23-12 Broadway · New York, NY 11106

$1,736,000

6 bd · None ba · 4,080 sqft · MultiFamily public records · 120 Days on market

Built 1928 1,600 sqft lot Est $1873k · 7% under

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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
• ARV discount +10.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.0/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• 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: 6 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

OWNER Will FINANCE this SIX Family Building With a $800,000 Down Payment at a FIXED Rate Mortgage Payment, Solid Brick SIX Family Building “Prime” WALK ALL Location Within a Seven Minute Walk To N-W Broadway Train station with Lots of upside in INCOME Potential. Triple AAA Tenants. Footsteps To LAUNDROMAT , Broadway Shops, Supermarkets , FRESH Produce, Restaurants , TRENDY Cafes, Nightlife Etc. .. (6) Spacious ONE Bedroom , All apartments are upgraded , Well Maintained Building With HUGE Basement, GAS/steam Boiler. .. Building Construction :solid BRICK Lot Size : 20 feet… X… 80 feet Building Size: 20 feet … X…. 68 feet Zoning: C1-4 , R6A Heating Syste

Key facts

• Solid brick
• Huge basement
• Upgraded apartments

Tags

• SOLID BRICK
• UPGRADED APARTMENTS
• WELL MAINTAINED BUILDING
• HUGE BASEMENT
• PRIME WALK ALL LOCATION

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1.0-bath units multifamily listed at $1.74M.

Deal economics

• At list price, monthly cash flow is $12k ($142k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $1.74M).
• Recommended offer: $1.58M (9.0% below list) — sets the bar for market timing.
• Cap rate 14.5% 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 (+7.3%/yr); 109 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $29,271/mo this rent would consume 414% of the median local household income ($85k/yr) (locally 3679% 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 $48k of equity ($12k loan paydown + $36k appreciation (2.1% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.1% appreciation + 7.3% rent growth), your $486k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$121k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($1.58M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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.
• Current owner paid $900k; list at $1.74M implies a 93% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $1,579,760 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 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. Built in 1928 — 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: 1.69% ✓
• Cap rate: 14.50%
• Cash-on-cash: 29.30%
• DSCR: 2.30
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $1,872,720
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35-51 30th St	0.48mi	5/4.0 (-1)	3,750 (-8%)	3mo	$1,720,000	$459	57

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.06% appreciation · 7.28% rent growth · sell at horizon

5-year hold

• IRR: 37.0%
• Equity multiple: 3.08×
• Total profit: $1,011,959
• Equity at exit: $690,767

10-year hold

• IRR: 40.2%
• Equity multiple: 6.94×
• Total profit: $2,888,526
• Equity at exit: $999,377

Cash invested: $486,080 (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 11106

• Home prices YoY: 0.6%
• Rents YoY: 7.3%
• Active inventory: 109
• Price-to-rent: 29.7×

Monthly cashflow live

• Estimated rent: $29,271 high
• Mortgage (P&I): −$9,104
• Tax from tax record: −$1,430 /mo · $17,165/yr
• Insurance: −$723
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,147
• Net cashflow: $11,867

Break-even live

Break-even rent $14,250

Max offer price $1,736,000

Occupancy floor 54%

Sensitivity live

Price	-10% $12,849	-5% $12,358	+0% $11,867	+5% $11,375	+10% $10,884
Rent	-10% $9,554	-5% $10,710	+0% $11,867	+5% $13,023	+10% $14,179
Rate	-1.0pp $12,741	-0.5pp $12,308	base $11,867	+0.5pp $11,417	+1.0pp $10,959

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$29,274
Total (6 units)			$29,271

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: $434,000
• Closing costs: $52,080
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 E 79th St Unit PHC/D New York, NY	5.0	4.5	4930	$40,000	$8.11	25d	1	1.45mi

Listing history 9 events

1. 2025-08-15
   soldstatus $900,000
2. 2025-07-09
   status Pending
3. 2025-03-18
   price $1,736,000
4. 2025-03-10
   listed $1,749,000 Active
5. 2024-07-29
   historical
6. 2024-06-19
   price $1,750,000
7. 2024-05-15
   price $1,790,000
8. 2023-02-10
   listed $1,800,000 Active
9. 2022-02-16
   price $1,800

ⓘ 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: $17,165 · $1,430/mo
• Projected year-2 tax: $23,251 · $1,938/mo
• Expected delta: +$6,087/yr (+$507/mo · 35.5%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $351,252
• − Mortgage interest: −$97,243
• − Property taxes: −$17,165
• − Insurance: −$8,680
• − Repairs & maintenance: −$28,100
• − Management: −$28,100
• − Depreciation: −$50,502
• Taxable income: $121,462
• Est. tax owed @ 24.0%: −$29,151
• After-tax cash flow: $113,248/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: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 40,930
• Household income: $84,867
• Rent vs Own: 83.4% rent · 16.6% own
• Severe rent burden: 3679.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 42% Hispanic / Latino 27% Asian 19% Two or more races 12% Black 7% Native American 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 6% Dominican 4%
• Common ancestry: Scotch-Irish 3% Romanian 3% Estonian 2%
• Foreign-born: 39% · Canada, Jamaica, China
• Languages at home: 48% English-only · Spanish 22% Other Indo-European 13% Russian/Polish/Slavic 4%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.06%
• Current HPI: 348.3009
• Rent YoY: ▲ 7.28%
• 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

+49900.0% since first listed

9 events — show timeline

• 2025-08-15 Sold (Public Records) $900,000 Public Records
• 2025-07-09 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-03-18 Price Changed $1,736,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-10 Listed $1,749,000 OneKey® MLS as Distributed by MLS Grid
• 2024-07-29 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-06-19 Price Changed $1,750,000 OneKey® MLS as Distributed by MLS Grid
• 2024-05-15 Price Changed $1,790,000 OneKey® MLS as Distributed by MLS Grid
• 2023-02-10 Listed $1,800,000 OneKey® MLS as Distributed by MLS Grid
• 2022-02-16 Price Changed $1,800 RENT.

Property tax history

+5.5%/yr

Latest (2025): $17,165 · -1.0% YoY. Source: county tax records.