1524 124 St · New York, NY 11356

$1,025,000

12 bd · 6.0 ba · 5,400 sqft · MultiFamily public records · 146 Days on market

Built 1931 5,000 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 +26.8/30.0
• DSCR +9.2/10.0
• 1% rule +7.5/10.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

"Rare investment opportunity in the heart of College Point! This massive, completely detached three-story multi-unit building sits on an expansive 5,000 sq. ft. lot, offering a scale and footprint that is hard to find. Featuring 24 rooms, 6 kitchens, and 6 bathrooms, plus a full basement, the potential for high-yield rental income is unmatched. * * * Currently 4 units vacant; 5 will be vacant by closing. Only one unit remains occupied. * * * The property is currently configured with three vacant units, while the others remain occupied—providing immediate cash flow while you renovate the rest. Please note: This home is looking for a buyer with a vision. It requires a signifi

Key facts

• Expansive lot
• Full basement
• Three vacant units

Tags

• DETACHED MULTI-UNIT BUILDING
• EXPANSIVE LOT
• FULL BASEMENT
• HIGH-YIELD RENTAL INCOME
• THREE VACANT UNITS

Property features AI

Exterior

• Parking: Two-car garage; Two-space carport; Total of 4 parking spaces
• Utilities: Electricity connected (Con-Edison); Public sewer
• Home design: Quadruplex
• Construction: Aluminum siding
• Exterior features: Back yard; Cleared lot; Not waterfront

Interior

• Bedrooms: One 2-bedroom unit (multi-unit property)
• Bathrooms: Six full bathrooms
• Heating & cooling: Natural gas heating; No central cooling
• Interior features: Storage; Full basement

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.5-bath units multifamily listed at $1.02M.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $702/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.02M).
• Recommended offer: $902k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 (+12.1%/yr); 132 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $12,845/mo this rent would consume 178% of the median local household income ($87k/yr) (locally 1545% 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 $7k of loan paydown is wiped out by about $31k of value loss. Plan a longer hold.
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $287k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($902k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $860k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1931 — 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 $902,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 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. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.25% ✓
• Cap rate: 9.58%
• Cash-on-cash: 11.74%
• DSCR: 1.52
• GRM: 6.6

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: 6.8%
• Equity multiple: 1.28×
• Total profit: $81,045
• Equity at exit: $152,831

10-year hold

• IRR: 20.3%
• Equity multiple: 3.13×
• Total profit: $611,328
• Equity at exit: $88,623

Cash invested: $287,000 (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 11356

• Home prices YoY: -28.9%
• Rents YoY: 12.1%
• Active inventory: 132
• Price-to-rent: 26.6×

Monthly cashflow live

• Estimated rent: $12,845 high
• Mortgage (P&I): −$5,375
• Tax from tax record: −$1,536 /mo · $18,435/yr
• Insurance: −$427
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,697
• Net cashflow: $2,809

Break-even live

Break-even rent $9,289

Max offer price $1,025,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.5	$12,844
Total (4 units)			$12,845

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: $256,250
• Closing costs: $30,750
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,025,000 Active 146 DOM
2. 2026-06-17
   days on market $1,025,000 Active 145 DOM
3. 2026-06-15
   days on market $1,025,000 Active 143 DOM
4. 2026-06-13
   days on market $1,025,000 Active 141 DOM
5. 2026-06-10
   days on market $1,025,000 Active 137 DOM
6. 2026-06-08
   days on market $1,025,000 Active 136 DOM
7. 2026-06-04
   days on market $1,025,000 Active 132 DOM
8. 2026-06-03
   days on market $1,025,000 Active 131 DOM
9. 2026-06-01
   days on market $1,025,000 Active 129 DOM
10. 2026-05-31
    days on market $1,025,000 Active 128 DOM
11. 2026-01-23
    listed $1,025,000 Active
12. 2005-10-19
    soldstatus $860,000
13. 2003-11-28
    soldstatus $645,000
14. 1999-05-05
    soldstatus $376,000
15. 1997-03-25
    soldstatus $170,000

ⓘ 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: $18,435 · $1,536/mo
• Projected year-2 tax: $18,435 · $1,536/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 6/10 Major 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 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $154,140
• − Mortgage interest: −$57,416
• − Property taxes: −$18,435
• − Insurance: −$5,125
• − Repairs & maintenance: −$12,331
• − Management: −$12,331
• − Depreciation: −$29,818
• Taxable income: $18,683
• Est. tax owed @ 24.0%: −$4,484
• After-tax cash flow: $29,224/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: Queens County · 1,914,869 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 25,824
• Household income: $86,730
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1545.0

Population outlook (Queens County) Hauer SSP2

• Today (2025): 2,546,320 people
• By 2030: 2,643,059 · +3.8%
• By 2040: 2,815,563 · +10.6%
• By 2050: 2,944,423 · +15.6%
• By 2075: 3,123,338 · +22.7%
• By 2100: 3,098,688 · +21.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 42% Asian 35% White 21% Two or more races 8%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 8%
• Common ancestry: Romanian 1%
• Foreign-born: 53% · Canada, China, South Korea
• Languages at home: 26% English-only · Spanish 35% Chinese 23% Other Indo-European 8%

Political lean MEDSL · Queens

• 2024 margin: Strong D (+24.6) · D 62.3% · R 37.7%
• 2008→2024 swing: -26.2pp toward R · 2008: 50.8pp · 2024: 24.6pp
• All cycles: 2024: D+24.6 2020: D+45.2 2016: D+53.4 2012: D+58.5 2008: D+50.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.50%
• Current HPI: 235.1217
• Rent YoY: ▲ 12.13%
• 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

+502.9% since first listed

5 events — show timeline

• 2026-01-23 Listed $1,025,000 OneKey® MLS as Distributed by MLS Grid
• 2005-10-19 Sold (Public Records) $860,000 Public Records
• 2003-11-28 Sold (Public Records) $645,000 Public Records
• 1999-05-05 Sold (Public Records) $376,000 Public Records
• 1997-03-25 Sold (Public Records) $170,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $18,435 · +6.9% YoY. Source: county tax records.