250-23 88th Rd · New York, NY 11426

$1,340,000

9 bd · 6.6 ba · 3,220 sqft · MultiFamily public records · 9 Days on market

Built 1960 3,285 sqft lot Est $1340k · at est.

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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).

• Cash flow +13.4/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Welcome to this beautiful turnkey brick 2 family home in Bellerose. A rare gem located on the prime end of a cul-de-sac with an oversized property that includes a private side and back yard with an extended additional lot (30x36) adding up to a 30x144 deep lot allowing plenty of space for your ideas (shed, play area, pool, etc). All 3 floors have been renovated in 2020 - updated kitchens, baths, floors, fixtures, a new flat roof (2019). All floors are empty and ready to move in. Tucked in one block away from Jericho Tpke, this home is walking distance to all, the LIRR, bus, pharmacy, or grocery it also includes space for 3 cars. So many possibilities on this one of a kind find in Bellerose, rent all floors or rent and live simultaneously...owner financing will be considered. Whatever you do, don't miss this great opportunity!, Additional information: Appearance:Excellent,Interior Features:Lr/Dr,Separate Hotwater Heater:Y

Key facts

• Bonus side parcel
• Fully renovated
• Extra-deep lot

Tags

• EXTRA-DEEP LOT
• BONUS SIDE PARCEL
• EXCEPTIONAL PRIVACY
• OUTDOOR SPACE
• FULLY RENOVATED
• UPDATED KITCHENS

Property features AI

Exterior

• Parking: Driveway; Detached or attached garage spaces: 3
• Utilities: Public sewer; Natural gas connected; Sewer connected
• Home design: Triplex; Total building area approximately 3220
• Construction: Brick exterior
• Exterior features: Brick construction; Not waterfront; Additional parcel(s) included

Interior

• Bedrooms: One 2-bedroom unit; Two 3-bedroom units
• Bathrooms: Five full bathrooms
• Heating & cooling: Baseboard heating; No central air
• Interior features: Granite counters; High ceilings; No basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1-bath units multifamily listed at $1.34M.

Deal economics

• At list price, monthly cash flow is $22 ($267/yr) — positive. Per door: $7/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 $1.07M (20.0% below list).
• Recommended offer: $1.07M (20.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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: 80 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $10,725/mo this rent would consume 124% of the median local household income ($104k/yr) (locally 334% 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 $9k of loan paydown is wiped out by about $40k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y ago; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $980k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 27% 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 $1,072,500 (20.0% 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 1960 — 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. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $1,339,520
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
250-23 88th Rd	0.00mi	8/5.0 (-1)	3,220 (0%)	0mo	$1,340,000	$416	88

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.42×
• Total profit: $-216,054
• Equity at exit: $199,798

10-year hold

• IRR: -8.0%
• Equity multiple: 0.50×
• Total profit: $-187,673
• Equity at exit: $115,859

Cash invested: $375,200 (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 11426

• Active inventory: 80
• Price-to-rent: 31.2×

Monthly cashflow live

• Estimated rent: $10,725 high
• Mortgage (P&I): −$7,027
• Tax from tax record: −$865 /mo · $10,380/yr
• Insurance: −$558
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,252
• Net cashflow: $22

Break-even live

Break-even rent $10,697

Max offer price $1,340,000

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$10,725
Total (3 units)			$10,725

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: $335,000
• Closing costs: $40,200
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-08
   status Pending
2. 2026-05-08
   price $1,340,000
3. 2026-04-27
   listed $1,299,999 Active
4. 2022-07-16
   price $2,750
5. 2021-03-10
   soldstatus $980,000
6. 2021-02-17
   soldstatus $980,000 Closed 934-char remark

   Show marketing remark (934 chars)

   Welcome to this beautiful turnkey brick 2 family home in Bellerose. A rare gem located on the prime end of a cul-de-sac with an oversized property that includes a private side and back yard with an extended additional lot (30x36) adding up to a 30x144 deep lot allowing plenty of space for your ideas (shed, play area, pool, etc). All 3 floors have been renovated in 2020 - updated kitchens, baths, floors, fixtures, a new flat roof (2019). All floors are empty and ready to move in. Tucked in one block away from Jericho Tpke, this home is walking distance to all, the LIRR, bus, pharmacy, or grocery it also includes space for 3 cars. So many possibilities on this one of a kind find in Bellerose, rent all floors or rent and live simultaneously...owner financing will be considered. Whatever you do, don't miss this great opportunity!, Additional information: Appearance:Excellent,Interior Features:Lr/Dr,Separate Hotwater Heater:Y

7. 2020-12-24
   status Pending 934-char remark

   Show marketing remark (934 chars)

