1623 Norman St · New York, NY 11385

$1,090,000

9 bd · 3.9 ba · 2,518 sqft · MultiFamily public records · 123 Days on market

Built 1930 2,500 sqft lot Est $1249k · 13% under

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Why this score? — see what drove the D+ 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).

• ARV discount +13.2/15.0
• Cash flow +12.7/30.0
• Schools +5.0/10.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

.INVESTOR OWNED, CASH DEAL PREFERRED. PROPERTY IS CONVEYED WITH CURRENT TENANTS. 1 BEDROOM IS VACANT. Welcome to one of the hottest neighborhoods in NYC — Ridgewood, Queens! Invest in this now-prominent and rapidly growing community with a versatile, income-producing property. The first floor features a spacious one-bedroom unit and a nicely sized two-bedroom apartment. The second level offers a rarely available four-bedroom unit, ideal for strong rental demand. The property also includes a fully finished basement of approximately 1,250 square feet, providing valuable additional space. Current tenants are on month-to-month leases, offering flexibility for an investor or end user. Pote

Key facts

• Four bedroom unit
• 2,500 sq ft lot
• Built 1930

Tags

• SPACIOUS ONE BEDROOM UNIT
• TWO BEDROOM APARTMENT
• FOUR BEDROOM UNIT
• FULLY FINISHED BASEMENT
• VALUABLE ADDITIONAL SPACE

Property features AI

Exterior

• Parking: Street parking
• Utilities: Public sewer; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Triplex
• Construction: Advanced framing technique (construction material)
• Exterior features: No waterfront; Advanced framing construction technique

Interior

• Bedrooms: One 1-bedroom unit; Two 2-bedroom units; One 4-bedroom unit
• Bathrooms: Four full bathrooms
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bathroom; Finished full basement

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $1.09M.

Deal economics

• At list price, monthly cash flow is $-120 ($-1k/yr) — negative. Per door: $-40/mo.
• To cash-flow at today's rent, offer at most $1.07M (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $843k (22.7% below list).
• Recommended offer: $843k (22.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% 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 (+5.0%/yr); 214 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $8,431/mo this rent would consume 114% of the median local household income ($89k/yr) (locally 5525% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $33k of value loss. Plan a longer hold.
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($959k) is reasonable based on typical stale-listing flexibility.
• 4 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.
• Current owner paid $265k; list at $1.09M implies a 311% 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, 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 $843,100 (22.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.77% ✗
• Cap rate: 6.16%
• Cash-on-cash: -0.47%
• DSCR: 0.98
• GRM: 10.8

CMA / ARV

• ARV (on-the-fly): $1,248,928
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1659 Decatur St	0.12mi	8/3.0 (-1)	2,248 (-11%)	2mo	$1,388,000	$617	66
1816 Woodbine St	0.51mi	8/4.0 (-1)	2,600 (+3%)	1mo	$1,044,750	$402	64
1244 Jefferson Ave	0.60mi	9/3.0	2,820 (+12%)	1mo	$1,400,000	$496	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.97% rent growth · sell at horizon

5-year hold

• IRR: -15.1%
• Equity multiple: 0.45×
• Total profit: $-167,536
• Equity at exit: $162,523

10-year hold

• IRR: -3.9%
• Equity multiple: 0.72×
• Total profit: $-84,257
• Equity at exit: $94,243

Cash invested: $305,200 (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 11385

• Rents YoY: 5.0%
• Active inventory: 214
• Price-to-rent: 32.3×

Monthly cashflow live

• Estimated rent: $8,431 high
• Mortgage (P&I): −$5,716
• Tax from tax record: −$610 /mo · $7,317/yr
• Insurance: −$454
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,771
• Net cashflow: $-120

Break-even live

Break-even rent $8,582

Max offer price $1,068,885

Occupancy floor 96%

Sensitivity live

Price	-10% $497	-5% $189	+0% $-120	+5% $-428	+10% $-737
Rent	-10% $-786	-5% $-453	+0% $-120	+5% $213	+10% $547
Rate	-1.0pp $429	-0.5pp $158	base $-120	+0.5pp $-402	+1.0pp $-689

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$8,430
Total (3 units)			$8,431

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: $272,500
• Closing costs: $32,700
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-10
   days on market $1,090,000 Active 123 DOM
2. 2026-06-08
   days on market $1,090,000 Active 122 DOM
3. 2026-06-04
   days on market $1,090,000 Active 118 DOM
4. 2026-06-03
   days on market $1,090,000 Active 117 DOM
5. 2026-06-01
   days on market $1,090,000 Active 115 DOM
6. 2026-05-31
   days on market $1,090,000 Active 114 DOM
7. 2026-02-06
   listed $1,090,000 Active
8. 2026-02-02
   historical
9. 2025-10-17
   listed $1,290,000 Active
10. 2025-04-26
    historical
11. 2025-04-09
    price $1,350,000
12. 2025-04-03
    price $1,388,000
13. 2025-03-31
    status Active
14. 2025-03-02
    historical
15. 2025-02-06
    listed $1,500,000 Active
16. 2002-10-11
    soldstatus $265,000
17. 1997-10-31
    soldstatus $132,000
18. 1995-03-01
    soldstatus $135,000
19. 1985-12-09
    soldstatus $97,000
20. 1985-02-06
    soldstatus $40,500

ⓘ 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: $7,317 · $610/mo
• Projected year-2 tax: $12,869 · $1,072/mo
• Expected delta: +$5,552/yr (+$463/mo · 75.9%)

ⓘ 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: $101,172
• − Mortgage interest: −$61,057
• − Property taxes: −$7,317
• − Insurance: −$5,450
• − Repairs & maintenance: −$8,094
• − Management: −$8,094
• − Depreciation: −$31,709
• Taxable loss: −$20,549
• Est. tax savings @ 24.0%: +$4,932
• After-tax cash flow: $3,497/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: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 101,704
• Household income: $88,838
• Rent vs Own: 69.3% rent · 30.7% own
• Severe rent burden: 5525.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 45% White 43% Two or more races 17% Asian 7% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 12% Dominican 8%
• Common ancestry: Romanian 7% Scandinavian 1% Subsaharan African 1%
• Foreign-born: 39% · Canada, Jamaica, China
• Languages at home: 42% English-only · Spanish 34% Russian/Polish/Slavic 9% Other Indo-European 8%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -213.55%
• Current HPI: 300.9364
• Rent YoY: ▲ 4.97%
• 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

+2591.4% since first listed

14 events — show timeline

• 2026-02-06 Listed $1,090,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-10-17 Listed $1,290,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-26 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-04-09 Price Changed $1,350,000 OneKey® MLS as Distributed by MLS Grid
• 2025-04-03 Price Changed $1,388,000 OneKey® MLS as Distributed by MLS Grid
• 2025-03-31 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2025-03-02 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-02-06 Listed $1,500,000 OneKey® MLS as Distributed by MLS Grid
• 2002-10-11 Sold (Public Records) $265,000 Public Records
• 1997-10-31 Sold (Public Records) $132,000 Public Records
• 1995-03-01 Sold (Public Records) $135,000 Public Records
• 1985-12-09 Sold (Public Records) $97,000 Public Records
• 1985-02-06 Sold (Public Records) $40,500 Public Records

Property tax history

+5.5%/yr

Latest (2025): $7,317 · +3.3% YoY. Source: county tax records.