344 21 St · New York, NY 11215

$1,988,888

16 bd · 8.0 ba · 5,884 sqft · MultiFamily public records · 202 Days on market

Built 1931 2,504 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 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

IN THE HEART OF SOUTH SLOPE/GREENWOOD HEIGHTS IS WHERE YOU'LL FIND THIS INCREDIBLE INVESTMENT OPPORTUNITY- AN EXTRA-LARGE(25x65 BLDG SIZE-5885 SQFT) 8 FAMILY SOLID BRICK BUILDING ON A 25x100 LOT SIZE WITH TWO FREE MARKET UNITS(ALL TWO BEDROOM APARTMENTS). .. IDEALLY SITUATED AND SURROUNDED BY ALL THE MOST ESSENTIAL & EXCITING AMENITIES OF ONE OF BROOKLYN'S MOST DESIRABLE NEIGHBORHOODS. .. THIS BEAUTIFUL BUILDING IS IN EXCELLENT WELL-MAINATINED CONDITION WITH UPGRADES DONE TO ROOF, ELECTRIC, BOILER & WINDOWS. .. THIS PROPERTY GENERATES STRONG RENTAL INCOME OF APPROX $150,000/YEAR, WITH SIGNIFICANT UPSIDE POTENTIAL- THIS PRIZED PIECE OF REAL ESTATE IS A CAN'T MISS FOR ALL SAVVY IN

Key facts

• Solid brick building
• Extra-large building
• 2,504 sq ft lot

Tags

• EXTRA-LARGE BUILDING
• SOLID BRICK BUILDING
• WELL-MAINTAINED CONDITION
• UPGRADES DONE TO ROOF
• UPGRADES DONE TO ELECTRIC
• UPGRADES DONE TO BOILER

Property features AI

Finance

• Other: Property contains 8 residential units (multi-unit building)
• Financial info: Reported annual rent income: $150,000; Financing options considered: Exchange, Bank Mortgage, Cash

Exterior

• Parking: Street parking
• Security: Resident superintendent
• Utilities: Electric with circuit breakers; Hot water supplied by gas; Gas heating; Reported utility expense (monthly) available
• Home design: Attached building; Residential property; Flat roof; Building footprint approximately 1,625 sq ft; Building dimensions about 65.00 x 25.00; Zoning: R6B
• Construction: Brick construction; Block foundation
• Exterior features: Back yard

Interior

• Kitchen: Refrigerator included in units
• Bedrooms: Eight 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Ceramic floors; Hardwood floors; Tile floors
• Bathrooms: Eight full bathrooms (each unit has 1 full bath)
• Heating & cooling: Gas hot water; Gas heating; Heat delivered by hot water and steam/radiator
• Interior features: Refrigerator
• Laundry & utility: No central AC units (0 listed)

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.0-bath units multifamily listed at $1.99M.

Deal economics

• At list price, monthly cash flow is $16k ($192k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($36k rent vs $1.99M).
• Recommended offer: $1.75M (12.0% below list) — sets the bar for market timing.
• Cap rate 15.9% 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.
• Market conditions: Rents rising fast (+5.7%/yr); 248 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 $36,422/mo this rent would consume 235% 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 $213k of equity ($14k loan paydown + $199k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 5.7% rent growth), your $557k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$342k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 202 days — a 12% lower offer ($1.75M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $200k; list at $1.99M implies a 894% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $1,750,221 (12.0% below list)

Questions for the listing agent

1. It's been on market 202 days. Have you received any prior offers? Is the seller open to a 12% 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 1931 — 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: 1.83% ✓
• Cap rate: 15.95%
• Cash-on-cash: 34.48%
• DSCR: 2.53
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 52.4%
• Equity multiple: 4.96×
• Total profit: $2,202,669
• Equity at exit: $1,791,748

10-year hold

• IRR: 47.1%
• Equity multiple: 11.62×
• Total profit: $5,912,099
• Equity at exit: $3,863,972

Cash invested: $556,889 (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: 248
• Price-to-rent: 36.4×

Monthly cashflow live

• Estimated rent: $36,422 medium
• Mortgage (P&I): −$10,430
• Tax from tax record: −$1,515 /mo · $18,174/yr
• Insurance: −$829
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,649
• Net cashflow: $16,000

Break-even live

Break-even rent $16,169

Max offer price $1,988,888

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1	$36,424
Total (8 units)			$36,422

