60 6th Ave

New York, NY 11217

$2,700,000A-

64 bd · 68.0 ba · 5,640 sqft · Built 1931 · MultiFamily · Active · 154 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $42,750/mo
• Mortgage (P&I): −$14,159
• Tax + insurance: −$2,524
• HOA: −$0
• Vac / Maint / Mgmt: −$8,978
• Net cashflow: $17,089/mo
• Annual: $205,074/yr
• Cap rate: 13.89%
• Cash-on-cash: 27.13%
• DSCR: 2.21
• 1% rule: 1.58%
• Cash to close: $756,000

Investor read

• This is a 8 × 8-bed/8.5-bath units multifamily listed at $2.70M.
• At list price, monthly cash flow is $17k ($205k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($43k rent vs $2.70M).
• It's been on market 154 days — a 12% lower offer ($2.38M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.38M (12.0% below list) — sets the bar for market timing.
• In year one you build about $289k of equity ($19k loan paydown + $270k appreciation (10.0% local appreciation)).
• 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 383 Philippa Schuyler (math 32% / reading 67%, grade C, #280 of 729 statewide, top 40%, 822 students, 85% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.7%/yr); 127 active listings in the ZIP; high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $950k; list at $2.70M implies a 184% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 6.7% rent growth), your $756k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$464k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 13.9% 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.
• At $42,750/mo this rent would consume 315% of the median local household income ($163k/yr) (locally 2688% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 154 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 1931 — 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?