119 2nd Pl · New York, NY 11231

$3,200,000

16 bd · 16.0 ba · 3,072 sqft · MultiFamily public records · 22 Days on market

Built 1900 1,667 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 +24.2/30.0
• Appreciation +10.0/10.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

After almost sixty years, 119 2nd Place comes to market. The property includes a four-story brownstone with an unfinished basement, a front garden, large rear garden. In an unquestionably prime location in Carroll Gardens, this four-family home is ready to be modernized and reimagined the possibilities are nearly as limitless as your imagination and goals. Come tour and see the opportunity awaiting you at 119 2nd Place!

Key facts

• Four family home
• Front garden
• Unfinished basement

Tags

• FOUR STORY BROWNSTONE
• UNFINISHED BASEMENT
• FRONT GARDEN
• LARGE REAR GARDEN
• PRIME LOCATION
• FOUR FAMILY HOME

Property features AI

Finance

• Financial info: Pets not allowed in building
• HOA & community: Association fee charged monthly

Exterior

• Home design: 4 total stories; Entry level at ground floor
• Exterior features: Lot approximately 16.67 x 100

Interior

• Bedrooms: Total rooms: 12
• Flooring: Hardwood floors
• Bathrooms: 4 full bathrooms
• Heating & cooling: Heating present
• Interior features: High ceilings; Unfurnished
• Laundry & utility: No laundry in building

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $3.20M.

Deal economics

• At list price, monthly cash flow is $6k ($77k/yr) — positive. Per door: $2k/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 $3.19M (0.4% below list).
• Recommended offer: $3.15M (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% 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); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% 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 (+12.0%/yr); 88 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 $31,869/mo this rent would consume 273% of the median local household income ($140k/yr) (locally 1542% 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 $342k of equity ($22k loan paydown + $320k 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 + 8.0% rent growth), your $896k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$550k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($3.15M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $3,152,000 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.00% ✗
• Cap rate: 8.68%
• Cash-on-cash: 8.54%
• DSCR: 1.38
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 32.4%
• Equity multiple: 3.58×
• Total profit: $2,315,841
• Equity at exit: $2,882,814

10-year hold

• IRR: 29.5%
• Equity multiple: 8.72×
• Total profit: $6,914,501
• Equity at exit: $6,216,896

Cash invested: $896,000 (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 11231

• Home prices YoY: 2.2%
• Rents YoY: 12.0%
• Active inventory: 88
• Price-to-rent: 33.5×

Monthly cashflow live

• Estimated rent: $31,869 high
• Mortgage (P&I): −$16,781
• Tax from tax record: −$685 /mo · $8,217/yr
• Insurance: −$1,333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,692
• Net cashflow: $6,377

Break-even live

Break-even rent $23,796

Max offer price $3,200,000

Occupancy floor 75%

Sensitivity live

Price	-10% $8,189	-5% $7,283	+0% $6,377	+5% $5,472	+10% $4,566
Rent	-10% $3,860	-5% $5,118	+0% $6,377	+5% $7,636	+10% $8,895
Rate	-1.0pp $7,989	-0.5pp $7,191	base $6,377	+0.5pp $5,548	+1.0pp $4,705

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$31,868
Total (4 units)			$31,869

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: $800,000
• Closing costs: $96,000
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-04
   days on market $3,200,000 Active 22 DOM
2. 2026-06-03
   days on market $3,200,000 Active 21 DOM
3. 2026-06-02
   days on market $3,200,000 Active 20 DOM
4. 2026-06-01
   days on market $3,200,000 Active 19 DOM
5. 2026-05-31
   days on market $3,200,000 Active 18 DOM
6. 2026-05-13
   listed $3,200,000 Active

ⓘ 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: $8,217 · $685/mo
• Projected year-2 tax: $31,148 · $2,596/mo
• Expected delta: +$22,932/yr (+$1,911/mo · 279.1%)

ⓘ 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: $382,428
• − Mortgage interest: −$179,250
• − Property taxes: −$8,217
• − Insurance: −$16,000
• − Repairs & maintenance: −$30,594
• − Management: −$30,594
• − Depreciation: −$93,091
• Taxable income: $24,682
• Est. tax owed @ 24.0%: −$5,924
• After-tax cash flow: $70,604/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): 38,276
• Household income: $139,930
• Rent vs Own: 69.5% rent · 30.5% own
• Severe rent burden: 1542.0

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 0.59)
• Race & ethnicity: White 61% Hispanic / Latino 16% Black 11% Two or more races 11% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7% Dominican 2%
• Common ancestry: Romanian 4% Scotch-Irish 3% Lithuanian 2%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 77% English-only · Spanish 10% French/Haitian/Cajun 4% Other Indo-European 3%

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: ▲ 10.74%
• Current HPI: 494.094
• Rent YoY: ▲ 11.99%
• 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

1 event — show timeline

• 2026-05-13 Listed $3,200,000 RLS at REBNY

Property tax history

+5.1%/yr

Latest (2025): $8,217 · +3.4% YoY. Source: county tax records.