116 Gatling Pl · New York, NY 11209

$1,380,000

66 bd · 36.0 ba · 5,100 sqft · MultiFamily public records · 35 Days on market

Built 1927 3,127 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.4/5.0
• 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: 6 units. confirmed

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

Excellent investment opportunity at 116 Gatling Place, a well-maintained 6-family building located in the heart of Brooklyn. Building size is 20x85 on a unique oversized 25x125 lot, providing an expansive backyard space rarely found in other six-family properties. This income-producing property offers strong cash flow with additional upside potential, featuring one free-market apartment and two vacant units ready for new tenants or owner occupancy. The building consists primarily of spacious 2-bedroom apartments and presents an attractive return for investors seeking long-term growth and stable rental income. With a fair annual property tax of only $24,776 and relatively low operating expen

Key facts

• Strong rental demand
• Steady growth
• Oversized lot

Tags

• OVERSIZED LOT
• EXPANSIVE BACKYARD SPACE
• INCOME-PRODUCING PROPERTY
• FREE-MARKET APARTMENT
• STRONG RENTAL DEMAND
• STEADY GROWTH

Property features AI

Finance

• Other: Zoning: R5B
• Financial info: Financing available: Bank mortgage or cash; Property contains 6 units with a mix of current rents and projected rents (income details per unit reported)

Exterior

• Parking: Street parking
• Utilities: Electric: 110V; Hot water: Gas; Heat delivery: Hot water; Utility expense reported
• Home design: Semi-detached residential building; Flat roof; Brick exterior; Stone foundation
• Construction: Brick construction
• Exterior features: Back yard

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: Six residential units total: one 1-bedroom unit and five 2-bedroom units; Individual unit floors: 1-bedroom on 1st floor; 2-bedrooms on 1st, 2nd, and 3rd floors
• Flooring: Other floors (see remarks)
• Bathrooms: Six full bathrooms (one per unit)
• Heating & cooling: Hot water heat (gas-fired); Heating fuel: Gas; No AC units
• Interior features: Refrigerator; Stove; Other interior features noted in remarks; Unfinished basement; No central air units
• Laundry & utility: No specific washer/dryer listed

What this means for you Summary

Snapshot

• This is a 6 × 11-bed/6.0-bath units multifamily listed at $1.38M.

Deal economics

• At list price, monthly cash flow is $6k ($71k/yr) — positive. Per door: $988/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.38M).
• Recommended offer: $1.34M (3.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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 (+3.5%/yr); 317 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $20,008/mo this rent would consume 256% of the median local household income ($94k/yr) (locally 5101% 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 $10k of loan paydown is wiped out by about $41k 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 + 3.5% rent growth), your $386k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($1.34M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 65% 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 $1,338,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% 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 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.45% ✓
• Cap rate: 11.45%
• Cash-on-cash: 18.42%
• DSCR: 1.82
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.51% rent growth · sell at horizon

5-year hold

• IRR: 10.7%
• Equity multiple: 1.43×
• Total profit: $164,879
• Equity at exit: $205,762

10-year hold

• IRR: 20.2%
• Equity multiple: 2.75×
• Total profit: $674,742
• Equity at exit: $119,317

Cash invested: $386,400 (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 11209

• Rents YoY: 3.5%
• Active inventory: 317
• Price-to-rent: 34.5×

Monthly cashflow live

• Estimated rent: $20,008 medium
• Mortgage (P&I): −$7,237
• Tax from tax record: −$2,065 /mo · $24,776/yr
• Insurance: −$575
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,202
• Net cashflow: $5,930

Break-even live

Break-even rent $12,502

Max offer price $1,380,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 6× units	11	6	$20,010
Total (6 units)			$20,008

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: $345,000
• Closing costs: $41,400
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $1,380,000 Active 35 DOM
2. 2026-06-17
   days on market $1,380,000 Active 34 DOM
3. 2026-06-16
   days on market $1,380,000 Active 33 DOM
4. 2026-06-15
   days on market $1,380,000 Active 32 DOM
5. 2026-06-13
   days on market $1,380,000 Active 30 DOM
6. 2026-06-10
   days on market $1,380,000 Active 26 DOM
7. 2026-06-08
   days on market $1,380,000 Active 25 DOM
8. 2026-06-08
   days on market $1,380,000 Active 24 DOM
9. 2026-06-04
   days on market $1,380,000 Active 21 DOM
10. 2026-06-03
    days on market $1,380,000 Active 20 DOM
11. 2026-06-02
    days on market $1,380,000 Active 19 DOM
12. 2026-06-01
    days on market $1,380,000 Active 18 DOM
13. 2026-05-31
    days on market $1,380,000 Active 17 DOM
14. 2026-05-14
    listed $1,380,000 Active
15. 2014-07-09
    soldstatus $1,270,000
16. 2005-06-01
    soldstatus $750,000
17. 2003-12-29
    soldstatus $250,000
18. 1995-06-07
    soldstatus $100,000
19. 1987-08-05
    soldstatus $240,000

ⓘ 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: $24,776 · $2,065/mo
• Projected year-2 tax: $24,776 · $2,065/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 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 65% 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: $240,096
• − Mortgage interest: −$77,301
• − Property taxes: −$24,776
• − Insurance: −$6,900
• − Repairs & maintenance: −$19,208
• − Management: −$19,208
• − Depreciation: −$40,145
• Taxable income: $52,557
• Est. tax owed @ 24.0%: −$12,614
• After-tax cash flow: $58,543/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): 71,004
• Household income: $93,854
• Rent vs Own: 63.8% rent · 36.2% own
• Severe rent burden: 5101.0

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 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 19% Asian 13% Two or more races 9% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6% Dominican 3%
• Common ancestry: Romanian 4% Scotch-Irish 3% Subsaharan African 2%
• Foreign-born: 32% · Canada, China, Vietnam
• Languages at home: 55% English-only · Spanish 12% Arabic 9% Other Indo-European 7%

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: ▼ -255.14%
• Current HPI: 253.4434
• Rent YoY: ▲ 3.51%
• 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

+475.0% since first listed

6 events — show timeline

• 2026-05-14 Listed $1,380,000 BNYMLS
• 2014-07-09 Sold (Public Records) $1,270,000 Public Records
• 2005-06-01 Sold (Public Records) $750,000 Public Records
• 2003-12-29 Sold (Public Records) $250,000 Public Records
• 1995-06-07 Sold (Public Records) $100,000 Public Records
• 1987-08-05 Sold (Public Records) $240,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $24,776 · +6.9% YoY. Source: county tax records.