2069 E 12th St · New York, NY 11229

$3,440,000

532 bd · 380.0 ba · 18,720 sqft · MultiFamily · 590 Days on market

6,240 sqft lot ↓ 18% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 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: 19 units. estimate disagrees with records

Listing remarks

Mint condition 19 unit apartment building on East 12th Street between Ave T and Ave U in prime Homecrest area. The Property has 60 feet of frontage on E 12th Street and is built 60 feet by 78 feet on a 60 foot by 105 foot R5/C1-3 lot. The Property has 4 floors and comprised of ten one-bedroom and nine two bedroom apartments with Gross Operating Income of $349,834 and Net Operating Income of $210,000 annually. The Property offers an investor an exceptional opportunity to own a building in the one of most convinient and growing neighborhoods in South Brooklyn. In general, this section of Homecrest is in constantly high demand by apartment tenants this has resulted in a low supply of availabl

Key facts

• 6,240 sq ft lot
• Listed 589 days

Property features AI

Finance

• Other: Building amenities include card-operated laundry and bike rooms
• Financial info: Financing options: cash, bank mortgage, exchange considered
• HOA & community: Bike rooms

Exterior

• Parking: No designated parking
• Security: Secure lobby; Resident superintendent
• Utilities: Electric: 110V and 220V; Hot water: oil; Heating fuel: oil
• Home design: Detached residential building; Flat/asphalt-tar roof; Zoned C1-3/R5
• Construction: Block and brick construction; Poured concrete foundation; Building footprint approximately 4,680 sq ft; Building dimensions roughly 78.00 x 60.00
• Exterior features: Back yard; Brick exterior

Interior

• Kitchen: Refrigerator; Stove
• Flooring: Concrete floors; Hardwood floors; Tile floors; Other flooring (see remarks)
• Bathrooms: 19 full bathrooms; 1 three-quarter bathroom
• Heating & cooling: Hot water heat; Oil-fired heating; 110V and 220V electrical service
• Interior features: Central air conditioning (5+ units); Alarm system; Laundry area; Patio garden; Porch; Terrace; Window treatments; Refrigerator; Stove; Other interior features
• Laundry & utility: On-site laundry (card-operated)

What this means for you Summary

Snapshot

• This is a 19 × 28-bed/20.0-bath units multifamily listed at $3.44M.

Deal economics

• At list price, monthly cash flow is $38k ($460k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($79k rent vs $3.44M).
• Recommended offer: $3.03M (12.0% below list) — sets the bar for market timing.
• Cap rate 19.7% 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.
• Market conditions: Rents rising fast (+15.8%/yr); 355 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $78,595/mo this rent would consume 1336% of the median local household income ($71k/yr) (locally 4771% 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 $24k of loan paydown is wiped out by about $103k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $963k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 590 days — a 12% lower offer ($3.03M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 72% 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 $3,027,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 590 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 2.28% ✓
• Cap rate: 19.66%
• Cash-on-cash: 47.74%
• DSCR: 3.12
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 50.8%
• Equity multiple: 3.39×
• Total profit: $2,299,544
• Equity at exit: $512,915

10-year hold

• IRR: 58.2%
• Equity multiple: 8.31×
• Total profit: $7,040,120
• Equity at exit: $297,428

Cash invested: $963,200 (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 11229

• Rents YoY: 15.8%
• Active inventory: 355
• Price-to-rent: 69.3×

Monthly cashflow live

• Estimated rent: $78,595 medium
• Mortgage (P&I): −$18,040
• Tax est. 1.5%: −$4,300 /mo · $51,600/yr
• Insurance: −$1,433
• HOA: −$0
• Vacancy / Maint / Mgmt: −$16,505
• Net cashflow: $38,317

Break-even live

Break-even rent $30,092

Max offer price $3,440,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 19× units	28	20	$78,603
Total (19 units)			$78,595

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: $860,000
• Closing costs: $103,200
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $3,440,000 Active 590 DOM
2. 2026-06-17
   days on market $3,440,000 Active 589 DOM
3. 2026-06-15
   days on market $3,440,000 Active 587 DOM
4. 2026-06-13
   days on market $3,440,000 Active 585 DOM
5. 2026-06-10
   days on market $3,440,000 Active 581 DOM
6. 2026-06-08
   days on market $3,440,000 Active 580 DOM
7. 2026-06-03
   days on market $3,440,000 Active 575 DOM
8. 2026-06-01
   days on market $3,440,000 Active 573 DOM
9. 2026-05-31
   days on market $3,440,000 Active 572 DOM
10. 2025-06-10
    price $3,440,000
11. 2025-02-05
    price $3,900,000
12. 2024-12-14
    price $3,950,000
13. 2024-11-05
    listed $4,200,000 Active

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $943,140
• − Mortgage interest: −$192,693
• − Property taxes: −$51,600
• − Insurance: −$17,200
• − Repairs & maintenance: −$75,451
• − Management: −$75,451
• − Depreciation: −$100,073
• Taxable income: $430,671
• Est. tax owed @ 24.0%: −$103,361
• After-tax cash flow: $356,443/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): 78,377
• Household income: $70,603
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 4771.0

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 0.60)
• Race & ethnicity: White 59% Asian 22% Hispanic / Latino 9% Black 6% Two or more races 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Scotch-Irish 6% Subsaharan African 6% Romanian 1%
• Foreign-born: 47% · China, Canada, Vietnam
• Languages at home: 40% English-only · Russian/Polish/Slavic 22% Chinese 16% Spanish 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: ▼ -761.52%
• Current HPI: 361.7011
• Rent YoY: ▲ 15.81%
• 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

-18.1% since first listed

4 events — show timeline

• 2025-06-10 Price Changed $3,440,000 BNYMLS
• 2025-02-05 Price Changed $3,900,000 BNYMLS
• 2024-12-14 Price Changed $3,950,000 BNYMLS
• 2024-11-05 Listed $4,200,000 BNYMLS