   Welcome to this beautiful turnkey brick 2 family home in Bellerose. A rare gem located on the prime end of a cul-de-sac with an oversized property that includes a private side and back yard with an extended additional lot (30x36) adding up to a 30x144 deep lot allowing plenty of space for your ideas (shed, play area, pool, etc). All 3 floors have been renovated in 2020 - updated kitchens, baths, floors, fixtures, a new flat roof (2019). All floors are empty and ready to move in. Tucked in one block away from Jericho Tpke, this home is walking distance to all, the LIRR, bus, pharmacy, or grocery it also includes space for 3 cars. So many possibilities on this one of a kind find in Bellerose, rent all floors or rent and live simultaneously...owner financing will be considered. Whatever you do, don't miss this great opportunity!, Additional information: Appearance:Excellent,Interior Features:Lr/Dr,Separate Hotwater Heater:Y

8. 2020-10-22
   price $1,199,999 934-char remark

   Show marketing remark (934 chars)

   Welcome to this beautiful turnkey brick 2 family home in Bellerose. A rare gem located on the prime end of a cul-de-sac with an oversized property that includes a private side and back yard with an extended additional lot (30x36) adding up to a 30x144 deep lot allowing plenty of space for your ideas (shed, play area, pool, etc). All 3 floors have been renovated in 2020 - updated kitchens, baths, floors, fixtures, a new flat roof (2019). All floors are empty and ready to move in. Tucked in one block away from Jericho Tpke, this home is walking distance to all, the LIRR, bus, pharmacy, or grocery it also includes space for 3 cars. So many possibilities on this one of a kind find in Bellerose, rent all floors or rent and live simultaneously...owner financing will be considered. Whatever you do, don't miss this great opportunity!, Additional information: Appearance:Excellent,Interior Features:Lr/Dr,Separate Hotwater Heater:Y

9. 2020-10-09
   listed $1,299,999 Active 934-char remark

   Show marketing remark (934 chars)

   Welcome to this beautiful turnkey brick 2 family home in Bellerose. A rare gem located on the prime end of a cul-de-sac with an oversized property that includes a private side and back yard with an extended additional lot (30x36) adding up to a 30x144 deep lot allowing plenty of space for your ideas (shed, play area, pool, etc). All 3 floors have been renovated in 2020 - updated kitchens, baths, floors, fixtures, a new flat roof (2019). All floors are empty and ready to move in. Tucked in one block away from Jericho Tpke, this home is walking distance to all, the LIRR, bus, pharmacy, or grocery it also includes space for 3 cars. So many possibilities on this one of a kind find in Bellerose, rent all floors or rent and live simultaneously...owner financing will be considered. Whatever you do, don't miss this great opportunity!, Additional information: Appearance:Excellent,Interior Features:Lr/Dr,Separate Hotwater Heater:Y

ⓘ 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: $10,380 · $865/mo
• Projected year-2 tax: $16,513 · $1,376/mo
• Expected delta: +$6,133/yr (+$511/mo · 59.1%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $128,700
• − Mortgage interest: −$75,061
• − Property taxes: −$10,380
• − Insurance: −$6,700
• − Repairs & maintenance: −$10,296
• − Management: −$10,296
• − Depreciation: −$38,982
• Taxable loss: −$23,015
• Est. tax savings @ 24.0%: +$5,524
• After-tax cash flow: $5,791/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): 19,411
• Household income: $103,533
• Rent vs Own: 29.8% rent · 70.2% own
• Severe rent burden: 334.0

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 0.67)
• Race & ethnicity: Asian 50% White 22% Hispanic / Latino 16% Two or more races 9% Black 6%
• Hispanic origin (detail): Puerto Rican 3% Dominican 3%
• Common ancestry: Romanian 4% Hispanic 2% Italian 1%
• Foreign-born: 48% · Canada, China, South Korea
• Languages at home: 40% English-only · Other Indo-European 29% Spanish 12% Chinese 7%

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: ▼ -341.48%
• Current HPI: 286.4239
• Rent YoY: —
• 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

+3.1% since first listed

9 events — show timeline

• 2026-05-08 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-05-08 Price Changed $1,340,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-27 Listed $1,299,999 OneKey® MLS as Distributed by MLS Grid
• 2022-07-16 Price Changed $2,750 RENT.
• 2021-03-10 Sold (Public Records) $980,000 Public Records
• 2021-02-17 Sold (MLS) $980,000 OneKey® MLS as Distributed by MLS Grid
• 2020-12-24 Pending — OneKey® MLS as Distributed by MLS Grid
• 2020-10-22 Price Changed $1,199,999 OneKey® MLS as Distributed by MLS Grid
• 2020-10-09 Listed $1,299,999 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.4%/yr

Latest (2025): $10,380 · +3.4% YoY. Source: county tax records.