529 51 St · New York, NY 11220

$1,850,000

27 bd · 9.0 ba · 7,140 sqft · MultiFamily · 241 Days on market

Built 1931 2,504 sqft lot ↓ 30% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 9 units. estimate disagrees with records

Listing remarks MLS

Ideal Investment Building, Sunset Park location near Fifth Avenue shopping, Fourth Avenue subway (R line), buses and highway with easy access to New York City. The building is 25 ft. wide 83 ft. deep, four floors plus walk-in, on 25 x 100 lot, all brick, immaculate both in and out. Nine apartments: 3 units are five rooms/3 bedrooms each, and 6 units are four rooms/2 bedrooms each. Great opportunity for 1031 Exchange buyer or individual property manager to occupy and build up an investment portfolio. Current rent roll ($146,100 gross) and expenses (approx. $42,800) offer $103,285 NOI for a 4 % ROI with lots of room for improvement (current apartment rent average is $1,350.)

Key facts

• Strong tenancy
• Dining
• Local shopping

Tags

• 9 UNIT RESIDENTIAL BUILDING
• INVESTMENT OPPORTUNITY
• PROFESSIONALLY MANAGED
• STRONG TENANCY
• LOCAL SHOPPING
• DINING

Property features AI

Finance

• Other: Building footprint approximately 2,075 sq ft; Total building area reported
• Financial info: Financing available: bank mortgage or cash; Property configured as a 9-unit income building (all units listed as leased)

Exterior

• Parking: No on-site parking
• Security: Secure lobby
• Utilities: 110V electric service; Gas hot water; Gas heating; Common utility expense reported
• Home design: Semi-detached residential building; Flat/asphalt tar roof; Poured concrete foundation; Zoning: R6B
• Construction: Brick construction
• Exterior features: Back yard; Brick exterior

Interior

• Kitchen: Units equipped with oven/range; Units include refrigerator
• Bedrooms: Nine residential units: mix of 2- and 3-bedroom apartments (units include 2-bedroom and 3-bedroom layouts)
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Nine full bathrooms (distributed across units)
• Heating & cooling: Gas-fired hot water heating; Window A/C units
• Interior features: Window A/C units; Finished basement; Resident superintendent; Secure lobby
• Laundry & utility: Heat included in units; Water included in units

What this means for you Summary

Snapshot

• This is a 9 × 3-bed/1.0-bath units multifamily listed at $1.85M.

Deal economics

• At list price, monthly cash flow is $9k ($104k/yr) — positive. Per door: $962/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $1.85M).
• Recommended offer: $1.63M (12.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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 (+11.0%/yr); 271 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $27,141/mo this rent would consume 466% of the median local household income ($70k/yr) (locally 6563% 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 $117k of equity ($13k loan paydown + $104k appreciation (5.6% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $518k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$187k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 241 days — a 12% lower offer ($1.63M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $100k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,628,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 241 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: 1.47% ✓
• Cap rate: 11.91%
• Cash-on-cash: 20.05%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 34.7%
• Equity multiple: 3.30×
• Total profit: $1,189,247
• Equity at exit: $1,120,361

10-year hold

• IRR: 35.0%
• Equity multiple: 7.63×
• Total profit: $3,434,528
• Equity at exit: $1,995,912

Cash invested: $518,000 (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 11220

• Home prices YoY: 2.5%
• Rents YoY: 11.0%
• Active inventory: 271
• Price-to-rent: 51.1×

Monthly cashflow live

• Estimated rent: $27,141 medium
• Mortgage (P&I): −$9,702
• Tax est. 1.5%: −$2,312 /mo · $27,750/yr
• Insurance: −$771
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,700
• Net cashflow: $8,656

Break-even live

Break-even rent $16,183

Max offer price $1,850,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 9× units	3	1	$27,144
Total (9 units)			$27,141

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: $462,500
• Closing costs: $55,500
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $1,850,000 Active 241 DOM
2. 2026-06-17
   days on market $1,850,000 Active 240 DOM
3. 2026-06-15
   days on market $1,850,000 Active 238 DOM
4. 2026-06-13
   days on market $1,850,000 Active 236 DOM
5. 2026-06-10
   days on market $1,850,000 Active 232 DOM
6. 2026-06-08
   days on market $1,850,000 Active 231 DOM
7. 2026-06-04
   days on market $1,850,000 Active 227 DOM
8. 2026-06-03
   days on market $1,850,000 Active 226 DOM
9. 2026-06-01
   days on market $1,850,000 Active 224 DOM
10. 2026-05-31
    days on market $1,850,000 Active 223 DOM
11. 2025-11-04
    price $1,850,000
12. 2025-10-20
    listed $1,950,000 Active
13. 2020-04-15
    soldstatus $2,185,000 Sold 684-char remark

