922 4th Ave · New York, NY 11232

$1,800,000

56 bd · 49.0 ba · 4,000 sqft · MultiFamily · 93 Days on market

Good condition 1,600 sqft lot ↓ 16% since listing

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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 +29.4/30.0
• DSCR +10.0/10.0
• Appreciation +9.2/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 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

$177,000/YEAR-$15,000/MONTH RENTAL INCOME!!! A TRULY INCREDIBLE INVESTMENT PROPERTY IN A MOST DESIRABLE GREENWOOD HEIGHTS/SUNSET PARK LOCATION- 7 FAMILY + 1 STOREFRONT MIXED-USE SOLID BRICK BUILDING ON A BUSY & BUSTLING 4th AVE COMMERICIAL CORRIDOR- SURROUNDED BY ALL TRANSPORTATION & SHOPPING. .. THIS BUILDING GENERATES AN IMPRESSIVE APPROXIMATE RENT ROLL OF $177,000/YEAR-$15,000/MONTH. .. DON'T MISS OUT ON THIS OUTSTANDING OPPORTUNITY TO OWN A PRIZED PIECE OF REAL ESTATE IN ONE OF BROOKLYN'S MOST SOUGHT-AFTER & PREMIER NEIGHBORHOODS. .. THIS MONEY MAKING BUILDING RUNS LIKE CLOCKWORK- ALL YOU NEED TO DO IS JUST SIT BACK & COLLECT THAT RENT$$$

Key facts

• Sunset park location
• Mixed-use building
• Solid brick building

Tags

• GREENWOOD HEIGHTS LOCATION
• SUNSET PARK LOCATION
• MIXED-USE BUILDING
• SOLID BRICK BUILDING
• BUSY COMMERCIAL CORRIDOR
• RENTAL INCOME

Property features AI

Finance

• Other: Building footprint approximately 1,000 sq ft; Total building area reported as 4,000
• Financial info: Gross rent income reported; Financing options: exchange considered, bank mortgage, or cash

Exterior

• Parking: No designated parking
• Utilities: 110V electric; Gas hot water; Gas heating (steam/radiator)
• Home design: Brick exterior; Flat roof; Other foundation
• Construction: Brick construction
• Exterior features: Back yard; Attached building; Mixed-use property

Interior

• Bedrooms: Eight units total (mix of 1- and 2-bedroom apartments and retail unit); Multiple 1-bedroom units; One 2-bedroom unit
• Flooring: Hardwood floors
• Bathrooms: Most residential units have one full bathroom
• Heating & cooling: Steam/radiator heat; Gas hot water
• Interior features: Hardwood floors; Cellar

What this means for you Summary

Snapshot

• This is a 7 × 8-bed/7.0-bath units multifamily listed at $1.80M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $6k ($77k/yr) — positive. Per door: $915/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $1.80M).
• Recommended offer: $1.64M (9.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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 (+6.3%/yr); 87 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $23,852/mo this rent would consume 315% of the median local household income ($91k/yr) (locally 1713% 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 $163k of equity ($12k loan paydown + $150k appreciation (8.3% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (8.3% appreciation + 6.3% rent growth), your $504k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$261k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($1.64M) is reasonable based on typical stale-listing flexibility.

Recommended offer $1,638,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 1.33% ✓
• Cap rate: 10.56%
• Cash-on-cash: 15.25%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.35% appreciation · 6.26% rent growth · sell at horizon

5-year hold

• IRR: 34.3%
• Equity multiple: 3.52×
• Total profit: $1,270,637
• Equity at exit: $1,410,205

10-year hold

• IRR: 31.6%
• Equity multiple: 8.10×
• Total profit: $3,577,206
• Equity at exit: $2,840,974

Cash invested: $504,000 (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 11232

• Home prices YoY: 2.0%
• Rents YoY: 6.3%
• Active inventory: 87
• Price-to-rent: 44.0×

Monthly cashflow live

• Estimated rent: $23,852 medium
• Mortgage (P&I): −$9,439
• Tax est. 1.5%: −$2,250 /mo · $27,000/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,009
• Net cashflow: $6,404

Break-even live

Break-even rent $15,746

Max offer price $1,800,000

Occupancy floor 68%

Sensitivity live

Price	-10% $7,648	-5% $7,026	+0% $6,404	+5% $5,782	+10% $5,160
Rent	-10% $4,519	-5% $5,462	+0% $6,404	+5% $7,346	+10% $8,288
Rate	-1.0pp $7,310	-0.5pp $6,861	base $6,404	+0.5pp $5,937	+1.0pp $5,463

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

Units	Beds	Baths	Est. rent
▸ 7× units	8	7	$23,849
Total (7 units)			$23,852

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: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $1,800,000 Active 93 DOM
2. 2026-06-18
   days on market $1,800,000 Active 90 DOM
3. 2026-06-17
   days on market $1,800,000 Active 89 DOM
4. 2026-06-15
   days on market $1,800,000 Active 87 DOM
5. 2026-06-13
   days on market $1,800,000 Active 85 DOM
6. 2026-06-10
   days on market $1,800,000 Active 81 DOM
7. 2026-06-08
   days on market $1,800,000 Active 80 DOM
8. 2026-06-08
   days on market $1,800,000 Active 79 DOM
9. 2026-06-04
   days on market $1,800,000 Active 76 DOM
10. 2026-06-03
    days on market $1,800,000 Active 75 DOM
11. 2026-06-01
    days on market $1,800,000 Active 73 DOM
12. 2026-05-31
    days on market $1,800,000 Active 72 DOM
13. 2026-03-20
    listed $1,800,000 Active
14. 2025-08-25
    price $1,800,000
15. 2025-02-25
    price $1,950,000
16. 2024-12-10
    price $1,999,000
17. 2024-03-12
    price $2,150,000

ⓘ 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: $286,224
• − Mortgage interest: −$100,828
• − Property taxes: −$27,000
• − Insurance: −$9,000
• − Repairs & maintenance: −$22,898
• − Management: −$22,898
• − Depreciation: −$52,364
• Taxable income: $51,237
• Est. tax owed @ 24.0%: −$12,297
• After-tax cash flow: $64,547/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.

Condition & rehab AI · 11 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with a solid rental income. It offers a good investment opportunity with potential for minor updates to enhance its curb appeal and interior aesthetics.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, potentially increasing both resale and rental value.
• Both Updating the kitchen appliances — Modernizing the kitchen with new appliances can improve the home's appeal and functionality, boosting both resale and rental value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, potentially increasing both resale and rental value. ↑
• Both Updating the kitchen appliances — Modernizing the kitchen with new appliances can improve the home's appeal and functionality, boosting both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 27,816
• Household income: $90,891
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 1713.0

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: Hispanic / Latino 52% White 23% Asian 15% Two or more races 12% Black 6% Native American 4%
• Hispanic origin (detail): Mexican 20% Puerto Rican 9% Dominican 7%
• Common ancestry: Romanian 3% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 38% · Canada, China, Jamaica
• Languages at home: 40% English-only · Spanish 44% Chinese 9% Other Asian/Pacific 1%

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: ▲ 8.35%
• Current HPI: 422.0849
• Rent YoY: ▲ 6.26%
• 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

-16.3% since first listed

5 events — show timeline

• 2026-03-20 Listed $1,800,000 BNYMLS
• 2025-08-25 Price Changed $1,800,000 BNYMLS
• 2025-02-25 Price Changed $1,950,000 BNYMLS
• 2024-12-10 Price Changed $1,999,000 BNYMLS
• 2024-03-12 Price Changed $2,150,000 BNYMLS