361 59th St · New York, NY 11220

$1,388,000

48 bd · 36.0 ba · 3,201 sqft · MultiFamily public records · 352 Days on market

Built 1906 2,051 sqft lot

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Why this score? — see what drove the A- 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 +9.1/10.0
• Appreciation +7.8/10.0
• 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

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

Introducing a beautiful 6-family Solid Brick in a prime neighborhood, Sunset Park. This Building size of 21x60 sitting on a 21x100 lot. Taxes are $10,283/year. The building consists of 6 One-Bedroom apartment (all in move in condition) with access to a full basement. The building currently provides a gross annual rental income of $110,749, and it also determines that current tenants are at or about paying fair market rents. The building is conveniently located minutes away from all shopping and transportation on 4th Ave and 5th Ave, near N and R train Subway station. Please have the pre-approval or proof of funds ready with all offers. 24-hour notice that way all showings can be accommodate

Key facts

• Solid brick
• Full basement
• Near n and r train

Tags

• SOLID BRICK
• FULL BASEMENT
• PRIME NEIGHBORHOOD
• CONVENIENTLY LOCATED
• NEAR N AND R TRAIN

Property features AI

Finance

• Other: Property type: Residential; Zoning: R6A; Six rental units total (all currently leased) with listed current rents per unit
• Financial info: Financing options considered: Exchange, Bank Mortgage, or Cash; Monthly utility expense listed (aggregate): 846.00
• HOA & community: No building amenities

Exterior

• Parking: No parking available
• Security: No security features provided
• Utilities: Electric: 110V and 220V; Hot water: Gas; Heating fuel: Gas; Heat delivery: Steam/Radiator
• Home design: Semi-detached building; 3-story building (units located on floors 1–3)
• Construction: Block and brick construction; Flat roof; Block foundation; Building footprint 1,260 (dimensions 60.00 x 21.00)
• Exterior features: Back yard; Exterior described as Other (see remarks)

Interior

• Kitchen: No appliance details provided
• Bedrooms: Six 1-bedroom units (units across floors 1–3)
• Flooring: Laminate flooring; Tile flooring
• Bathrooms: Six full bathrooms (one per unit)
• Heating & cooling: Steam/radiator heat; Gas-fired hot water; 110V and 220V electric service
• Interior features: Full basement; Laminate floors; Tile floors; More than 5 AC units
• Laundry & utility: No laundry appliance details provided

What this means for you Summary

Snapshot

• This is a 6 × 8-bed/6.0-bath units multifamily listed at $1.39M.

Deal economics

• At list price, monthly cash flow is $7k ($79k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.39M).
• Recommended offer: $1.22M (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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 (+11.0%/yr); 271 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $19,514/mo this rent would consume 335% of the median local household income ($70k/yr) (locally 6563% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $88k of equity ($10k loan paydown + $78k appreciation (5.6% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $389k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$141k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 352 days — a 12% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $60k; list at $1.39M implies a 2213% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $1,221,440 (12.0% below list)

Questions for the listing agent

1. It's been on market 352 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 1906 — 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: 1.41% ✓
• Cap rate: 12.01%
• Cash-on-cash: 20.42%
• DSCR: 1.91
• GRM: 5.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 34.9%
• Equity multiple: 3.30×
• Total profit: $894,766
• Equity at exit: $840,574

10-year hold

• IRR: 35.0%
• Equity multiple: 7.60×
• Total profit: $2,566,214
• Equity at exit: $1,497,473

Cash invested: $388,640 (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 11220

• Home prices YoY: 2.5%
• Rents YoY: 11.0%
• Active inventory: 271
• Price-to-rent: 35.6×

Monthly cashflow live

• Estimated rent: $19,514 medium
• Mortgage (P&I): −$7,279
• Tax from tax record: −$947 /mo · $11,359/yr
• Insurance: −$578
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,098
• Net cashflow: $6,612

Break-even live

Break-even rent $11,144

Max offer price $1,388,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 6× units	8	6	$19,512
Total (6 units)			$19,514

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: $347,000
• Closing costs: $41,640
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $1,388,000 Active 352 DOM
2. 2026-06-17
   days on market $1,388,000 Active 351 DOM
3. 2026-06-15
   days on market $1,388,000 Active 349 DOM
4. 2026-06-13
   days on market $1,388,000 Active 347 DOM
5. 2026-06-10
   days on market $1,388,000 Active 343 DOM
6. 2026-06-08
   days on market $1,388,000 Active 342 DOM
7. 2026-06-03
   days on market $1,388,000 Active 337 DOM
8. 2026-06-01
   days on market $1,388,000 Active 335 DOM
9. 2026-05-31
   days on market $1,388,000 Active 334 DOM
10. 2025-07-01
    listed $1,388,000 Active
11. 2025-06-09
    price $1,388,000
12. 2024-11-07
    price $1,218,000
13. 2024-09-23
    price $1,190,000
14. 2024-09-05
    price $1,290,000
15. 2024-07-24
    price $1,300,000
16. 1999-07-28
    soldstatus $60,000
17. 1998-01-15
    soldstatus $108,000

ⓘ 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: $11,359 · $947/mo
• Projected year-2 tax: $17,408 · $1,451/mo
• Expected delta: +$6,049/yr (+$504/mo · 53.3%)

ⓘ 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 62% 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: $234,168
• − Mortgage interest: −$77,750
• − Property taxes: −$11,359
• − Insurance: −$6,940
• − Repairs & maintenance: −$18,733
• − Management: −$18,733
• − Depreciation: −$40,378
• Taxable income: $60,275
• Est. tax owed @ 24.0%: −$14,466
• After-tax cash flow: $64,882/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): 90,652
• Household income: $69,883
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 6563.0

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 0.65)
• Race & ethnicity: Asian 40% Hispanic / Latino 40% White 16% Two or more races 7% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 8% Dominican 5%
• Common ancestry: Romanian 1% Scotch-Irish 1% Subsaharan African 1%
• Foreign-born: 52% · China, Canada, Jamaica
• Languages at home: 20% English-only · Spanish 35% Chinese 35% Arabic 3%

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: ▲ 5.63%
• Current HPI: 226.624
• Rent YoY: ▲ 11.02%
• 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

+1185.2% since first listed

8 events — show timeline

• 2025-07-01 Listed $1,388,000 BNYMLS
• 2025-06-09 Price Changed $1,388,000 BNYMLS
• 2024-11-07 Price Changed $1,218,000 BNYMLS
• 2024-09-23 Price Changed $1,190,000 BNYMLS
• 2024-09-05 Price Changed $1,290,000 BNYMLS
• 2024-07-24 Price Changed $1,300,000 BNYMLS
• 1999-07-28 Sold (Public Records) $60,000 Public Records
• 1998-01-15 Sold (Public Records) $108,000 Public Records

Property tax history

+5.4%/yr

Latest (2024): $11,359 · +19.4% YoY. Source: county tax records.