238 26th St · New York, NY 11232

$1,750,000

42 bd · 42.0 ba · — sqft · MultiFamily · 367 Days on market

Built 1955 2,500 sqft lot ↓ 3% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +9.2/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• 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

Investor's Delight in Prime Greenwood Heights! A rare opportunity to own a, rent-stabilized 6-unit building in the heart of Greenwood Heights-one of Brooklyn's most charming and rapidly growing neighborhoods. With consistent rental income and long-term tenants in place, this property is an ideal addition to any investor's portfolio. Located just minutes from South Slope, this classic Brooklyn multifamily sits on a 20" x 100" lot with a generous 25" x 50" building footprint, totaling approximately 5,000 interior square feet. The building spans three stories, featuring six well-maintained units-two per floor-each offering a smart and efficient layout. All units are conv

Key facts

• Prime location
• 2,500 sq ft lot
• Built 1955

Tags

• PRIVATE OUTDOOR SPACE
• PRIME LOCATION

Property features AI

Finance

• Other: Pets: building allows pets (details vary by unit)
• Financial info: Annual property tax reported

Exterior

• Home design: 3-story building; Entry level on the 1st floor; Green building
• Construction: Lot area about 2,500 sq ft
• Exterior features: Lot dimensions approximately 100 x 25

Interior

• Bedrooms: Six units total (multi-unit building)
• Bathrooms: Seven full bathrooms
• Interior features: Smoke-free property; Basement: Other; Total of 19 rooms
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 6 × 7-bed/7.0-bath units multifamily listed at $1.75M.

Deal economics

• At list price, monthly cash flow is $11k ($135k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($30k rent vs $1.75M).
• Recommended offer: $1.54M (12.0% 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 (+6.3%/yr); 87 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $29,569/mo this rent would consume 390% of the median local household income ($91k/yr) (locally 1713% 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 $158k of equity ($12k loan paydown + $146k appreciation (8.3% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (8.3% appreciation + 6.3% rent growth), your $490k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$253k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 367 days — a 12% lower offer ($1.54M) is reasonable based on typical stale-listing flexibility.
• 2 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 1955 — 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 $1,540,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 367 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 1955 — 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: 14.02%
• Cash-on-cash: 27.59%
• DSCR: 2.23
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

8.35% appreciation · 6.26% rent growth · sell at horizon

5-year hold

• IRR: 44.6%
• Equity multiple: 4.22×
• Total profit: $1,578,036
• Equity at exit: $1,371,032

10-year hold

• IRR: 41.2%
• Equity multiple: 9.74×
• Total profit: $4,284,791
• Equity at exit: $2,762,058

Cash invested: $490,000 (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 11232

• Home prices YoY: 2.0%
• Rents YoY: 6.3%
• Active inventory: 87
• Price-to-rent: 29.6×

Monthly cashflow live

• Estimated rent: $29,569 medium
• Mortgage (P&I): −$9,177
• Tax est. 1.5%: −$2,188 /mo · $26,250/yr
• Insurance: −$729
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,209
• Net cashflow: $11,266

Break-even live

Break-even rent $15,309

Max offer price $1,750,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 6× units	7	7	$29,568
Total (6 units)			$29,569

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: $437,500
• Closing costs: $52,500
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $1,750,000 Active 367 DOM
2. 2026-06-17
   days on market $1,750,000 Active 366 DOM
3. 2026-06-15
   days on market $1,750,000 Active 364 DOM
4. 2026-06-13
   days on market $1,750,000 Active 362 DOM
5. 2026-06-10
   days on market $1,750,000 Active 358 DOM
6. 2026-06-08
   days on market $1,750,000 Active 357 DOM
7. 2026-06-03
   days on market $1,750,000 Active 352 DOM
8. 2026-06-01
   days on market $1,750,000 Active 350 DOM
9. 2026-05-31
   days on market $1,750,000 Active 349 DOM
10. 2025-12-16
    status Active
11. 2025-09-23
    price $1,750,000
12. 2025-05-23
    listed $1,795,000 Active

ⓘ 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 7/10 Severe 7 d/yr ≥99°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: $354,828
• − Mortgage interest: −$98,027
• − Property taxes: −$26,250
• − Insurance: −$8,750
• − Repairs & maintenance: −$28,386
• − Management: −$28,386
• − Depreciation: −$50,909
• Taxable income: $114,119
• Est. tax owed @ 24.0%: −$27,389
• After-tax cash flow: $107,799/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): 27,816
• Household income: $90,891
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 1713.0

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: Hispanic / Latino 52% White 23% Asian 15% Two or more races 12% Black 6% Native American 4%
• Hispanic origin (detail): Mexican 20% Puerto Rican 9% Dominican 7%
• Common ancestry: Romanian 3% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 38% · Canada, China, Jamaica
• Languages at home: 40% English-only · Spanish 44% Chinese 9% Other Asian/Pacific 1%

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: ▲ 8.35%
• Current HPI: 422.0849
• Rent YoY: ▲ 6.26%
• 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

-2.5% since first listed

3 events — show timeline

• 2025-12-16 Relisted — RLS at REBNY
• 2025-09-23 Price Changed $1,750,000 RLS at REBNY
• 2025-05-23 Listed $1,795,000 RLS at REBNY