109 Monroe Ave · New York, NY 10301

$748,000

15 bd · 9.0 ba · 2,288 sqft · MultiFamily public records · 49 Days on market

Built 1920 2,125 sqft lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Located in a highly sought-after area near the courthouse and ferry, this 3-family property offers the perfect blend of convenience and opportunity with a quick commute to Manhattan. The first floor features a spacious 2-bedroom apartment, the second floor mirrors this layout with another 2-bedroom unit, and the third floor offers a cozy 1-bedroom apartment ideal for additional rental income. Whether your an investor or looking for a home with income potential, this property is a smart choice in an unbeatable location. Needs some TLC.

Key facts

• 3-family property
• Unbeatable location
• 2,125 sq ft lot

Tags

• HIGHLY SOUGHT-AFTER AREA
• QUICK COMMUTE TO MANHATTAN
• 3-FAMILY PROPERTY
• ADDITIONAL RENTAL INCOME
• UNBEATABLE LOCATION

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $748k.

Deal economics

• At list price, monthly cash flow is $5k ($57k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $748k).
• Recommended offer: $726k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.0% 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 (+6.1%/yr); 265 active listings in the ZIP; solid renter incomes; 480 units permitted in Richmond County in 2024 (22 in 5+ unit buildings).
• At $11,917/mo this rent would consume 167% of the median local household income ($86k/yr) (locally 2008% 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 $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Richmond County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 6.1% rent growth), your $209k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($726k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 51% 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 $725,560 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.59% ✓
• Cap rate: 13.96%
• Cash-on-cash: 27.40%
• DSCR: 2.22
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.07% rent growth · sell at horizon

5-year hold

• IRR: 24.7%
• Equity multiple: 2.06×
• Total profit: $221,120
• Equity at exit: $111,529

10-year hold

• IRR: 34.2%
• Equity multiple: 4.58×
• Total profit: $749,911
• Equity at exit: $64,673

Cash invested: $209,440 (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 10301

• Rents YoY: 6.1%
• Active inventory: 265
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $11,917 medium
• Mortgage (P&I): −$3,923
• Tax from tax record: −$399 /mo · $4,784/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,503
• Net cashflow: $4,782

Break-even live

Break-even rent $5,864

Max offer price $748,000

Occupancy floor 55%

Sensitivity live

Price	-10% $5,205	-5% $4,993	+0% $4,782	+5% $4,570	+10% $4,358
Rent	-10% $3,840	-5% $4,311	+0% $4,782	+5% $5,252	+10% $5,723
Rate	-1.0pp $5,158	-0.5pp $4,972	base $4,782	+0.5pp $4,588	+1.0pp $4,391

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$11,916
Total (3 units)			$11,917

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: $187,000
• Closing costs: $22,440
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2025-03-18
   status Pending

   Show marketing remark (540 chars)

   Located in a highly sought-after area near the courthouse and ferry, this 3-family property offers the perfect blend of convenience and opportunity with a quick commute to Manhattan. The first floor features a spacious 2-bedroom apartment, the second floor mirrors this layout with another 2-bedroom unit, and the third floor offers a cozy 1-bedroom apartment ideal for additional rental income. Whether your an investor or looking for a home with income potential, this property is a smart choice in an unbeatable location. Needs some TLC.

2. 2025-03-18
   status Pending 540-char remark

   Show marketing remark (540 chars)

   Located in a highly sought-after area near the courthouse and ferry, this 3-family property offers the perfect blend of convenience and opportunity with a quick commute to Manhattan. The first floor features a spacious 2-bedroom apartment, the second floor mirrors this layout with another 2-bedroom unit, and the third floor offers a cozy 1-bedroom apartment ideal for additional rental income. Whether your an investor or looking for a home with income potential, this property is a smart choice in an unbeatable location. Needs some TLC.

3. 2025-02-10
   historical Contingent 540-char remark

   Show marketing remark (540 chars)

   Located in a highly sought-after area near the courthouse and ferry, this 3-family property offers the perfect blend of convenience and opportunity with a quick commute to Manhattan. The first floor features a spacious 2-bedroom apartment, the second floor mirrors this layout with another 2-bedroom unit, and the third floor offers a cozy 1-bedroom apartment ideal for additional rental income. Whether your an investor or looking for a home with income potential, this property is a smart choice in an unbeatable location. Needs some TLC.

