145 Smith St · New York, NY 11201

$3,600,000

12 bd · 9.0 ba · 3,948 sqft · MultiFamily · 204 Days on market

Built 1910 1,833 sqft lot

---

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).

• Cash flow +8.6/30.0
• Appreciation +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• 1% rule +2.7/10.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0

Multi-family units

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

Listing remarks

3 Family Mix-Use for Sale Downtown Brooklyn Cobble Hill /Boerum Hill Neighborhood. Located next to Smith Street and Bergen Street Train Station F & G stop. Also, close to Court St, Barclays Center, Dumbo, Brooklyn Heights and few minute drive to Brooklyn Bridge. There is a 2 Bedroom 1 bath on the 2nd Floor, 1 and half Bedroom 1 ½ bath on the 3rd floor, Huge 1 Bedroom 1 bath on the top Floor. Each Apartment is approximately 1000 Sq Ft……The Storefront is approximately 1000 Sq Ft with A huge Backyard……This R6A, C2-4 zoned property has 1558 Unused F A R, Yearly Taxes $38,150.

Key facts

• 1,833 sq ft lot
• Built 1910
• Listed 204 days

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $3.60M.

Deal economics

• At list price, monthly cash flow is $-3k ($-37k/yr) — negative. Per door: $-1k/mo.
• To cash-flow at today's rent, offer at most $3.15M (12.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.75M (23.5% below list).
• Recommended offer: $2.75M (23.5% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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 (+5.4%/yr); 405 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 $27,549/mo this rent would consume 191% of the median local household income ($173k/yr) (locally 4080% 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 $240k of equity ($25k loan paydown + $215k appreciation (6.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$384k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 204 days — a 12% lower offer ($3.17M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask is 94637% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $2,754,900 (23.5% 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 204 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 1910 — 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: 5.25%
• Cash-on-cash: -3.71%
• DSCR: 0.83
• GRM: 10.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.97% appreciation · 5.39% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.89×
• Total profit: $901,892
• Equity at exit: $2,255,288

10-year hold

• IRR: 14.5%
• Equity multiple: 3.94×
• Total profit: $2,962,744
• Equity at exit: $4,083,120

Cash invested: $1,008,000 (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 11201

• Home prices YoY: 1.9%
• Rents YoY: 5.4%
• Active inventory: 405
• Price-to-rent: 32.7×

Monthly cashflow live

• Estimated rent: $27,549 high
• Mortgage (P&I): −$18,879
• Tax est. 1.5%: −$4,500 /mo · $54,000/yr
• Insurance: −$1,500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,785
• Net cashflow: $-3,115

Break-even live

Break-even rent $31,492

Max offer price $3,149,243

Occupancy floor —

Sensitivity live

Price	-10% $-627	-5% $-1,871	+0% $-3,115	+5% $-4,359	+10% $-5,603
Rent	-10% $-5,291	-5% $-4,203	+0% $-3,115	+5% $-2,027	+10% $-939
Rate	-1.0pp $-1,302	-0.5pp $-2,199	base $-3,115	+0.5pp $-4,048	+1.0pp $-4,997

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$27,549
Total (3 units)			$27,549

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: $900,000
• Closing costs: $108,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2024-04-05
   historical $3,800
2. 2023-12-26
   listed $3,800
3. 2023-01-27
   status Pending
4. 2022-09-07
   price $3,600,000
5. 2022-07-06
   listed $3,890,000 Active
6. 2022-04-30
   historical
7. 2021-04-21
   listed $4,590,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $330,588
• − Mortgage interest: −$201,656
• − Property taxes: −$54,000
• − Insurance: −$18,000
• − Repairs & maintenance: −$26,447
• − Management: −$26,447
• − Depreciation: −$104,727
• Taxable loss: −$100,689
• Est. tax savings @ 24.0%: +$24,165
• After-tax cash flow: $-13,216/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): 70,674
• Household income: $173,136
• Rent vs Own: 64.1% rent · 35.9% own
• Severe rent burden: 4080.0

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 0.62)
• Race & ethnicity: White 58% Asian 14% Black 12% Hispanic / Latino 11% Two or more races 10%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 4% Scotch-Irish 3% Lithuanian 3%
• Foreign-born: 21% · Canada, China, South Korea
• Languages at home: 75% English-only · Spanish 7% Chinese 6% 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: ▲ 5.97%
• Current HPI: 321.3623
• Rent YoY: ▲ 5.39%
• 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

-99.9% since first listed

7 events — show timeline

• 2024-04-05 Rental Removed $3,800 BNYMLS
• 2023-12-26 Listed for Rent $3,800 BNYMLS
• 2023-01-27 Pending — BNYMLS
• 2022-09-07 Price Changed $3,600,000 BNYMLS
• 2022-07-06 Listed $3,890,000 BNYMLS
• 2022-04-30 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2021-04-21 Listed $4,590,000 OneKey® MLS as Distributed by MLS Grid