1746 Gerritsen Ave · New York, NY 11229

$729,000

6 bd · 6.0 ba · 1,705 sqft · MultiFamily public records · 259 Days on market

Built 1945 1,467 sqft lot Est $1055k · 31% under

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Why this score? — see what drove the C+ 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 +18.5/30.0
• ARV discount +15.0/15.0
• DSCR +5.8/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• 1% rule +4.5/10.0
• 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: 2 units. confirmed

Listing remarks

Located in the serene and desirable Marine Park neighborhood, this solid brick two-family home offers an excellent opportunity with a spacious three-bedroom duplex featuring one and a half baths over a large studio garden apartment. The property is enhanced by both front and rear patios, a private driveway with garage, and a private rear yard, providing ample outdoor and parking space. Perfectly situated near the B44, B100, B2, and B31 bus lines, with the B and Q trains at Kings Highway just minutes away, this residence combines comfortable living with outstanding access to dining and shopping along Avenue R.

Key facts

• Private driveway
• Private rear yard
• 1,467 sq ft lot

Tags

• SOLID BRICK TWO-FAMILY HOME
• SPACIOUS THREE-BEDROOM DUPLEX
• FRONT AND REAR PATIOS
• PRIVATE DRIVEWAY
• PRIVATE REAR YARD
• OUTDOOR AND PARKING SPACE

Property features AI

Finance

• Other: Two-unit multifamily property (upper 3-bed unit and lower efficiency unit); Building footprint approximately 616 sq ft; Total interior area listed as 1,705 sq ft
• Financial info: Financing options include cash, bank mortgage, or exchange considered

Exterior

• Parking: Private drive; Built-in garage
• Utilities: Electric with circuit breakers; Gas hot water; Gas heating (baseboard)
• Home design: Attached residential building; Flat roof; Poured concrete foundation; Brick exterior; Two-story configuration (units on 1st and 2nd floors); Zoned R3-2
• Construction: Brick construction; Poured concrete foundation; Flat roof
• Exterior features: Back yard

Interior

• Kitchen: Stove; Refrigerator
• Bedrooms: Upper unit: 3 bedrooms (on 2nd floor); Lower unit: Efficiency (studio)
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms and one half bathroom in the upper unit; One full bathroom in the lower unit
• Heating & cooling: Baseboard heating (gas-fired); One AC unit (window)
• Interior features: Window A/C unit; Front porch; Walk-in basement
• Laundry & utility: Basement walk-in (utility/storage access)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $729k.

Deal economics

• At list price, monthly cash flow is $700 ($8k/yr) — positive. Per door: $350/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 $689k (5.5% below list).
• Recommended offer: $642k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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 $6,890/mo this rent would consume 117% 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 $5k of loan paydown is wiped out by about $22k 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 $204k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 259 days — a 12% lower offer ($642k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $220k; list at $729k implies a 231% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 72% 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.

Recommended offer $641,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 259 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 1945 — 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: 0.95% ✗
• Cap rate: 7.45%
• Cash-on-cash: 4.12%
• DSCR: 1.18
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $1,055,395
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1479 E 32nd St	0.55mi	5/4.5 (-1)	1,600 (-6%)	5mo	$1,275,000	$797	49
1631 East 32nd St	0.39mi	5/3.0 (-1)	1,600 (-6%)	10mo	$990,000	$619	46
1965 E 28th St	0.36mi	5/2.0 (-1)	1,890 (+11%)	21mo	$930,000	$492	28

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: -4.7%
• Equity multiple: 0.82×
• Total profit: $-37,204
• Equity at exit: $108,696

10-year hold

• IRR: 9.9%
• Equity multiple: 1.93×
• Total profit: $190,432
• Equity at exit: $63,031

Cash invested: $204,120 (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: 17.6×

Monthly cashflow live

• Estimated rent: $6,890 medium
• Mortgage (P&I): −$3,823
• Tax from tax record: −$616 /mo · $7,395/yr
• Insurance: −$304
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,447
• Net cashflow: $700

Break-even live

Break-even rent $6,004

Max offer price $729,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$6,890
Total (2 units)			$6,890

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: $182,250
• Closing costs: $21,870
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $729,000 Active 259 DOM
2. 2026-06-17
   days on market $729,000 Active 258 DOM
3. 2026-06-15
   days on market $729,000 Active 256 DOM
4. 2026-06-13
   days on market $729,000 Active 254 DOM
5. 2026-06-10
   days on market $729,000 Active 250 DOM
6. 2026-06-08
   days on market $729,000 Active 249 DOM
7. 2026-06-03
   days on market $729,000 Active 244 DOM
8. 2026-06-01
   days on market $729,000 Active 242 DOM
9. 2026-05-31
   days on market $729,000 Active 241 DOM
10. 2026-01-07
    price $729,000
11. 2025-10-02
    listed $799,000 Active
12. 1989-10-04
    soldstatus $220,000

ⓘ 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: $7,395 · $616/mo
• Projected year-2 tax: $9,858 · $821/mo
• Expected delta: +$2,462/yr (+$205/mo · 33.3%)

ⓘ 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 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $82,680
• − Mortgage interest: −$40,835
• − Property taxes: −$7,395
• − Insurance: −$3,645
• − Repairs & maintenance: −$6,614
• − Management: −$6,614
• − Depreciation: −$21,207
• Taxable loss: −$3,632
• Est. tax savings @ 24.0%: +$872
• After-tax cash flow: $9,273/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

+231.4% since first listed

3 events — show timeline

• 2026-01-07 Price Changed $729,000 BNYMLS
• 2025-10-02 Listed $799,000 BNYMLS
• 1989-10-04 Sold (Public Records) $220,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $7,395 · +3.6% YoY. Source: county tax records.