2119 Utica Ave · New York, NY 11234

$1,099,999

2 bd · 2.5 ba · 3,360 sqft · MultiFamily · 13 Days on market

Built 1931 Fair condition 2,000 sqft lot Est $1216k · 10% 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).

• Cash flow +12.4/30.0
• ARV discount +11.8/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +3.7/10.0
• 1% rule +3.5/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

We are pleased to present 2119 Utica Avenue to market. 2119 consists of a ground floor store/office and two residential apartments above. The building is 3360SF and is zoned R3-2 and primely located a few minutes from the Flatbush Avenue commercial corridor. The property benefits from high foot traffic, strong visibility, high traffic count. 2119 is nestled in a thriving submarket of Brooklyn with consistent demand for rental housing positioning it for tremendous rental upside and or a owner/user strategy.

Key facts

• Ground floor store
• Strong visibility
• High foot traffic

Tags

• GROUND FLOOR STORE
• TWO RESIDENTIAL APARTMENTS
• ZONED R3-2
• HIGH FOOT TRAFFIC
• STRONG VISIBILITY
• HIGH TRAFFIC COUNT

Property features AI

Finance

• Financial info: Financing options: exchange considered, bank mortgage, or cash; Reported monthly utility expense: $1,850; Multiple-unit income details: three units total — retail unit (month-to-month) reporting $3,300 current rent; two 1-bedroom residential units (both month-to-month)

Exterior

• Parking: Street parking
• Utilities: 200 Amp electric; Gas hot water; Gas heating (baseboard)
• Home design: Brick construction; Flat roof; Poured concrete foundation; Building footprint approximately 84 x 20
• Construction: Brick exterior; Poured concrete foundation; Flat roof
• Exterior features: Back yard; Attached building; Mixed-use property

Interior

• Bedrooms: Two 1-bedroom units (one on 1st floor, one on 2nd floor)
• Flooring: Hardwood floors
• Bathrooms: Each 1-bedroom unit has 1 full bathroom; Retail unit has 1 full and 1 half bathroom
• Heating & cooling: Gas hot water; Gas heating with baseboard delivery; 200 Amp electric service
• Interior features: Hardwood floors; Masonry walls; Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath multifamily listed at $1.10M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-187 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.07M (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $939k (14.7% below list).
• Recommended offer: $939k (14.7% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% 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 (+16.2%/yr); 461 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $9,386/mo this rent would consume 116% of the median local household income ($97k/yr) (locally 2384% 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.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $938,600 (14.7% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1931 — 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. 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?
8. 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.
9. 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.
10. 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: 0.85% ✗
• Cap rate: 6.09%
• Cash-on-cash: -0.73%
• DSCR: 0.97
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $1,216,320
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1259 E 68th St	0.64mi	3/3.5 (+1)	3,562 (+6%)	5mo	$1,290,000	$362	47

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.0%
• Equity multiple: 0.54×
• Total profit: $-140,407
• Equity at exit: $164,013

10-year hold

• IRR: 3.3%
• Equity multiple: 1.29×
• Total profit: $88,746
• Equity at exit: $95,108

Cash invested: $308,000 (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 11234

• Rents YoY: 16.2%
• Active inventory: 461
• Price-to-rent: 29.3×

Monthly cashflow live

• Estimated rent: $9,386 medium
• Mortgage (P&I): −$5,769
• Tax est. 1.5%: −$1,375 /mo · $16,500/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,971
• Net cashflow: $-187

Break-even live

Break-even rent $9,623

Max offer price $1,072,953

Occupancy floor 97%

Sensitivity live

Price	-10% $573	-5% $193	+0% $-187	+5% $-567	+10% $-947
Rent	-10% $-928	-5% $-558	+0% $-187	+5% $184	+10% $555
Rate	-1.0pp $367	-0.5pp $93	base $-187	+0.5pp $-472	+1.0pp $-762

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	2.5	$9,387
Total (3 units)			$9,386

