8619 23rd Ave · New York, NY 11214

$1,499,000

12 bd · 6.0 ba · 5,544 sqft · MultiFamily public records · 86 Days on market

Built 1925 2,900 sqft lot Est $1807k · 17% under

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Why this score? — see what drove the A- 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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 semi-detached 6-family brick building with a private driveway, ideally located in the heart of the highly desirable Bensonhurst/Bath Beach neighborhood, just minutes from the subway and the bustling commercial corridor along 86th Street. This well-maintained property features 6 spacious two-bedroom apartments, each equipped with separate gas boilers and water heaters, allowing tenants to pay their own heating and hot water. The building measures 24’ x 77’ (approximately 5,544 sq ft) over a full basement and sits on a 30’ x 97’ lot, offering a private driveway with a front carport for added convenience. Positioned within both residential and commercial overl

Key facts

• Separate gas boilers
• Water heaters
• Private driveway

Tags

• PRIVATE DRIVEWAY
• SEPARATE GAS BOILERS
• WATER HEATERS
• FULL BASEMENT
• FRONT CARPORT

Property features AI

Finance

• Other: Tax amount listed (for informational purposes): $19,279
• Financial info: Rent income reported: $13,200; Financing options considered: Exchange, Bank Mortgage, Cash

Exterior

• Parking: Private drive; 1 parking space
• Utilities: Electric: 110V and 220V with circuit breakers; Hot water: Gas; Heating fuel: Gas
• Home design: Semi-detached residential building; Flat roof; Brick exterior; Facing and entry level not specified; Zoning: R5
• Construction: Brick construction; Poured concrete foundation; Building footprint approximately 1,848 sq ft; Building dimensions about 77 x 24; Total building area approximately 5,544 sq ft
• Exterior features: Front yard; Back yard; Side yard

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: Total of 24 rooms (includes bedrooms and other living spaces)
• Flooring: Hardwood floors; Laminate floors; Tile floors
• Bathrooms: Six full bathrooms
• Heating & cooling: Gas hot water; Gas-fired heating; Baseboard heating; Steam/Radiator heating; 110V and 220V electrical service with circuit breakers
• Interior features: Refrigerator; Stove; Full basement with a separate entrance; Semi-finished basement
• Laundry & utility: Utility expenses listed (approximate): $900

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $9k ($112k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $1.50M).
• Recommended offer: $1.41M (6.0% below list) — sets the bar for market timing.
• Cap rate 13.7% 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 (+5.9%/yr); 334 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $24,536/mo this rent would consume 447% of the median local household income ($66k/yr) (locally 6028% 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 $10k of loan paydown is wiped out by about $45k 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 + 5.9% rent growth), your $420k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($1.41M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $1.10M; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 68% 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 $1,409,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.64% ✓
• Cap rate: 13.74%
• Cash-on-cash: 26.59%
• DSCR: 2.18
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $1,807,344
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2343 Bath Ave	0.27mi	12/5.0	5,412 (-2%)	3mo	$1,960,000	$362	76
2357 81 St	0.31mi	12/6.0	5,670 (+2%)	8mo	$1,850,000	$326	75
1876 W 9th St	0.54mi	11/6.0 (-1)	5,148 (-7%)	7mo	$1,390,000	$270	52
7619 21st Ave	0.58mi	11/6.0 (-1)	5,031 (-9%)	12mo	$1,380,000	$274	43

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 · 5.87% rent growth · sell at horizon

5-year hold

• IRR: 23.6%
• Equity multiple: 2.01×
• Total profit: $422,458
• Equity at exit: $223,506

10-year hold

• IRR: 33.3%
• Equity multiple: 4.45×
• Total profit: $1,448,573
• Equity at exit: $129,606

Cash invested: $419,720 (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 11214

• Rents YoY: 5.9%
• Active inventory: 334
• Price-to-rent: 30.5×

Monthly cashflow live

• Estimated rent: $24,536 high
• Mortgage (P&I): −$7,861
• Tax from tax record: −$1,599 /mo · $19,184/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,153
• Net cashflow: $9,299

Break-even live

Break-even rent $12,765

Max offer price $1,499,000

Occupancy floor 57%

Sensitivity live

Price	-10% $10,148	-5% $9,724	+0% $9,299	+5% $8,875	+10% $8,451
Rent	-10% $7,361	-5% $8,330	+0% $9,299	+5% $10,268	+10% $11,238
Rate	-1.0pp $10,054	-0.5pp $9,681	base $9,299	+0.5pp $8,911	+1.0pp $8,516

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$24,534
Total (6 units)			$24,536

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: $374,750
• Closing costs: $44,970
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-31
   statusdays on market $1,499,000 Pending 86 DOM
2. 2026-03-02
   listed $1,499,000 Active
3. 2008-06-06
   soldstatus $1,100,000
4. 2008-06-06
   soldstatus $1,100,000

ⓘ 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: $19,184 · $1,599/mo
• Projected year-2 tax: $22,259 · $1,855/mo
• Expected delta: +$3,075/yr (+$256/mo · 16.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 52% 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 68% 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: $294,432
• − Mortgage interest: −$83,967
• − Property taxes: −$19,184
• − Insurance: −$7,495
• − Repairs & maintenance: −$23,555
• − Management: −$23,555
• − Depreciation: −$43,607
• Taxable income: $93,069
• Est. tax owed @ 24.0%: −$22,337
• After-tax cash flow: $89,255/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): 89,397
• Household income: $65,895
• Rent vs Own: 65.4% rent · 34.6% own
• Severe rent burden: 6028.0

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 0.67)
• Race & ethnicity: White 40% Asian 38% Hispanic / Latino 17% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Scotch-Irish 4% Subsaharan African 3% Romanian 2%
• Foreign-born: 56% · China, Canada, Vietnam
• Languages at home: 26% English-only · Chinese 28% Russian/Polish/Slavic 15% Spanish 13%

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: ▼ -184.55%
• Current HPI: 276.0804
• Rent YoY: ▲ 5.87%
• 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

+36.3% since first listed

3 events — show timeline

• 2026-03-02 Listed $1,499,000 BNYMLS
• 2008-06-06 Sold (Public Records) $1,100,000 Public Records
• 2008-06-06 Sold (Public Records) $1,100,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $19,184 · +2.2% YoY. Source: county tax records.