243 New York Ave

New York, NY 11216

$3,750,000C+

16 bd · 8.0 ba · 11,277 sqft · Built 1906 · MultiFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $37,801/mo
• Mortgage (P&I): −$19,665
• Tax + insurance: −$6,250
• HOA: −$0
• Vac / Maint / Mgmt: −$7,938
• Net cashflow: $3,947/mo
• Annual: $47,369/yr
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• 1% rule: 1.01%
• Cash to close: $1,050,000

Investor read

• This is a 8 × 2-bed/1.0-bath units multifamily listed at $3.75M. Condition is rated good.
• At list price, monthly cash flow is $4k ($47k/yr) — positive. Per door: $493/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($38k rent vs $3.75M).
• It's been on market 31 days — a 3% lower offer ($3.64M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $3.64M (3.0% below list) — sets the bar for market timing.
• In year one you build about $401k of equity ($26k loan paydown + $375k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.7%/yr); 120 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 4y 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.
• At projected returns (10.0% appreciation + 7.7% rent growth), your $1.05M cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$644k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.6% 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.
• At $37,801/mo this rent would consume 448% of the median local household income ($101k/yr) (locally 4473% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.