2353 37th St · New York, NY 11105

$1,200,000

6 bd · 3.0 ba · 2,003 sqft · MultiFamily public records · 26 Days on market

Built 1915 2,500 sqft lot Est $1454k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +13.7/30.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• DSCR +4.1/10.0
• Livability +3.8/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Turn-key, fully detached legal 2-family residence in prime Astoria, offering strong rental potential for both investors and owner-occupants. Gut renovated and legally extended in 2012, this home has been meticulously maintained throughout. Lot Size: 25’ x 100’ Building Dimensions: 20’ x 61’ Interior Living Space: Approx. 2,003 SF Layout includes: Ground Floor: 3BR / 2BA Second Floor: 3BR / 1BA Additional finished duplex space at the rear, offering flexible use for extended family, home office, storage, or recreational space. Tenants are currently partially in place, creating an opportunity for immediate rental income. Vacancy can be negotiated as part of the offer.

Key facts

• 2,500 sq ft lot
• Built 1915
• Listed 26 days

Property features AI

Exterior

• Parking: No carport; No dedicated parking listed
• Utilities: Electricity connected; Natural gas connected; Water connected; Sewer: Other
• Home design: Duplex; Total building area approximately 2,003
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Kitchen: Eat-in kitchen(s); Granite counters
• Bedrooms: Two 3-bedroom units
• Flooring: Ceramic tile; Hardwood; Other
• Bathrooms: Three full bathrooms
• Heating & cooling: Natural gas heating; Wall/window cooling units
• Interior features: First-floor bedroom; First-floor full bathroom; Eat-in kitchen; Granite countertops

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $82 ($978/yr) — positive. Per door: $41/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 $952k (20.7% below list).
• Recommended offer: $952k (20.7% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% 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 (+6.7%/yr); 112 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $9,519/mo this rent would consume 112% of the median local household income ($102k/yr) (locally 2291% 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 $36k of value loss. Plan a longer hold.
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($1.18M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $220k; list at $1.20M implies a 445% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $951,900 (20.7% 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 1915 — 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: 0.79% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.29%
• DSCR: 1.01
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $1,454,178
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4612 25th Ave	0.44mi	6/3.0	2,072 (+3%)	6mo	$1,475,000	$712	69
23-77 32nd St	0.20mi	6/3.0	2,223 (+11%)	10mo	$1,530,000	$688	65
20-61 42nd St	0.53mi	5/2.0 (-1)	2,032 (+1%)	8mo	$1,475,000	$726	58
2590 37th St	0.36mi	5/2.0 (-1)	2,150 (+7%)	6mo	$1,352,000	$629	57
23-80 28 St	0.38mi	5/2.0 (-1)	2,100 (+5%)	12mo	$1,549,000	$738	55
21-50 28th St	0.51mi	5/3.0 (-1)	2,280 (+14%)	5mo	$1,735,000	$761	44

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 · 6.66% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.54×
• Total profit: $-153,300
• Equity at exit: $178,924

10-year hold

• IRR: 1.2%
• Equity multiple: 1.10×
• Total profit: $32,451
• Equity at exit: $103,754

Cash invested: $336,000 (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 11105

• Home prices YoY: -11.2%
• Rents YoY: 6.7%
• Active inventory: 112
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $9,519 medium
• Mortgage (P&I): −$6,293
• Tax from tax record: −$646 /mo · $7,747/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,999
• Net cashflow: $82

Break-even live

Break-even rent $9,416

Max offer price $1,200,000

Occupancy floor 94%

Sensitivity live

Price	-10% $761	-5% $421	+0% $82	+5% $-258	+10% $-598
Rent	-10% $-670	-5% $-294	+0% $82	+5% $458	+10% $834
Rate	-1.0pp $686	-0.5pp $387	base $82	+0.5pp $-229	+1.0pp $-546

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$9,520
Total (2 units)			$9,519

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: $300,000
• Closing costs: $36,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-01
   remarks 675-char remark
2. 2026-06-01
   listed $1,200,000 Pending 26 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: $7,747 · $646/mo
• Projected year-2 tax: $14,013 · $1,168/mo
• Expected delta: +$6,267/yr (+$522/mo · 80.9%)

ⓘ 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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $114,228
• − Mortgage interest: −$67,219
• − Property taxes: −$7,747
• − Insurance: −$6,000
• − Repairs & maintenance: −$9,138
• − Management: −$9,138
• − Depreciation: −$34,909
• Taxable loss: −$19,923
• Est. tax savings @ 24.0%: +$4,782
• After-tax cash flow: $5,760/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: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 37,936
• Household income: $102,012
• Rent vs Own: 74.5% rent · 25.5% own
• Severe rent burden: 2291.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 22% Two or more races 11% Asian 10% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 3% Italian 1% Scotch-Irish 1%
• Foreign-born: 32% · Canada, Jamaica, Vietnam
• Languages at home: 53% English-only · Other Indo-European 17% Spanish 16% Arabic 6%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -62.96%
• Current HPI: 501.1392
• Rent YoY: ▲ 6.66%
• 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

+445.5% since first listed

5 events — show timeline

• 2026-05-31 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-29 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-09 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-02-28 Coming Soon $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 2000-06-26 Sold (Public Records) $220,000 Public Records

Property tax history

+9.0%/yr

Latest (2025): $7,747 · +2.0% YoY. Source: county tax records.