744 Driggs Ave · New York, NY 11211

$2,700,000

24 bd · 16.0 ba · 2,660 sqft · MultiFamily public records · 29 Days on market

Built 1920 1,504 sqft lot

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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 +13.8/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.2/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Well-maintained semi-detached 4-family brick building in prime Williamsburg offering 6 bedrooms and 4 full bathrooms across four units. Built in 1920 and spanning approximately 2,600 square feet, the property sits on a 19.17 x 78.5 lot within an R6 zoning district, presenting additional long-term upside potential. Each unit features practical layouts with strong rental appeal, making this an ideal opportunity for both investors seeking stable income and end users looking to offset ownership costs. Full unfinished basement adds valuable storage and utility space. Located near Bedford Avenue’s vibrant dining, shopping, and nightlife, with convenient access to the L train at Bedford Ave,

Key facts

• Strong rental appeal
• 1,504 sq ft lot
• Built 1920

Tags

• FULL UNFINISHED BASEMENT
• CONVENIENT ACCESS TO L TRAIN
• STRONG RENTAL APPEAL

What this means for you Summary

Snapshot

• This is a 4 × 1.5-bed/1.5-bath units multifamily listed at $2.70M.

Deal economics

• At list price, monthly cash flow is $223 ($3k/yr) — positive. Per door: $56/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.04M (24.5% below list).
• Recommended offer: $2.04M (24.5% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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 (+6.1%/yr); 135 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $20,375/mo this rent would consume 227% of the median local household income ($108k/yr) (locally 5879% 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 $289k of equity ($19k loan paydown + $270k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 6.1% rent growth), your $756k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$464k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($2.66M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,037,500 (24.5% below list)

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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.75% ✗
• Cap rate: 6.39%
• Cash-on-cash: 0.35%
• DSCR: 1.02
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 6.06% rent growth · sell at horizon

5-year hold

• IRR: 25.4%
• Equity multiple: 3.05×
• Total profit: $1,547,969
• Equity at exit: $2,432,374

10-year hold

• IRR: 23.1%
• Equity multiple: 7.21×
• Total profit: $4,692,956
• Equity at exit: $5,245,506

Cash invested: $756,000 (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 11211

• Home prices YoY: 2.6%
• Rents YoY: 6.1%
• Active inventory: 135
• Price-to-rent: 44.2×

Monthly cashflow live

• Estimated rent: $20,375 high
• Mortgage (P&I): −$14,159
• Tax from tax record: −$589 /mo · $7,065/yr
• Insurance: −$1,125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,279
• Net cashflow: $223

Break-even live

Break-even rent $20,092

Max offer price $2,700,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1.5	1.5	$20,376
Total (4 units)			$20,375

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: $675,000
• Closing costs: $81,000
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-28
   status Pending
2. 2026-04-03
   listed $2,700,000 Active
3. 2026-03-30
   listed $2,700,000 Active

ⓘ 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: $7,065 · $589/mo
• Projected year-2 tax: $26,347 · $2,196/mo
• Expected delta: +$19,283/yr (+$1,607/mo · 272.9%)

ⓘ 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 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $244,500
• − Mortgage interest: −$151,242
• − Property taxes: −$7,065
• − Insurance: −$13,500
• − Repairs & maintenance: −$19,560
• − Management: −$19,560
• − Depreciation: −$78,545
• Taxable loss: −$44,972
• Est. tax savings @ 24.0%: +$10,793
• After-tax cash flow: $13,474/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): 65,314
• Household income: $107,506
• Rent vs Own: 82.8% rent · 17.2% own
• Severe rent burden: 5879.0

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 0.58)
• Race & ethnicity: White 59% Hispanic / Latino 26% Two or more races 9% Asian 7% Black 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 10% Dominican 6%
• Common ancestry: Italian 4% Romanian 3% Lithuanian 2%
• Foreign-born: 23% · Canada, China, Jamaica
• Languages at home: 50% English-only · Spanish 21% German/W. Germanic 17% Other Indo-European 3%

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: ▲ 14.72%
• Current HPI: 588.2538
• Rent YoY: ▲ 6.06%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-04-28 Pending — BNYMLS
• 2026-04-03 Listed $2,700,000 RLS at REBNY
• 2026-03-30 Listed $2,700,000 BNYMLS

Property tax history

+5.1%/yr

Latest (2025): $7,065 · +2.3% YoY. Source: county tax records.