493 Clinton Ave · New York, NY 11238

$2,900,000

12 bd · 11.2 ba · 5,720 sqft · MultiFamily public records · 156 Days on market

Built 1930 4,449 sqft lot

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Why this score? — see what drove the C- 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 +14.4/30.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• DSCR +4.4/10.0
• 1% rule +4.3/10.0
• Livability +3.8/5.0
• Rent growth +3.6/5.0
• 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

Prime Clinton Hill Multifamily Investment With Major Development Upside - 493 Clinton Ave 493 Clinton Avenue is a rare four-story multifamily opportunity positioned in the heart of Clinton Hill, one of Brooklyn's most desirable and architecturally rich neighborhoods. Located directly above the G, C, and A subway lines, the building offers exceptional transportation access, making it highly attractive for current and future tenants. The property contains 11 rent-stabilized apartments generating $209,285.52 in annual income, with a legal potential rent roll of $242,549.16, providing immediate revenue stability with built-in upside. Several units have been partially renovated, improving ren

Key facts

• Private driveway
• 4,449 sq ft lot
• Garage

Tags

• MULTIFAMILY INVESTMENT
• MAJOR DEVELOPMENT UPSIDE
• RENT STABILIZED APARTMENTS
• PARTIALLY RENOVATED UNITS
• UNUSED DEVELOPMENT RIGHTS
• PRIVATE DRIVEWAY

Property features AI

Finance

• Financial info: Annual tax amount listed (amount excluded per instructions)
• HOA & community: Pets allowed in building

Exterior

• Parking: Has garage
• Home design: 4-story building; Entry level at 1
• Construction: Green building
• Exterior features: Lot dimensions approximately 120.00 x 37.08; Zoning: R7A

Interior

• Bedrooms: Total units: 11
• Bathrooms: 11 full bathrooms
• Interior features: Smoke-free building; Basement (other)
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/2.8-bath units multifamily listed at $2.90M.

Deal economics

• At list price, monthly cash flow is $597 ($7k/yr) — positive. Per door: $149/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.69M (7.2% below list).
• Recommended offer: $2.55M (12.0% below list) — sets the bar for market timing.
• Cap rate 6.5% 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.
• Market conditions: Rents rising fast (+4.4%/yr); 144 active listings in the ZIP; high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $26,923/mo this rent would consume 240% of the median local household income ($135k/yr) (locally 3722% 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 $181k of equity ($20k loan paydown + $161k appreciation (5.5% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.5% appreciation + 4.4% rent growth), your $812k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$290k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($2.55M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $180k; list at $2.90M implies a 1511% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $2,552,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 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 1930 — 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: 0.93% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.88%
• DSCR: 1.04
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.55% appreciation · 4.4% rent growth · sell at horizon

5-year hold

• IRR: 15.6%
• Equity multiple: 2.03×
• Total profit: $837,747
• Equity at exit: $1,741,371

10-year hold

• IRR: 16.4%
• Equity multiple: 4.13×
• Total profit: $2,541,171
• Equity at exit: $3,089,685

Cash invested: $812,000 (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 11238

• Home prices YoY: 1.5%
• Rents YoY: 4.4%
• Active inventory: 144
• Price-to-rent: 35.9×

Monthly cashflow live

• Estimated rent: $26,923 high
• Mortgage (P&I): −$15,208
• Tax from tax record: −$4,256 /mo · $51,077/yr
• Insurance: −$1,208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,654
• Net cashflow: $597

Break-even live

Break-even rent $26,168

Max offer price $2,900,000

Occupancy floor 93%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	2.8	$26,924
Total (4 units)			$26,923

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: $725,000
• Closing costs: $87,000
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-13
   days on market $2,900,000 Active 156 DOM
2. 2026-06-10
   days on market $2,900,000 Active 152 DOM
3. 2026-06-08
   days on market $2,900,000 Active 151 DOM
4. 2026-06-04
   days on market $2,900,000 Active 147 DOM
5. 2026-06-03
   days on market $2,900,000 Active 146 DOM
6. 2026-06-01
   days on market $2,900,000 Active 144 DOM
7. 2026-05-31
   days on market $2,900,000 Active 143 DOM
8. 2026-02-03
   price $2,900,000
9. 2026-01-08
   listed $3,500,000 Active
10. 1998-08-27
    soldstatus $180,000

ⓘ 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: $51,077 · $4,256/mo
• Projected year-2 tax: $51,077 · $4,256/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $323,076
• − Mortgage interest: −$162,445
• − Property taxes: −$51,077
• − Insurance: −$14,500
• − Repairs & maintenance: −$25,846
• − Management: −$25,846
• − Depreciation: −$84,364
• Taxable loss: −$41,002
• Est. tax savings @ 24.0%: +$9,840
• After-tax cash flow: $16,999/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): 58,345
• Household income: $134,523
• Rent vs Own: 72.3% rent · 27.7% own
• Severe rent burden: 3722.0

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 0.70)
• Race & ethnicity: White 47% Black 23% Hispanic / Latino 15% Two or more races 13% Asian 7%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3% Dominican 3%
• Common ancestry: Romanian 3% Slovak 2% Italian 2%
• Foreign-born: 20% · Canada, China, South Korea
• Languages at home: 79% English-only · Spanish 9% Other Indo-European 3% French/Haitian/Cajun 2%

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: ▲ 5.55%
• Current HPI: 368.1523
• Rent YoY: ▲ 4.40%
• 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

+1511.1% since first listed

3 events — show timeline

• 2026-02-03 Price Changed $2,900,000 RLS at REBNY
• 2026-01-08 Listed $3,500,000 RLS at REBNY
• 1998-08-27 Sold (Public Records) $180,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $51,077 · +3.4% YoY. Source: county tax records.