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: $497,222
• Closing costs: $59,667
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-04-16
   price $1,988,888
2. 2026-03-16
   price $1,999,000
3. 2026-03-13
   price $1,100,000
4. 2026-03-07
   price $1,125,000
5. 2026-03-05
   price $1,149,000
6. 2026-03-03
   price $1,150,000
7. 2026-02-26
   price $1,175,000
8. 2026-02-20
   price $1,195,000
9. 2026-02-18
   price $1,199,000
10. 2026-02-12
    price $1,225,000
11. 2026-02-11
    price $1,249,000
12. 2026-02-05
    price $1,250,000
13. 2026-01-30
    price $1,275,000
14. 2026-01-27
    price $1,290,000
15. 2026-01-23
    price $1,295,000
16. 2026-01-19
    price $1,325,000
17. 2026-01-15
    price $1,350,000
18. 2026-01-09
    price $1,375,000
19. 2026-01-06
    price $1,390,000
20. 2025-12-22
    price $1,395,000
21. 2025-12-20
    price $1,425,000
22. 2025-12-15
    price $1,450,000
23. 2025-12-10
    price $1,475,000
24. 2025-12-08
    price $1,495,000
25. 2025-12-04
    price $1,549,000
26. 2025-11-28
    price $1,550,000
27. 2025-11-15
    price $1,575,000
28. 2025-11-11
    price $1,595,000
29. 2025-11-09
    price $1,599,000
30. 2025-11-05
    listed $1,600,000 Active
31. 2025-06-18
    price $1,788,000
32. 2025-04-02
    price $1,798,000
33. 2024-03-01
    price $1,900,000
34. 2023-10-13
    price $2,289,000
35. 2022-11-11
    price $2,400,000
36. 2022-07-13
    price $2,500,000
37. 1996-10-24
    soldstatus $200,000
38. 1987-01-13
    soldstatus $220,000

ⓘ 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: $18,174 · $1,515/mo
• Projected year-2 tax: $25,893 · $2,158/mo
• Expected delta: +$7,719/yr (+$643/mo · 42.5%)

ⓘ 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 62% 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: $437,064
• − Mortgage interest: −$111,409
• − Property taxes: −$18,174
• − Insurance: −$9,944
• − Repairs & maintenance: −$34,965
• − Management: −$34,965
• − Depreciation: −$57,859
• Taxable income: $169,748
• Est. tax owed @ 24.0%: −$40,739
• After-tax cash flow: $151,263/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

+804.0% since first listed

38 events — show timeline

• 2026-04-16 Price Changed $1,988,888 BNYMLS
• 2026-03-16 Price Changed $1,999,000 BNYMLS
• 2026-03-13 Price Changed $1,100,000 BNYMLS
• 2026-03-07 Price Changed $1,125,000 BNYMLS
• 2026-03-05 Price Changed $1,149,000 BNYMLS
• 2026-03-03 Price Changed $1,150,000 BNYMLS
• 2026-02-26 Price Changed $1,175,000 BNYMLS
• 2026-02-20 Price Changed $1,195,000 BNYMLS
• 2026-02-18 Price Changed $1,199,000 BNYMLS
• 2026-02-12 Price Changed $1,225,000 BNYMLS
• 2026-02-11 Price Changed $1,249,000 BNYMLS
• 2026-02-05 Price Changed $1,250,000 BNYMLS
• 2026-01-30 Price Changed $1,275,000 BNYMLS
• 2026-01-27 Price Changed $1,290,000 BNYMLS
• 2026-01-23 Price Changed $1,295,000 BNYMLS
• 2026-01-19 Price Changed $1,325,000 BNYMLS
• 2026-01-15 Price Changed $1,350,000 BNYMLS
• 2026-01-09 Price Changed $1,375,000 BNYMLS
• 2026-01-06 Price Changed $1,390,000 BNYMLS
• 2025-12-22 Price Changed $1,395,000 BNYMLS
• 2025-12-20 Price Changed $1,425,000 BNYMLS
• 2025-12-15 Price Changed $1,450,000 BNYMLS
• 2025-12-10 Price Changed $1,475,000 BNYMLS
• 2025-12-08 Price Changed $1,495,000 BNYMLS
• 2025-12-04 Price Changed $1,549,000 BNYMLS
• 2025-11-28 Price Changed $1,550,000 BNYMLS
• 2025-11-15 Price Changed $1,575,000 BNYMLS
• 2025-11-11 Price Changed $1,595,000 BNYMLS
• 2025-11-09 Price Changed $1,599,000 BNYMLS
• 2025-11-05 Listed $1,600,000 BNYMLS
• 2025-06-18 Price Changed $1,788,000 BNYMLS
• 2025-04-02 Price Changed $1,798,000 BNYMLS
• 2024-03-01 Price Changed $1,900,000 BNYMLS
• 2023-10-13 Price Changed $2,289,000 BNYMLS
• 2022-11-11 Price Changed $2,400,000 BNYMLS
• 2022-07-13 Price Changed $2,500,000 BNYMLS
• 1996-10-24 Sold (Public Records) $200,000 Public Records
• 1987-01-13 Sold (Public Records) $220,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $18,174 · +3.2% YoY. Source: county tax records.