4. 2025-02-06
   status Active 540-char remark

   Show marketing remark (540 chars)

   Located in a highly sought-after area near the courthouse and ferry, this 3-family property offers the perfect blend of convenience and opportunity with a quick commute to Manhattan. The first floor features a spacious 2-bedroom apartment, the second floor mirrors this layout with another 2-bedroom unit, and the third floor offers a cozy 1-bedroom apartment ideal for additional rental income. Whether your an investor or looking for a home with income potential, this property is a smart choice in an unbeatable location. Needs some TLC.

5. 2025-02-05
   historical Contingent 540-char remark

   Show marketing remark (540 chars)

   Located in a highly sought-after area near the courthouse and ferry, this 3-family property offers the perfect blend of convenience and opportunity with a quick commute to Manhattan. The first floor features a spacious 2-bedroom apartment, the second floor mirrors this layout with another 2-bedroom unit, and the third floor offers a cozy 1-bedroom apartment ideal for additional rental income. Whether your an investor or looking for a home with income potential, this property is a smart choice in an unbeatable location. Needs some TLC.

6. 2025-01-28
   listed $748,000 Active
7. 2025-01-27
   listed $748,000 Active 540-char remark

   Show marketing remark (540 chars)

   Located in a highly sought-after area near the courthouse and ferry, this 3-family property offers the perfect blend of convenience and opportunity with a quick commute to Manhattan. The first floor features a spacious 2-bedroom apartment, the second floor mirrors this layout with another 2-bedroom unit, and the third floor offers a cozy 1-bedroom apartment ideal for additional rental income. Whether your an investor or looking for a home with income potential, this property is a smart choice in an unbeatable location. Needs some TLC.

ⓘ 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: $4,784 · $399/mo
• Projected year-2 tax: $8,713 · $726/mo
• Expected delta: +$3,929/yr (+$327/mo · 82.1%)

ⓘ 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 7/10 Severe 7 d/yr ≥98°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 51% 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: $143,004
• − Mortgage interest: −$41,900
• − Property taxes: −$4,784
• − Insurance: −$3,740
• − Repairs & maintenance: −$11,440
• − Management: −$11,440
• − Depreciation: −$21,760
• Taxable income: $47,940
• Est. tax owed @ 24.0%: −$11,506
• After-tax cash flow: $45,873/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: Richmond County · 404,174 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 41,052
• Household income: $85,609
• Rent vs Own: 54.2% rent · 45.8% own
• Severe rent burden: 2008.0

Population outlook (Richmond County) Hauer SSP2

• Today (2025): 482,784 people
• By 2030: 481,831 · -0.2%
• By 2040: 473,159 · -2.0%
• By 2050: 457,242 · -5.3%
• By 2075: 408,029 · -15.5%
• By 2100: 341,459 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 37% Hispanic / Latino 29% Black 23% Two or more races 16% Asian 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 10% Cuban 2% Dominican 6%
• Common ancestry: Romanian 3% Scotch-Irish 2% Italian 1%
• Foreign-born: 22% · Canada, China, Jamaica
• Languages at home: 68% English-only · Spanish 16% Other Indo-European 5% Russian/Polish/Slavic 3%

Political lean MEDSL · Richmond

• 2024 margin: Strong R (+29.8) · D 35.1% · R 64.9%
• 2008→2024 swing: -25.7pp toward R · 2008: -4.0pp · 2024: -29.8pp
• All cycles: 2024: R+29.8 2020: R+14.9 2016: R+16.8 2012: D+0.8 2008: R+4.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -407.37%
• Current HPI: 319.0616
• Rent YoY: ▲ 6.07%
• 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

+0.0% since first listed

7 events — show timeline

• 2025-03-18 Pending — BNYMLS
• 2025-03-18 Pending — SIBORMLS
• 2025-02-10 Contingent — SIBORMLS
• 2025-02-06 Relisted — SIBORMLS
• 2025-02-05 Contingent — SIBORMLS
• 2025-01-28 Listed $748,000 BNYMLS
• 2025-01-27 Listed $748,000 SIBORMLS

Property tax history

+6.0%/yr

Latest (2025): $4,784 · +19.8% YoY. Source: county tax records.