6014 56th Ave · New York, NY 11378

$1,599,999

8 bd · 4.0 ba · 1,440 sqft · MultiFamily public records · 73 Days on market

Built 1915 2,500 sqft lot

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Why this score? — see what drove the D- 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 +8.9/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Welcome to this beautifully renovated 4-family property, thoughtfully redesigned in 2025 with modern finishes and timeless appeal. Each of the four spacious units features 2 bedrooms and 1 full bathroom, offering bright, open layouts that blend comfort and functionality. Step inside to find elegant hardwood floors flowing throughout, complemented by stylish kitchens equipped with sleek stainless steel appliances, contemporary cabinetry, and quality finishes that elevate everyday living. Each unit has been carefully updated to provide a clean, modern aesthetic that appeals to today’s tenants. No detail has been overlooked this property boasts brand new electrical systems, a newly insta

Key facts

• Newly installed roof
• Hardwood floors
• 2,500 sq ft lot

Tags

• RENOVATED 4-FAMILY PROPERTY
• HARDWOOD FLOORS
• STAINLESS STEEL APPLIANCES
• CONTEMPORARY CABINETRY
• BRAND NEW ELECTRICAL SYSTEMS
• NEWLY INSTALLED ROOF

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Electric service by Con-Edison; Public sewer; Natural gas available; Public water connected; Public trash collection
• Home design: Quadruplex; Measured building area approximately 2,500 total; Property in actual condition
• Construction: Aluminum siding construction
• Exterior features: Aluminum siding; Not waterfront

Interior

• Bedrooms: Four 2-bedroom units
• Bathrooms: Four full bathrooms
• Heating & cooling: Baseboard heating; Other heating; No central cooling
• Interior features: Other interior features; Full basement

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $1.60M.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative. Per door: $-322/mo.
• To cash-flow at today's rent, offer at most $1.37M (14.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.07M (32.9% below list).
• Recommended offer: $1.07M (32.9% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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 (+11.9%/yr); 134 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $10,739/mo this rent would consume 150% of the median local household income ($86k/yr) (locally 1573% 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 $11k of loan paydown is wiped out by about $48k 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.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($1.50M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $480k; list at $1.60M implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — 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 $1,073,900 (32.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
11. 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.
12. 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.
13. 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: 0.67% ✗
• Cap rate: 5.33%
• Cash-on-cash: -3.45%
• DSCR: 0.85
• GRM: 12.4

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: -17.4%
• Equity multiple: 0.36×
• Total profit: $-285,215
• Equity at exit: $238,565

10-year hold

• IRR: -2.7%
• Equity multiple: 0.78×
• Total profit: $-98,282
• Equity at exit: $138,339

Cash invested: $448,000 (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 11378

• Home prices YoY: -21.9%
• Rents YoY: 11.9%
• Active inventory: 134
• Price-to-rent: 49.7×

Monthly cashflow live

• Estimated rent: $10,739 medium
• Mortgage (P&I): −$8,391
• Tax from tax record: −$715 /mo · $8,582/yr
• Insurance: −$667
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,255
• Net cashflow: $-1,289

Break-even live

Break-even rent $12,370

Max offer price $1,372,363

Occupancy floor —

Sensitivity live

Price	-10% $-383	-5% $-836	+0% $-1,289	+5% $-1,741	+10% $-2,194
Rent	-10% $-2,137	-5% $-1,713	+0% $-1,289	+5% $-864	+10% $-440
Rate	-1.0pp $-483	-0.5pp $-882	base $-1,289	+0.5pp $-1,703	+1.0pp $-2,125

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$10,740
Total (4 units)			$10,739

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: $400,000
• Closing costs: $48,000
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $1,599,999 Active 73 DOM
2. 2026-06-17
   days on market $1,599,999 Active 72 DOM
3. 2026-06-15
   days on market $1,599,999 Active 70 DOM
4. 2026-06-13
   days on market $1,599,999 Active 68 DOM
5. 2026-06-10
   days on market $1,599,999 Active 64 DOM
6. 2026-06-08
   days on market $1,599,999 Active 63 DOM
7. 2026-06-08
   days on market $1,599,999 Active 62 DOM
8. 2026-06-04
   days on market $1,599,999 Active 59 DOM
9. 2026-06-03
   days on market $1,599,999 Active 58 DOM
10. 2026-06-01
    days on market $1,599,999 Active 56 DOM
11. 2026-05-31
    days on market $1,599,999 Active 55 DOM
12. 2026-05-13
    price $1,599,999
13. 2026-04-06
    listed $1,749,999 Active
14. 2024-08-28
    soldstatus $480,000

ⓘ 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: $8,582 · $715/mo
• Projected year-2 tax: $17,811 · $1,484/mo
• Expected delta: +$9,229/yr (+$769/mo · 107.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $128,868
• − Mortgage interest: −$89,625
• − Property taxes: −$8,582
• − Insurance: −$8,000
• − Repairs & maintenance: −$10,309
• − Management: −$10,309
• − Depreciation: −$46,545
• Taxable loss: −$44,503
• Est. tax savings @ 24.0%: +$10,681
• After-tax cash flow: $-4,782/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): 36,392
• Household income: $85,830
• Rent vs Own: 44.6% rent · 55.4% own
• Severe rent burden: 1573.0

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 0.63)
• Race & ethnicity: White 48% Hispanic / Latino 35% Asian 15% Two or more races 11%
• Hispanic origin (detail): Mexican 5% Puerto Rican 6% Dominican 4%
• Common ancestry: Romanian 16% Italian 1% Scotch-Irish 1%
• Foreign-born: 41% · Canada, China, Jamaica
• Languages at home: 39% English-only · Spanish 27% Russian/Polish/Slavic 16% Chinese 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: ▼ -100.25%
• Current HPI: 358.595
• Rent YoY: ▲ 11.88%
• 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

+233.3% since first listed

3 events — show timeline

• 2026-05-13 Price Changed $1,599,999 OneKey® MLS as Distributed by MLS Grid
• 2026-04-06 Listed $1,749,999 OneKey® MLS as Distributed by MLS Grid
• 2024-08-28 Sold (Public Records) $480,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $8,582 · -1.0% YoY. Source: county tax records.