22008 Linden Blvd

New York, NY 11411

$899,000C-

15 bd · 9.0 ba · 2,308 sqft · Built 1960 · MultiFamily · Active · 189 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,446/mo
• Mortgage (P&I): −$4,714
• Tax + insurance: −$930
• HOA: −$0
• Vac / Maint / Mgmt: −$1,774
• Net cashflow: $1,028/mo
• Annual: $12,334/yr
• Cap rate: 7.66%
• Cash-on-cash: 4.90%
• DSCR: 1.22
• 1% rule: 0.94%
• Cash to close: $251,720

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $899k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $343/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 $845k (6.1% below list).
• It's been on market 189 days — a 12% lower offer ($791k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $791k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• 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: 76 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $185k; list at $899k implies a 386% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wind risk, 54% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.7% 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.

Questions for listing agent

• It's been on market 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?