1684 W 2nd St · New York, NY 11223

$4,388,888

132 bd · 484.0 ba · 17,968 sqft · MultiFamily public records · 125 Days on market

Built 1928 5,800 sqft lot ↓ 6% since listing

---

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
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 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 (5+ Unit). Listing-text estimate: 22 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

NICE AND SOLID ALL BRICK 22 UNIT MULTI-FAMILY BUILDING CONVENIENTLY LOCATED NEAR TRAINS, BUSES AND SHOPPING IN THE DESIRABLE AREA OF BENSONHURST/GRAVESEND. THIS DWELLING HAS BEEN FULLY OCCUPIED FOR THE LAST 25 YEARS WITH NO VACANCY AND AN INCREDIBLE 90 PCT SAME TENANT OCCUPANCY FOR THE LAST 15 YEARS. A REAL MONEY MAKER AND A GREAT 1031 PROPERTY FOR SOMEONE LOOKING TO EXPAND ON THEIR INVESTMENTS. A MUST SEE PROPERTY. PLEASE CONTACT FOR MORE FIGURES RELATED TO THE ANNUAL RENT ROLL AND EXPENSES. 17 (1) BEDROOM APTS, 4 (2) BEDROOM APTS, 1 (3) BEDROOM APTS. THERE ARE 19 STABILIZED UNITS AND 3 SECTION 8.

Key facts

• Stabilized units
• Fully occupied
• Money maker

Tags

• MULTI FAMILY BUILDING
• FULLY OCCUPIED
• SAME TENANT OCCUPANCY
• MONEY MAKER
• STABILIZED UNITS

Property features AI

Finance

• Other: Building contains a total of 3 unit types across multiple units (total unit count reported as 3 distinct unit entries in the listing data)
• Financial info: Financing available: bank mortgage or cash; Reported annual rental income: $39,600; Utility expense reported (monthly): $850

Exterior

• Parking: No parking available
• Utilities: 220V electric; Oil-fired hot water and heating; Utility expense reported
• Home design: Residential property; Flat roof; Building footprint approximately 5,220 sq ft (building dimensions 90 x 58)
• Construction: Brick construction; Poured concrete foundation
• Exterior features: Detached building; Brick exterior; Zoning: R5; Lot number 38

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: Seventeen 1-bedroom apartments; Four 2-bedroom apartments; One 3-bedroom apartment
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Each listed unit has a full bathroom (units range from 1 to 1 full bath)
• Heating & cooling: Steam/radiator heat; Heating fuel: oil; Hot water: oil; 220V electric service
• Interior features: Laundry area (card-operated building laundry); Refrigerator; Stove/oven; Other basement amenities; Hardwood floors; Tile floors; No central air units reported
• Laundry & utility: Card-operated laundry in building

What this means for you Summary

Snapshot

• This is a 22 × 6-bed/22.0-bath units multifamily listed at $4.39M.

Deal economics

• At list price, monthly cash flow is $29k ($342k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($73k rent vs $4.39M).
• Recommended offer: $3.86M (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% 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 (+13.1%/yr); 219 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $73,180/mo this rent would consume 1386% of the median local household income ($63k/yr) (locally 6011% 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 $30k of loan paydown is wiped out by about $132k 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 + 8.0% rent growth), your $1.23M cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 125 days — a 12% lower offer ($3.86M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 68% 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 $3,862,221 (12.0% below list)

Questions for the listing agent

1. It's been on market 125 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 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: 1.67% ✓
• Cap rate: 14.09%
• Cash-on-cash: 27.84%
• DSCR: 2.24
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.4%
• Equity multiple: 2.21×
• Total profit: $1,491,537
• Equity at exit: $654,397

10-year hold

• IRR: 37.8%
• Equity multiple: 5.39×
• Total profit: $5,398,706
• Equity at exit: $379,471

Cash invested: $1,228,889 (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 11223

• Rents YoY: 13.1%
• Active inventory: 219
• Price-to-rent: 110.0×

Monthly cashflow live

• Estimated rent: $73,180 medium
• Mortgage (P&I): −$23,016
• Tax from tax record: −$4,462 /mo · $53,550/yr
• Insurance: −$1,829
• HOA: −$0
• Vacancy / Maint / Mgmt: −$15,368
• Net cashflow: $28,505

Break-even live

Break-even rent $37,097

Max offer price $4,388,888

Occupancy floor 56%

Sensitivity live

Price	-10% $30,990	-5% $29,747	+0% $28,505	+5% $27,263	+10% $26,021
Rent	-10% $22,724	-5% $25,615	+0% $28,505	+5% $31,396	+10% $34,286
Rate	-1.0pp $30,715	-0.5pp $29,621	base $28,505	+0.5pp $27,368	+1.0pp $26,211

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

Units	Beds	Baths	Est. rent
▸ 22× units	6	22	$73,172
Total (22 units)			$73,180

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: $1,097,222
• Closing costs: $131,667
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $4,388,888 Active 125 DOM
2. 2026-06-18
   days on market $4,388,888 Active 122 DOM
3. 2026-06-17
   days on market $4,388,888 Active 121 DOM
4. 2026-06-15
   days on market $4,388,888 Active 119 DOM
5. 2026-06-13
   days on market $4,388,888 Active 117 DOM
6. 2026-06-10
   days on market $4,388,888 Active 113 DOM
7. 2026-06-08
   days on market $4,388,888 Active 112 DOM
8. 2026-06-04
   days on market $4,388,888 Active 108 DOM
9. 2026-06-03
   days on market $4,388,888 Active 107 DOM
10. 2026-06-01
    days on market $4,388,888 Active 105 DOM
11. 2026-05-31
    days on market $4,388,888 Active 104 DOM
12. 2026-05-01
    price $4,388,888
13. 2026-03-23
    price $4,588,888
14. 2026-02-16
    listed $4,688,888 Active

ⓘ 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: $53,550 · $4,462/mo
• Projected year-2 tax: $63,861 · $5,322/mo
• Expected delta: +$10,311/yr (+$859/mo · 19.3%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% 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: $878,160
• − Mortgage interest: −$245,846
• − Property taxes: −$53,550
• − Insurance: −$21,944
• − Repairs & maintenance: −$70,253
• − Management: −$70,253
• − Depreciation: −$127,677
• Taxable income: $288,637
• Est. tax owed @ 24.0%: −$69,273
• After-tax cash flow: $272,789/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): 78,093
• Household income: $63,368
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 6011.0

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: White 51% Asian 26% Hispanic / Latino 13% Black 5% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2% Dominican 1%
• Common ancestry: Scotch-Irish 4% Subsaharan African 4% Romanian 1%
• Foreign-born: 46% · China, Canada, Philippines
• Languages at home: 41% English-only · Chinese 17% Russian/Polish/Slavic 15% Spanish 9%

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: ▼ -286.92%
• Current HPI: 430.9891
• Rent YoY: ▲ 13.09%
• 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

-6.4% since first listed

3 events — show timeline

• 2026-05-01 Price Changed $4,388,888 BNYMLS
• 2026-03-23 Price Changed $4,588,888 BNYMLS
• 2026-02-16 Listed $4,688,888 BNYMLS

Property tax history

+7.5%/yr

Latest (2025): $53,550 · -5.1% YoY. Source: county tax records.