2120 23rd Dr · New York, NY 11105

$1,850,000

9 bd · 3.0 ba · 2,600 sqft · MultiFamily public records · 351 Days on market

Built 1930 2,693 sqft lot

---

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 +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• 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

Welcome to 21-20 23rd Drive, a rare 3-family home situated on a quiet, residential street in the heart of Astoria, one of Queens’ most desirable and vibrant neighborhoods. (PROPERTY WILL BE DELIVERED VACANT!!) This property offers endless potential—whether you're looking to live in one unit and rent out the others, invest in long-term income property, or accommodate multi-generational living. The home provides 2 4 bedroom apartments and one 2 bedroom apartment. Each unit features spacious layouts, large windows that bring in abundant natural light, and the kind of charm that makes tenants feel at home. Set just blocks away from the East River waterfront, Astoria Park, and the sc

Key facts

• Large windows
• Nearby astoria park
• Spacious layouts

Tags

• QUIET RESIDENTIAL STREET
• SPACIOUS LAYOUTS
• LARGE WINDOWS
• ABUNDANT NATURAL LIGHT
• BLOCKS AWAY FROM EAST RIVER
• NEARBY ASTORIA PARK

Property features AI

Exterior

• Parking: One garage space; No carport
• Utilities: Public sewer; Cable available; Electricity available; Natural gas available
• Home design: Triplex
• Construction: Frame construction
• Exterior features: Frame construction; Not waterfront

Interior

• Bedrooms: Two 4-bedroom units and one 2-bedroom unit (triplex configuration)
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Other heating system
• Interior features: First-floor bedroom; First-floor full bathroom

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $1.85M.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $596/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 $1.66M (10.2% below list).
• Recommended offer: $1.63M (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 (+6.7%/yr); 112 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $16,616/mo this rent would consume 195% of the median local household income ($102k/yr) (locally 2291% 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 $13k of loan paydown is wiped out by about $56k 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 351 days — a 12% lower offer ($1.63M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $350k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $1.85M implies a 1750% 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 $1,628,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 351 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: 0.90% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.14%
• DSCR: 1.18
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.66% rent growth · sell at horizon

5-year hold

• IRR: -6.2%
• Equity multiple: 0.76×
• Total profit: $-123,042
• Equity at exit: $275,841

10-year hold

• IRR: 7.1%
• Equity multiple: 1.61×
• Total profit: $317,678
• Equity at exit: $159,954

Cash invested: $518,000 (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 11105

• Home prices YoY: -11.2%
• Rents YoY: 6.7%
• Active inventory: 112
• Price-to-rent: 27.8×

Monthly cashflow live

• Estimated rent: $16,616 high
• Mortgage (P&I): −$9,702
• Tax from tax record: −$865 /mo · $10,383/yr
• Insurance: −$771
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,489
• Net cashflow: $1,789

Break-even live

Break-even rent $14,351

Max offer price $1,850,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$16,617
Total (3 units)			$16,616

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: $462,500
• Closing costs: $55,500
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $1,850,000 Active 351 DOM
2. 2026-06-17
   days on market $1,850,000 Active 350 DOM
3. 2026-06-15
   days on market $1,850,000 Active 348 DOM
4. 2026-06-13
   days on market $1,850,000 Active 346 DOM
5. 2026-06-10
   days on market $1,850,000 Active 342 DOM
6. 2026-06-08
   days on market $1,850,000 Active 341 DOM
7. 2026-06-03
   days on market $1,850,000 Active 336 DOM
8. 2026-06-01
   days on market $1,850,000 Active 334 DOM
9. 2026-05-31
   days on market $1,850,000 Active 333 DOM
10. 2026-03-03
    price $1,850,000
11. 2026-01-08
    status Active
12. 2026-01-01
    historical
13. 2025-10-21
    price $1,999,999
14. 2025-06-25
    listed $2,200,000 Active
15. 2003-07-08
    soldstatus $100,000
16. 1986-06-04
    soldstatus $300,000

ⓘ 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: $10,383 · $865/mo
• Projected year-2 tax: $20,824 · $1,735/mo
• Expected delta: +$10,441/yr (+$870/mo · 100.6%)

ⓘ 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 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $199,392
• − Mortgage interest: −$103,629
• − Property taxes: −$10,383
• − Insurance: −$9,250
• − Repairs & maintenance: −$15,951
• − Management: −$15,951
• − Depreciation: −$53,818
• Taxable loss: −$9,590
• Est. tax savings @ 24.0%: +$2,302
• After-tax cash flow: $23,769/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): 37,936
• Household income: $102,012
• Rent vs Own: 74.5% rent · 25.5% own
• Severe rent burden: 2291.0

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 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 22% Two or more races 11% Asian 10% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 3% Italian 1% Scotch-Irish 1%
• Foreign-born: 32% · Canada, Jamaica, Vietnam
• Languages at home: 53% English-only · Other Indo-European 17% Spanish 16% Arabic 6%

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: ▼ -62.96%
• Current HPI: 501.1392
• Rent YoY: ▲ 6.66%
• 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

+516.7% since first listed

7 events — show timeline

• 2026-03-03 Price Changed $1,850,000 OneKey® MLS as Distributed by MLS Grid
• 2026-01-08 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-01-01 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $1,999,999 OneKey® MLS as Distributed by MLS Grid
• 2025-06-25 Listed $2,200,000 OneKey® MLS as Distributed by MLS Grid
• 2003-07-08 Sold (Public Records) $100,000 Public Records
• 1986-06-04 Sold (Public Records) $300,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $10,383 · -1.4% YoY. Source: county tax records.