881 39th St · New York, NY 11232

$1,299,000

66 bd · 39.0 ba · 3,921 sqft · MultiFamily public records · 117 Days on market

Built 1933 2,321 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 +29.4/30.0
• DSCR +10.0/10.0
• Appreciation +9.2/10.0
• 1% rule +7.8/10.0
• 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

Prime Sunset Park location! This well-maintained semi-detached 6-family brick building offers excellent income potential and features a wide shared driveway for added convenience. The property consists of 5 two-bedroom units and 1 one-bedroom unit, generating a gross annual income of $95,900. Recent upgrades include a brand-new water heater, a gas boiler that is approximately 9 years old, and a roof that was replaced 6 years ago. The building measures 20' x 65' and sits on a 26' x 89' lot. A rare opportunity in a highly sought-after neighborhood—won’t last!

Key facts

• Sunset park location
• Gas boiler
• Wide shared driveway

Tags

• SUNSET PARK LOCATION
• WIDE SHARED DRIVEWAY
• BRAND-NEW WATER HEATER
• GAS BOILER
• ROOF REPLACED

What this means for you Summary

Snapshot

• This is a 5×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $5k ($55k/yr) — positive. Per door: $767/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.30M).
• Recommended offer: $1.18M (9.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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.
• Zoned schools: Ps 169 Sunset Park (math 44% / reading 24%, grade F, #1,577 of 2,108 statewide, top 77%, 934 students, 92% FRL); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• 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 $16,621/mo this rent would consume 219% 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 $117k of equity ($9k loan paydown + $108k 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 $364k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$188k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 117 days — a 9% lower offer ($1.18M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $290k; list at $1.30M implies a 348% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1933 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,182,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 117 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 1933 — 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: 1.28% ✓
• Cap rate: 10.54%
• Cash-on-cash: 15.17%
• DSCR: 1.68
• GRM: 6.5

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: 34.2%
• Equity multiple: 3.51×
• Total profit: $913,282
• Equity at exit: $1,017,698

10-year hold

• IRR: 31.5%
• Equity multiple: 8.06×
• Total profit: $2,566,574
• Equity at exit: $2,050,236

Cash invested: $363,720 (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: 38.5×

Monthly cashflow live

• Estimated rent: $16,621 medium
• Mortgage (P&I): −$6,812
• Tax from tax record: −$1,178 /mo · $14,136/yr
• Insurance: −$541
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,490
• Net cashflow: $4,599

Break-even live

Break-even rent $10,799

Max offer price $1,299,000

Occupancy floor 67%

Sensitivity live

Price	-10% $5,335	-5% $4,967	+0% $4,599	+5% $4,232	+10% $3,864
Rent	-10% $3,286	-5% $3,943	+0% $4,599	+5% $5,256	+10% $5,912
Rate	-1.0pp $5,253	-0.5pp $4,930	base $4,599	+0.5pp $4,263	+1.0pp $3,920

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$14,070
1× unit	1	1	$2,553
Total (6 units)			$16,621

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: $324,750
• Closing costs: $38,970
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2025-11-10
   status Pending
2. 2025-07-16
   listed $1,299,000 Active
3. 2025-03-04
   price $1,650,000
4. 2002-02-21
   soldstatus $290,000
5. 2000-08-11
   soldstatus $185,000
6. 1985-12-16
   soldstatus $24,000

ⓘ 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: $14,136 · $1,178/mo
• Projected year-2 tax: $18,044 · $1,504/mo
• Expected delta: +$3,909/yr (+$326/mo · 27.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $199,452
• − Mortgage interest: −$72,764
• − Property taxes: −$14,136
• − Insurance: −$6,495
• − Repairs & maintenance: −$15,956
• − Management: −$15,956
• − Depreciation: −$37,789
• Taxable income: $36,356
• Est. tax owed @ 24.0%: −$8,725
• After-tax cash flow: $46,466/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

+5312.5% since first listed

6 events — show timeline

• 2025-11-10 Pending — BNYMLS
• 2025-07-16 Listed $1,299,000 BNYMLS
• 2025-03-04 Price Changed $1,650,000 BNYMLS
• 2002-02-21 Sold (Public Records) $290,000 Public Records
• 2000-08-11 Sold (Public Records) $185,000 Public Records
• 1985-12-16 Sold (Public Records) $24,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $14,136 · -1.0% YoY. Source: county tax records.