641 56th St · New York, NY 11220

$1,750,000

12 bd · 7.2 ba · 4,680 sqft · MultiFamily public records · 2 Days on market

Built 1924 2,504 sqft lot Est $1895k · 8% under

---

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 +13.6/30.0
• ARV discount +11.0/15.0
• Appreciation +7.8/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• DSCR +4.1/10.0
• Livability +3.8/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Rare-find oversized 6-family building with a 25'×72' building size sitting on a 25'×100' lot in prime Sunset Park. This well-maintained property features 3 three-bedroom apartments and 3 two-bedroom apartments over a full basement with a separate front entrance. Separate gas boilers and hot water heaters allow tenants to pay their own heat, hot water, and cooking gas, keeping operating expenses low. 3 apartments are currently owner/employee occupied, offering strong upside potential for future rental growth. Conveniently located near shopping, restaurants, schools, and transportation. An excellent investment opportunity with significant income potential. Won't last!

Key facts

• 25 by 100 lot
• Full basement
• 2,504 sq ft lot

Tags

• OVERSIZED 6-FAMILY BUILDING
• 25 BY 72 BUILDING SIZE
• 25 BY 100 LOT
• WELL-MAINTAINED PROPERTY
• FULL BASEMENT
• SEPARATE FRONT ENTRANCE

Property features AI

Finance

• Other: Annual utility expense reported (data provided)
• Financial info: Financing considered: exchange, bank mortgage, or cash

Exterior

• Parking: No parking
• Utilities: Electric service with 110V and 220V and circuit breakers; Hot water supplied by gas
• Home design: Attached residential building; Flat roof; Building footprint approximately 1,800 sq ft; Building dimensions about 72.00 x 25.00; Zoned R6B
• Construction: Brick exterior and construction; Poured concrete foundation; Built as attached structure
• Exterior features: Front yard; Back yard

Interior

• Kitchen: Stove; Refrigerator
• Bedrooms: Total of 27 rooms (includes bedrooms and other living spaces); Full basement with a separate entrance
• Flooring: Hardwood floors; Tile floors
• Bathrooms: 7 full bathrooms
• Heating & cooling: Baseboard heating; Gas heating fuel; Window A/C units
• Interior features: Window air conditioning units; Refrigerator; Stove
• Laundry & utility: No central AC units reported

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.2-bath units multifamily listed at $1.75M.

Deal economics

• At list price, monthly cash flow is $88 ($1k/yr) — positive. Per door: $15/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 $1.51M (13.5% below list).
• Recommended offer: $1.51M (13.5% 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 (+11.0%/yr); 271 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $15,133/mo this rent would consume 260% of the median local household income ($70k/yr) (locally 6563% 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 $111k of equity ($12k loan paydown + $99k appreciation (5.6% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $490k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$177k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $1.33M; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $1,513,300 (13.5% 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 1924 — 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: 0.86% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.22%
• DSCR: 1.01
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $1,895,400
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
729 59th St	0.20mi	11/7.0 (-1)	4,800 (+3%)	2mo	$1,400,000	$292	80
719 55th St	0.12mi	11/6.0 (-1)	4,374 (-6%)	10mo	$1,770,000	$405	65
618 67th St	0.58mi	12/6.0	5,232 (+12%)	0mo	$1,450,000	$277	48
429 43rd St	0.71mi	11/8.5 (-1)	4,000 (-14%)	16mo	$2,225,000	$556	19

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

Projected returns pro-forma

5.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 16.8%
• Equity multiple: 2.13×
• Total profit: $553,044
• Equity at exit: $1,059,801

10-year hold

• IRR: 18.7%
• Equity multiple: 4.74×
• Total profit: $1,831,782
• Equity at exit: $1,888,025

Cash invested: $490,000 (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 11220

• Home prices YoY: 2.5%
• Rents YoY: 11.0%
• Active inventory: 271
• Price-to-rent: 57.8×

Monthly cashflow live

• Estimated rent: $15,133 medium
• Mortgage (P&I): −$9,177
• Tax from tax record: −$1,961 /mo · $23,526/yr
• Insurance: −$729
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,178
• Net cashflow: $88

Break-even live

Break-even rent $15,021

Max offer price $1,750,000

Occupancy floor 94%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1.2	$15,132
Total (6 units)			$15,133

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: $437,500
• Closing costs: $52,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-18
   days on market $1,750,000 Active 2 DOM
2. 2026-06-17
   remarks 674-char remark
3. 2026-06-17
   listed $1,750,000 Active 1 DOM

ⓘ 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: $23,526 · $1,961/mo
• Projected year-2 tax: $26,551 · $2,213/mo
• Expected delta: +$3,024/yr (+$252/mo · 12.9%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $181,596
• − Mortgage interest: −$98,027
• − Property taxes: −$23,526
• − Insurance: −$8,750
• − Repairs & maintenance: −$14,528
• − Management: −$14,528
• − Depreciation: −$50,909
• Taxable loss: −$28,672
• Est. tax savings @ 24.0%: +$6,881
• After-tax cash flow: $7,940/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): 90,652
• Household income: $69,883
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 6563.0

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 0.65)
• Race & ethnicity: Asian 40% Hispanic / Latino 40% White 16% Two or more races 7% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 8% Dominican 5%
• Common ancestry: Romanian 1% Scotch-Irish 1% Subsaharan African 1%
• Foreign-born: 52% · China, Canada, Jamaica
• Languages at home: 20% English-only · Spanish 35% Chinese 35% Arabic 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: ▲ 5.63%
• Current HPI: 226.624
• Rent YoY: ▲ 11.02%
• 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

+1358.3% since first listed

4 events — show timeline

• 2026-06-16 Listed $1,750,000 BNYMLS
• 2014-09-24 Sold (Public Records) $1,330,000 Public Records
• 2005-10-19 Sold (Public Records) $740,000 Public Records
• 1995-09-05 Sold (Public Records) $120,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $23,526 · +6.8% YoY. Source: county tax records.