176 28th Ave · New York, NY 11214

$2,495,000

135 bd · 81.0 ba · 9,000 sqft · MultiFamily · 183 Days on market

Built 1965 6,968 sqft lot ↓ 22% since listing

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Why this score? — see what drove the B 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 +9.9/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• 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: 9 units. estimate disagrees with records

Listing remarks

ONE-OF-A-KIND TREMENDOUS(9000 SQFT-53x57 BLDG SIZE) FULLY DETACHED SOLID BRICK 3 STORY, 9 FAMILY(7 FREE MARKET UNITS) BUILDING WITH TWO PRIVATE DRIVEWAYS & 8 CAR PARKING ON A MASSIVE 72x97 LOT SIZE- IDEALLY SITUATED IN MOST DESIRABLE BATH BEACH LOCATION, CONVENIENT ALL FORMS OF TRANSPORTATION & SHOPPING. .. THIS AMAZING BUILDING IS CURRENTLY CONFIGURED AS: SIX (2) BEDROOM UNITS & THREE (1) BEDROOM UNITS + A GROUND LEVEL BASEMENT/OFFICE SPACE(IDEAL FOR MEDICAL, DAYCARE, PROFESSIONAL USE) + TWO PRIVATE DRIVEWAYS + 8 CAR PARKING AREA IN THE REAR- A TRUE ONCE-IN-A-LIFETIME PROPERTY. .. THERE IS ABSOLUTELY NOTHING ELSE LIKE THIS CURRENTLY ON THE MARKET- THE POSSIBILITIES, POTEN

Key facts

• Massive lot size
• 8 car parking
• 6,968 sq ft lot

Tags

• FULLY DETACHED SOLID BRICK
• TWO PRIVATE DRIVEWAYS
• 8 CAR PARKING
• MASSIVE LOT SIZE
• DESIRABLE BATH BEACH LOCATION

Property features AI

Finance

• Other: Nine-unit multifamily (9 units total); Building footprint dimensions approximately 57 x 53; Total building area reported
• Financial info: Rent income reported: $100,000; Financing: Exchange considered, bank mortgage, or cash

Exterior

• Parking: Private drive; More than 6 parking spaces
• Utilities: Electric: 110V and 220V with circuit breakers; Hot water: Gas; Heating fuel: Gas
• Home design: Detached residential building; Flat / rubber roof
• Construction: Brick construction; Poured concrete foundation
• Exterior features: Back yard; Zoned R5

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: Five bedrooms on each level (levels 1–3)
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Nine full bathrooms total (three per level)
• Heating & cooling: Gas hot water heating; Baseboard and hot water heat delivery
• Interior features: Refrigerator; Stove; Full basement with separate entrance; Semi-finished basement
• Laundry & utility: No central AC units reported

What this means for you Summary

Snapshot

• This is a 9 × 15-bed/?-bath units multifamily listed at $2.50M.

Deal economics

• At list price, monthly cash flow is $12k ($146k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($37k rent vs $2.50M).
• Recommended offer: $2.20M (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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 (+5.9%/yr); 330 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $37,187/mo this rent would consume 677% of the median local household income ($66k/yr) (locally 6028% 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 $17k of loan paydown is wiped out by about $75k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.9% rent growth), your $699k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($2.20M) is reasonable based on typical stale-listing flexibility.

Recommended offer $2,195,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 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 1965 — 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: 1.49% ✓
• Cap rate: 12.13%
• Cash-on-cash: 20.85%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.87% rent growth · sell at horizon

5-year hold

• IRR: 16.5%
• Equity multiple: 1.69×
• Total profit: $479,635
• Equity at exit: $372,013

10-year hold

• IRR: 27.0%
• Equity multiple: 3.71×
• Total profit: $1,895,986
• Equity at exit: $215,722

Cash invested: $698,600 (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 11214

• Rents YoY: 5.9%
• Active inventory: 330
• Price-to-rent: 50.3×

Monthly cashflow live

• Estimated rent: $37,187 medium
• Mortgage (P&I): −$13,084
• Tax est. 1.5%: −$3,119 /mo · $37,425/yr
• Insurance: −$1,040
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,809
• Net cashflow: $12,135

Break-even live

Break-even rent $21,826

Max offer price $2,495,000

Occupancy floor 62%

Sensitivity live

Price	-10% $13,860	-5% $12,997	+0% $12,135	+5% $11,273	+10% $10,411
Rent	-10% $9,198	-5% $10,666	+0% $12,135	+5% $13,604	+10% $15,073
Rate	-1.0pp $13,392	-0.5pp $12,770	base $12,135	+0.5pp $11,489	+1.0pp $10,831

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

Units	Beds	Baths	Est. rent
▸ 9× units	15	—	$37,188
Total (9 units)			$37,187

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: $623,750
• Closing costs: $74,850
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $2,495,000 Active 183 DOM
2. 2026-06-17
   days on market $2,495,000 Active 182 DOM
3. 2026-06-15
   days on market $2,495,000 Active 180 DOM
4. 2026-06-13
   days on market $2,495,000 Active 178 DOM
5. 2026-06-10
   days on market $2,495,000 Active 174 DOM
6. 2026-06-08
   days on market $2,495,000 Active 173 DOM
7. 2026-06-04
   days on market $2,495,000 Active 169 DOM
8. 2026-06-03
   days on market $2,495,000 Active 168 DOM
9. 2026-06-01
   days on market $2,495,000 Active 166 DOM
10. 2026-05-31
    days on market $2,495,000 Active 165 DOM
11. 2026-03-13
    price $2,495,000
12. 2026-02-18
    price $2,499,000
13. 2025-12-23
    price $2,595,000
14. 2025-12-17
    listed $2,795,000 Active
15. 2025-07-11
    price $3,188,000

ⓘ 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: $446,244
• − Mortgage interest: −$139,759
• − Property taxes: −$37,425
• − Insurance: −$12,475
• − Repairs & maintenance: −$35,700
• − Management: −$35,700
• − Depreciation: −$72,582
• Taxable income: $112,604
• Est. tax owed @ 24.0%: −$27,025
• After-tax cash flow: $118,599/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): 89,397
• Household income: $65,895
• Rent vs Own: 65.4% rent · 34.6% own
• Severe rent burden: 6028.0

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 0.67)
• Race & ethnicity: White 40% Asian 38% Hispanic / Latino 17% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Scotch-Irish 4% Subsaharan African 3% Romanian 2%
• Foreign-born: 56% · China, Canada, Vietnam
• Languages at home: 26% English-only · Chinese 28% Russian/Polish/Slavic 15% Spanish 13%

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: ▼ -184.55%
• Current HPI: 276.0804
• Rent YoY: ▲ 5.87%
• 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

-21.7% since first listed

5 events — show timeline

• 2026-03-13 Price Changed $2,495,000 BNYMLS
• 2026-02-18 Price Changed $2,499,000 BNYMLS
• 2025-12-23 Price Changed $2,595,000 BNYMLS
• 2025-12-17 Listed $2,795,000 BNYMLS
• 2025-07-11 Price Changed $3,188,000 BNYMLS