2186 Fulton St #4 · New York, NY 11233

$1,250,000

8 bd · 4.8 ba · 4,800 sqft · MultiFamily public records · 41 Days on market

Built 1910 2,000 sqft lot

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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 +25.4/30.0
• Appreciation +10.0/10.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• 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: 4 units. estimate disagrees with records

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

Welcome to 2186 Fulton Street – Prime 4-Family Investment Opportunity in Ocean Hill, Brooklyn, This impressive 4-family property offers approximately 4,800 square feet of living space, presenting an exceptional opportunity for both investors and end-users alike. Unit 1 (First Floor): Upon key fob entry, you’re welcomed into a spacious 2-bedroom, 1-bathroom apartment spanning 1,086 sq ft. This unit features organic hardwood floors, well-proportioned bedrooms positioned on opposite ends (north and south exposure), and a thoughtfully designed layout with a separate living room and dining area. Unit 2 (Second Floor): A beautifully renovated (2019) 2-bedroom, 2-bathroom unit offering

Key facts

• Pass through kitchen
• Full gut renovation
• Separate living room

Tags

• ORGANIC HARDWOOD FLOORS
• SEPARATE LIVING ROOM
• PASS THROUGH KITCHEN
• GRANITE BACKSPLASH FINISHES
• FULL GUT RENOVATION
• ONE BLOCK FROM SUBWAY

Property features AI

Exterior

• Parking: On-street parking; No carport
• Utilities: Public sewer; Electricity connected
• Home design: Quadruplex; Fixer condition; Approximately 4,800 total building area
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront; No additional parcels

Interior

• Bedrooms: One 2-bedroom unit
• Bathrooms: Five full bathrooms (total)
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.2-bath units multifamily listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $720/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.25M).
• Recommended offer: $1.21M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 (+6.4%/yr); 154 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $13,345/mo this rent would consume 257% of the median local household income ($62k/yr) (locally 6960% 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 $134k of equity ($9k loan paydown + $125k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 6.4% rent growth), your $350k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$215k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($1.21M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $80k; list at $1.25M implies a 1462% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% 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 $1,212,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.07% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.88%
• DSCR: 1.44
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 6.44% rent growth · sell at horizon

5-year hold

• IRR: 32.9%
• Equity multiple: 3.60×
• Total profit: $911,626
• Equity at exit: $1,126,099

10-year hold

• IRR: 29.4%
• Equity multiple: 8.57×
• Total profit: $2,650,884
• Equity at exit: $2,428,475

Cash invested: $350,000 (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 11233

• Home prices YoY: 2.9%
• Rents YoY: 6.4%
• Active inventory: 154
• Price-to-rent: 31.2×

Monthly cashflow live

• Estimated rent: $13,345 high
• Mortgage (P&I): −$6,555
• Tax from tax record: −$586 /mo · $7,033/yr
• Insurance: −$521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,802
• Net cashflow: $2,880

Break-even live

Break-even rent $9,699

Max offer price $1,250,000

Occupancy floor 73%

Sensitivity live

Price	-10% $3,588	-5% $3,234	+0% $2,880	+5% $2,527	+10% $2,173
Rent	-10% $1,826	-5% $2,353	+0% $2,880	+5% $3,408	+10% $3,935
Rate	-1.0pp $3,510	-0.5pp $3,198	base $2,880	+0.5pp $2,557	+1.0pp $2,227

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1.2	$13,344
Total (4 units)			$13,345

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: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-04-14
   listed $1,250,000 Active
2. 1989-05-24
   soldstatus $80,000
3. 1986-04-10
   soldstatus $33,500

ⓘ 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: $7,033 · $586/mo
• Projected year-2 tax: $14,079 · $1,173/mo
• Expected delta: +$7,046/yr (+$587/mo · 100.2%)

ⓘ 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 39% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $160,140
• − Mortgage interest: −$70,019
• − Property taxes: −$7,033
• − Insurance: −$6,250
• − Repairs & maintenance: −$12,811
• − Management: −$12,811
• − Depreciation: −$36,364
• Taxable income: $14,851
• Est. tax owed @ 24.0%: −$3,564
• After-tax cash flow: $31,002/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): 81,822
• Household income: $62,411
• Rent vs Own: 76.3% rent · 23.7% own
• Severe rent burden: 6960.0

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: Predominantly Black (65%)
• Race & ethnicity: Black 65% Hispanic / Latino 16% White 12% Two or more races 8% Asian 2%
• Hispanic origin (detail): Puerto Rican 5% Dominican 5%
• Common ancestry: Hispanic 1% Romanian 1% Lithuanian 1%
• Foreign-born: 25% · Canada, Mexico, China
• Languages at home: 80% English-only · Spanish 12% French/Haitian/Cajun 3% Other Indo-European 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: ▲ 18.31%
• Current HPI: 645.4828
• Rent YoY: ▲ 6.44%
• 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

+3631.3% since first listed

3 events — show timeline

• 2026-04-14 Listed $1,250,000 OneKey® MLS as Distributed by MLS Grid
• 1989-05-24 Sold (Public Records) $80,000 Public Records
• 1986-04-10 Sold (Public Records) $33,500 Public Records

Property tax history

+5.5%/yr

Latest (2025): $7,033 · +6.9% YoY. Source: county tax records.