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: $275,000
• Closing costs: $33,000
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $1,099,999 Active 13 DOM
2. 2026-06-18
   days on market $1,099,999 Active 10 DOM
3. 2026-06-17
   days on market $1,099,999 Active 9 DOM
4. 2026-06-16
   days on market $1,099,999 Active 8 DOM
5. 2026-06-15
   days on market $1,099,999 Active 7 DOM
6. 2026-06-13
   days on market $1,099,999 Active 5 DOM
7. 2026-06-08
   remarks 511-char remark
8. 2026-06-08
   listed $1,099,999 Active 1 DOM

ⓘ 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: $112,632
• − Mortgage interest: −$61,617
• − Property taxes: −$16,500
• − Insurance: −$5,500
• − Repairs & maintenance: −$9,011
• − Management: −$9,011
• − Depreciation: −$32,000
• Taxable loss: −$21,006
• Est. tax savings @ 24.0%: +$5,041
• After-tax cash flow: $2,799/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

The property requires extensive repairs and maintenance, including roof, siding, and fencing replacement, as well as interior painting and window replacement. Significant value can be added through these improvements, making it a good investment opportunity.

Repairs flagged

• Major roof — Significant damage and wear visible in the independent image.
• Major siding — Peeling and significant wear visible in the independent image.
• Major fencing — Significant damage and wear visible in the independent image.
• Major HVAC/mechanicals — No photos provided, but the exterior suggests a need for significant work inside as well.
• Major landscaping — Overgrown vegetation and lack of landscaping in the independent image.
• Major interior walls/paint — No photos provided, but the exterior suggests a need for significant work inside as well.
• Major windows — No photos provided, but the exterior suggests a need for significant work inside as well.

Value-add opportunities

• Both roof replacement — A new roof would significantly improve the home's appearance and increase its value.
• Both siding repair/replacement — New siding would improve the home's appearance and increase its value.
• Both fencing repair/replacement — A new fence would improve the home's appearance and increase its value.
• Both HVAC/mechanical upgrade — Upgrading the HVAC and mechanical systems would improve the home's comfort and increase its value.
• Both landscaping — A well-maintained landscape would improve the home's curb appeal and increase its value.
• Both interior painting — New paint inside would improve the home's appearance and increase its value.
• Both window replacement — New windows would improve the home's appearance and increase its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage and wear visible in the independent image.	Major	$15,000–50,000
siding · Peeling and significant wear visible in the independent image.	Major	$15,000–50,000
fencing · Significant damage and wear visible in the independent image.	Major	$15,000–50,000
HVAC/mechanicals · No photos provided, but the exterior suggests a need for significant work inside as well.	Major	$15,000–50,000
landscaping · Overgrown vegetation and lack of landscaping in the independent image.	Major	$15,000–50,000
interior walls/paint · No photos provided, but the exterior suggests a need for significant work inside as well.	Major	$15,000–50,000
windows · No photos provided, but the exterior suggests a need for significant work inside as well.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both roof replacement — A new roof would significantly improve the home's appearance and increase its value. ↑
• Both siding repair/replacement — New siding would improve the home's appearance and increase its value. ↑
• Both fencing repair/replacement — A new fence would improve the home's appearance and increase its value. ↑
• Both HVAC/mechanical upgrade — Upgrading the HVAC and mechanical systems would improve the home's comfort and increase its value. ↑
• Both landscaping — A well-maintained landscape would improve the home's curb appeal and increase its value. ↑
• Both interior painting — New paint inside would improve the home's appearance and increase its value. ↑
• Both window replacement — New windows would improve the home's appearance and increase its value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 83,187
• Household income: $97,479
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 2384.0

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 0.69)
• Race & ethnicity: Black 42% White 35% Hispanic / Latino 10% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Hispanic 8% Scotch-Irish 3% Romanian 2%
• Foreign-born: 35% · Canada, China, Mexico
• Languages at home: 65% English-only · French/Haitian/Cajun 9% Spanish 7% Russian/Polish/Slavic 6%

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: ▼ -667.47%
• Current HPI: 318.0416
• Rent YoY: ▲ 16.21%
• 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

• 2026-06-08 Listed $1,099,999 BNYMLS