a 5419% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% 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 $1,124,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% 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 1923 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.06% ✓
• Cap rate: 8.64%
• Cash-on-cash: 8.37%
• DSCR: 1.37
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $994,004
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
582 Williams Ave	0.26mi	8/4.0	3,120 (+0%)	2mo	$990,000	$317	86
576 Williams Ave	0.26mi	11/8.0	3,120 (+0%)	7mo	$1,325,000	$425	82
593 Bradford St	0.31mi	7/4.0	3,198 (+3%)	8mo	$1,000,000	$313	74
797 Vermont St	0.18mi	13/4.0	3,360 (+8%)	7mo	$1,210,000	$360	73
421 New Lots Ave	0.15mi	2/2.0	2,856 (-8%)	10mo	$700,000	$245	70
504 Vermont St	0.46mi	5/3.0	3,000 (-4%)	3mo	$810,000	$270	70
712 Snediker Ave	0.36mi	7/5.0	3,120 (+0%)	17mo	$995,000	$319	69
626 Blake Ave	0.52mi	5/3.0	3,126 (+0%)	8mo	$925,000	$296	68
664 New Jersey Ave	0.17mi	5/3.0	2,700 (-13%)	3mo	$641,000	$237	68
654 Schenck Ave	0.42mi	7/3.0	3,250 (+4%)	7mo	$1,100,000	$338	67
637 Blake Ave	0.54mi	5/3.0	2,922 (-6%)	4mo	$935,000	$320	61
758 Livonia Ave	0.40mi	8/4.0	2,775 (-11%)	20mo	$965,000	$348	47

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

Projected returns pro-forma

-3.0% appreciation · 5.29% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-14,732
• Equity at exit: $172,811

10-year hold

• IRR: 10.7%
• Equity multiple: 1.92×
• Total profit: $296,987
• Equity at exit: $100,209

Cash invested: $324,520 (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 11207

• Home prices YoY: -26.3%
• Rents YoY: 5.3%
• Active inventory: 254
• Price-to-rent: 31.4×

Monthly cashflow live

• Estimated rent: $12,306 medium
• Mortgage (P&I): −$6,078
• Tax from tax record: −$896 /mo · $10,757/yr
• Insurance: −$483
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,584
• Net cashflow: $2,265

Break-even live

Break-even rent $9,440

Max offer price $1,159,000

Occupancy floor 77%

Sensitivity live

Price	-10% $2,921	-5% $2,593	+0% $2,265	+5% $1,936	+10% $1,608
Rent	-10% $1,292	-5% $1,778	+0% $2,265	+5% $2,751	+10% $3,237
Rate	-1.0pp $2,848	-0.5pp $2,559	base $2,265	+0.5pp $1,964	+1.0pp $1,659

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$12,304
Total (4 units)			$12,306

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: $289,750
• Closing costs: $34,770
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $1,159,000 Active 49 DOM
2. 2026-06-18
   days on market $1,159,000 Active 46 DOM
3. 2026-06-17
   days on market $1,159,000 Active 45 DOM
4. 2026-06-16
   days on market $1,159,000 Active 44 DOM
5. 2026-06-15
   days on market $1,159,000 Active 43 DOM
6. 2026-06-13
   days on market $1,159,000 Active 41 DOM
7. 2026-06-10
   days on market $1,159,000 Active 37 DOM
8. 2026-06-08
   days on market $1,159,000 Active 36 DOM
9. 2026-06-08
   days on market $1,159,000 Active 35 DOM
10. 2026-06-04
    pricedays on market $1,159,000 Active 32 DOM
11. 2026-06-03
    days on market $1,175,000 Active 31 DOM
12. 2026-06-01
    days on market $1,175,000 Active 29 DOM
13. 2026-05-31
    days on market $1,175,000 Active 28 DOM
14. 2026-05-03
    listed $1,175,000 Active
15. 1984-07-01
    soldstatus $21,000

ⓘ 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: $10,757 · $896/mo
• Projected year-2 tax: $15,172 · $1,264/mo
• Expected delta: +$4,415/yr (+$368/mo · 41.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% 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 65% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $147,672
• − Mortgage interest: −$64,922
• − Property taxes: −$10,757
• − Insurance: −$5,795
• − Repairs & maintenance: −$11,814
• − Management: −$11,814
• − Depreciation: −$33,716
• Taxable income: $8,854
• Est. tax owed @ 24.0%: −$2,125
• After-tax cash flow: $25,049/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): 93,198
• Household income: $56,523
• Rent vs Own: 74.1% rent · 25.9% own
• Severe rent burden: 7510.0

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 0.59)
• Race & ethnicity: Black 54% Hispanic / Latino 33% Two or more races 10% White 5% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 11% Dominican 11%
• Common ancestry: Hispanic 1% Swiss 1%
• Foreign-born: 31% · Canada, Mexico, Jamaica
• Languages at home: 67% English-only · Spanish 27% French/Haitian/Cajun 2% Other Indo-European 1%

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: ▼ -138.76%
• Current HPI: 388.434
• Rent YoY: ▲ 5.29%
• 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

+5495.2% since first listed

2 events — show timeline

• 2026-05-03 Listed $1,175,000 OneKey® MLS as Distributed by MLS Grid
• 1984-07-01 Sold (Public Records) $21,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $10,757 · +6.9% YoY. Source: county tax records.