400 5th Ave · New York, NY 11215

$3,350,000

9 bd · 3.0 ba · 4,000 sqft · MultiFamily · 81 Days on market

Built 1920 1,600 sqft lot Est $3112k · 8% over

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• Cash flow +7.7/30.0
• Schools +5.0/10.0
• ARV discount +4.1/15.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +1.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Well-maintained 3-family property featuring a one-store structure with a building size of 20×50 on a 20×80 lot. Each unit offers a spacious 3-bedroom layout, providing strong rental income potential. Ideal for both investors and end-users seeking steady cash flow in a convenient location.

Key facts

• 1,600 sq ft lot
• Built 1920
• Listed 81 days

Property features AI

Finance

• Other: Zoning: R6A
• Financial info: Financing available: bank mortgage or cash; Income detail (current rents): Unit 1 $8,275; Unit 2 $4,500; Unit 3 $4,400; Unit 4 $65

Exterior

• Parking: Other parking
• Utilities: 110V electric; Gas hot water; Gas heating
• Home design: Mixed-use property; Attached building
• Construction: Brick exterior; Flat roof; Poured concrete foundation; Building footprint approximately 1,000 (50' x 20'); Built as an attached structure
• Exterior features: Back yard

Interior

• Bedrooms: Unit 2: 3 bedrooms (1st floor); Unit 3: 3 bedrooms (2nd floor); Unit 4: 3 bedrooms (3rd floor)
• Flooring: Hardwood floors; Tile floors; Other flooring (see remarks)
• Bathrooms: Unit 2: 1 full bath; Unit 3: 1 full bath; Unit 4: 1 full bath
• Heating & cooling: Gas-fired hot water heat; Hot water heat delivery; 110V electric
• Interior features: Finished full basement; Hardwood floors; Tile floors; Other flooring (see remarks)

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $3.35M.

Deal economics

• At list price, monthly cash flow is $-4k ($-47k/yr) — negative. Per door: $-1k/mo.
• To cash-flow at today's rent, offer at most $2.78M (16.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.43M (27.3% below list).
• Recommended offer: $2.43M (27.3% below list) — sets the bar for 1% rule.
• Cap rate 4.9% 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); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% 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 (+5.7%/yr); 250 active listings in the ZIP; high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $24,338/mo this rent would consume 157% of the median local household income ($186k/yr) (locally 2372% 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 $358k of equity ($23k loan paydown + $335k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$576k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($3.15M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,433,800 (27.3% below list)

Questions for the listing agent

1. 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?
2. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.73% ✗
• Cap rate: 4.89%
• Cash-on-cash: -5.02%
• DSCR: 0.78
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $3,112,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
595 10th St	0.44mi	8/3.0 (-1)	4,400 (+10%)	16mo	$3,425,000	$778	44

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

Projected returns pro-forma

10.0% appreciation · 5.67% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 2.75×
• Total profit: $1,642,065
• Equity at exit: $3,017,945

10-year hold

• IRR: 20.0%
• Equity multiple: 6.53×
• Total profit: $5,184,621
• Equity at exit: $6,508,313

Cash invested: $938,000 (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 11215

• Home prices YoY: 2.7%
• Rents YoY: 5.7%
• Active inventory: 250
• Price-to-rent: 34.4×

Monthly cashflow live

• Estimated rent: $24,338 high
• Mortgage (P&I): −$17,568
• Tax est. 1.5%: −$4,188 /mo · $50,250/yr
• Insurance: −$1,396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,111
• Net cashflow: $-3,924

Break-even live

Break-even rent $29,305

Max offer price $2,782,180

Occupancy floor —

Sensitivity live

Price	-10% $-1,609	-5% $-2,767	+0% $-3,924	+5% $-5,082	+10% $-6,239
Rent	-10% $-5,847	-5% $-4,885	+0% $-3,924	+5% $-2,963	+10% $-2,001
Rate	-1.0pp $-2,237	-0.5pp $-3,072	base $-3,924	+0.5pp $-4,792	+1.0pp $-5,675

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$24,339
Total (3 units)			$24,338

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: $837,500
• Closing costs: $100,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $3,350,000 Active 81 DOM
2. 2026-06-18
   days on market $3,350,000 Active 78 DOM
3. 2026-06-17
   days on market $3,350,000 Active 77 DOM
4. 2026-06-15
   days on market $3,350,000 Active 75 DOM
5. 2026-06-13
   days on market $3,350,000 Active 73 DOM
6. 2026-06-10
   days on market $3,350,000 Active 69 DOM
7. 2026-06-08
   days on market $3,350,000 Active 68 DOM
8. 2026-06-08
   days on market $3,350,000 Active 67 DOM
9. 2026-06-04
   days on market $3,350,000 Active 64 DOM
10. 2026-06-03
    days on market $3,350,000 Active 63 DOM
11. 2026-06-01
    days on market $3,350,000 Active 61 DOM
12. 2026-05-31
    days on market $3,350,000 Active 60 DOM
13. 2026-04-02
    price $3,350,000
14. 2026-04-01
    listed $3,300,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $292,056
• − Mortgage interest: −$187,652
• − Property taxes: −$50,250
• − Insurance: −$16,750
• − Repairs & maintenance: −$23,364
• − Management: −$23,364
• − Depreciation: −$97,455
• Taxable loss: −$106,780
• Est. tax savings @ 24.0%: +$25,627
• After-tax cash flow: $-21,462/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): 70,441
• Household income: $185,865
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 2372.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 15% Two or more races 11% Asian 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 5% Scotch-Irish 5% Italian 3%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 76% English-only · Spanish 9% Other Indo-European 4% Chinese 2%

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: ▲ 11.03%
• Current HPI: 417.4151
• Rent YoY: ▲ 5.67%
• 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

+1.5% since first listed

2 events — show timeline

• 2026-04-02 Price Changed $3,350,000 BNYMLS
• 2026-04-01 Listed $3,300,000 BNYMLS