    Show marketing remark (684 chars)

    Ideal Investment Building, Sunset Park location near Fifth Avenue shopping, Fourth Avenue subway (R line), buses and highway with easy access to New York City. The building is 25 ft. wide 83 ft. deep, four floors plus walk-in, on 25 x 100 lot, all brick, immaculate both in and out. Nine apartments: 3 units are five rooms/3 bedrooms each, and 6 units are four rooms/2 bedrooms each. Great opportunity for 1031 Exchange buyer or individual property manager to occupy and build up an investment portfolio. Current rent roll ($146,100 gross) and expenses (approx. $42,800) offer $103,285 NOI for a 4 % ROI with lots of room for improvement (current apartment rent average is $1,350.)

14. 2018-08-02
    historical 684-char remark

    Show marketing remark (684 chars)

    Ideal Investment Building, Sunset Park location near Fifth Avenue shopping, Fourth Avenue subway (R line), buses and highway with easy access to New York City. The building is 25 ft. wide 83 ft. deep, four floors plus walk-in, on 25 x 100 lot, all brick, immaculate both in and out. Nine apartments: 3 units are five rooms/3 bedrooms each, and 6 units are four rooms/2 bedrooms each. Great opportunity for 1031 Exchange buyer or individual property manager to occupy and build up an investment portfolio. Current rent roll ($146,100 gross) and expenses (approx. $42,800) offer $103,285 NOI for a 4 % ROI with lots of room for improvement (current apartment rent average is $1,350.)

15. 2018-04-09
    price $2,348,888 684-char remark

    Show marketing remark (684 chars)

    Ideal Investment Building, Sunset Park location near Fifth Avenue shopping, Fourth Avenue subway (R line), buses and highway with easy access to New York City. The building is 25 ft. wide 83 ft. deep, four floors plus walk-in, on 25 x 100 lot, all brick, immaculate both in and out. Nine apartments: 3 units are five rooms/3 bedrooms each, and 6 units are four rooms/2 bedrooms each. Great opportunity for 1031 Exchange buyer or individual property manager to occupy and build up an investment portfolio. Current rent roll ($146,100 gross) and expenses (approx. $42,800) offer $103,285 NOI for a 4 % ROI with lots of room for improvement (current apartment rent average is $1,350.)

16. 2017-11-20
    listed $2,648,888 Active 684-char remark

    Show marketing remark (684 chars)

    Ideal Investment Building, Sunset Park location near Fifth Avenue shopping, Fourth Avenue subway (R line), buses and highway with easy access to New York City. The building is 25 ft. wide 83 ft. deep, four floors plus walk-in, on 25 x 100 lot, all brick, immaculate both in and out. Nine apartments: 3 units are five rooms/3 bedrooms each, and 6 units are four rooms/2 bedrooms each. Great opportunity for 1031 Exchange buyer or individual property manager to occupy and build up an investment portfolio. Current rent roll ($146,100 gross) and expenses (approx. $42,800) offer $103,285 NOI for a 4 % ROI with lots of room for improvement (current apartment rent average is $1,350.)

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

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 · 15 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: $325,692
• − Mortgage interest: −$103,629
• − Property taxes: −$27,750
• − Insurance: −$9,250
• − Repairs & maintenance: −$26,055
• − Management: −$26,055
• − Depreciation: −$53,818
• Taxable income: $79,134
• Est. tax owed @ 24.0%: −$18,992
• After-tax cash flow: $84,885/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): 90,652
• Household income: $69,883
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 6563.0

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: Asian 40% Hispanic / Latino 40% White 16% Two or more races 7% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 8% Dominican 5%
• Common ancestry: Romanian 1% Scotch-Irish 1% Subsaharan African 1%
• Foreign-born: 52% · China, Canada, Jamaica
• Languages at home: 20% English-only · Spanish 35% Chinese 35% Arabic 3%

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: ▲ 5.63%
• Current HPI: 226.624
• Rent YoY: ▲ 11.02%
• 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

-30.2% since first listed

6 events — show timeline

• 2025-11-04 Price Changed $1,850,000 BNYMLS
• 2025-10-20 Listed $1,950,000 BNYMLS
• 2020-04-15 Sold (MLS) $2,185,000 BNYMLS
• 2018-08-02 Delisted — BNYMLS
• 2018-04-09 Price Changed $2,348,888 BNYMLS
• 2017-11-20 Listed $2,648,888 BNYMLS