465 36th St · New York, NY 11232

$1,550,000

9 bd · 3.0 ba · 3,000 sqft · MultiFamily public records · 143 Days on market

Built 1901 2,003 sqft lot Est $1677k · 8% under

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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).

• ARV discount +10.9/15.0
• Appreciation +9.2/10.0
• Cash flow +7.9/30.0
• Schools +5.0/10.0
• Rent growth +4.1/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• 1% rule +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Legal brick 3-family property located in prime Sunset Park. This well-maintained building is in good overall condition and offers strong long-term value for both investors and end users. Two units will be delivered vacant at closing, allowing the new owner to set market rents or occupy one unit while generating rental income from the other. The second-floor unit is rent-controlled with a long-term tenant in place. Featuring high ceilings and a huge private gated backyard, ideal for entertaining or relaxing. Each apartment offers two separate exits for added convenience and safety. Full semi-finished basement with both front and rear entrances, offering flexible use and additional stora

Key facts

• Large backyard
• Full basement
• Convenient location

Tags

• FULL BASEMENT
• LARGE BACKYARD
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Three-unit multi-family (3 units); Unit 1 (1st floor): 2-bed, 1-bath, 4 rooms — owner-occupied; Unit 2 (2nd floor): 3-bed, 1-bath, 5 rooms — leased; Unit 3 (3rd floor): 3-bed, 1-bath, 5 rooms
• Financial info: Financing options may include exchange, bank mortgage, or cash

Exterior

• Parking: Street parking; no dedicated garage or off-street parking reported
• Utilities: Electric service: 110V and 220V; Gas for hot water and heating
• Home design: Attached building; Residential property
• Construction: Brick construction; Flat roof; Poured concrete foundation; Building footprint approximately 50 x 20
• Exterior features: Back yard; Street parking

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: First floor: 2 bedrooms; Second floor: 3 bedrooms; Third floor: 3 bedrooms
• Flooring: Ceramic floors; Laminate floors; Tile floors
• Bathrooms: Three full bathrooms (one on each floor)
• Heating & cooling: Steam/radiator heat; Gas hot water and heating
• Interior features: Refrigerator and stove included; Semi-finished basement with separate entrance; No central air units reported
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $1.55M.

Deal economics

• At list price, monthly cash flow is $-2k ($-20k/yr) — negative. Per door: $-548/mo.
• To cash-flow at today's rent, offer at most $1.26M (18.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $978k (36.9% below list).
• Recommended offer: $978k (36.9% below list) — sets the bar for 1% rule.
• Cap rate 5.0% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+6.3%/yr); 87 active listings in the ZIP; solid renter incomes; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $9,780/mo this rent would consume 129% of the median local household income ($91k/yr) (locally 1713% 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 $140k of equity ($11k loan paydown + $129k appreciation (8.3% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$224k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($1.36M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $240k; list at $1.55M implies a 546% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% 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 $978,000 (36.9% 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 143 days. Have you received any prior offers? Is the seller open to a 37% 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 1901 — 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: 0.63% ✗
• Cap rate: 5.02%
• Cash-on-cash: -4.55%
• DSCR: 0.80
• GRM: 13.2

CMA / ARV

• ARV (on-the-fly): $1,677,000
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
345 46th St	0.52mi	8/3.0 (-1)	2,700 (-10%)	2mo	$930,000	$344	52
333 48th St	0.62mi	8/3.0 (-1)	3,120 (+4%)	17mo	$1,460,000	$468	45
770 42nd St	0.55mi	10/6.0 (+1)	3,000 (0%)	16mo	$1,490,000	$497	44
844 41 St	0.62mi	8/4.0 (-1)	3,120 (+4%)	16mo	$2,160,000	$692	42
461 47th St	0.54mi	8/4.0 (-1)	2,772 (-8%)	17mo	$1,550,000	$559	39
922 40th St	0.71mi	8/4.0 (-1)	2,600 (-13%)	14mo	$1,678,000	$645	24
860 44th St	0.72mi	8/5.0 (-1)	2,730 (-9%)	22mo	$1,928,000	$706	20

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

8.35% appreciation · 6.26% rent growth · sell at horizon

5-year hold

• IRR: 18.2%
• Equity multiple: 2.38×
• Total profit: $600,801
• Equity at exit: $1,214,343

10-year hold

• IRR: 17.9%
• Equity multiple: 5.38×
• Total profit: $1,899,759
• Equity at exit: $2,446,394

Cash invested: $434,000 (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 11232

• Home prices YoY: 2.0%
• Rents YoY: 6.3%
• Active inventory: 87
• Price-to-rent: 39.6×

Monthly cashflow live

• Estimated rent: $9,780 medium
• Mortgage (P&I): −$8,128
• Tax from tax record: −$596 /mo · $7,155/yr
• Insurance: −$646
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,054
• Net cashflow: $-1,644

Break-even live

Break-even rent $11,861

Max offer price $1,259,542

Occupancy floor —

Sensitivity live

Price	-10% $-767	-5% $-1,206	+0% $-1,644	+5% $-2,083	+10% $-2,522
Rent	-10% $-2,417	-5% $-2,031	+0% $-1,644	+5% $-1,258	+10% $-872
Rate	-1.0pp $-864	-0.5pp $-1,250	base $-1,644	+0.5pp $-2,046	+1.0pp $-2,454

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$9,780
Total (3 units)			$9,780

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: $387,500
• Closing costs: $46,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-21
   days on market $1,550,000 Active 143 DOM
2. 2026-06-18
   days on market $1,550,000 Active 140 DOM
3. 2026-06-17
   days on market $1,550,000 Active 139 DOM
4. 2026-06-15
   days on market $1,550,000 Active 137 DOM
5. 2026-06-13
   days on market $1,550,000 Active 135 DOM
6. 2026-06-10
   days on market $1,550,000 Active 131 DOM
7. 2026-06-08
   days on market $1,550,000 Active 130 DOM
8. 2026-06-04
   days on market $1,550,000 Active 126 DOM
9. 2026-06-03
   days on market $1,550,000 Active 125 DOM
10. 2026-06-01
    days on market $1,550,000 Active 123 DOM
11. 2026-05-31
    days on market $1,550,000 Active 122 DOM
12. 2026-01-23
    listed $1,550,000 Active
13. 2022-04-18
    price $1,499,000
14. 1999-06-01
    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: $7,155 · $596/mo
• Projected year-2 tax: $16,675 · $1,390/mo
• Expected delta: +$9,520/yr (+$793/mo · 133.1%)

ⓘ 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 ≥99°F today · 15 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: $117,360
• − Mortgage interest: −$86,824
• − Property taxes: −$7,155
• − Insurance: −$7,750
• − Repairs & maintenance: −$9,389
• − Management: −$9,389
• − Depreciation: −$45,091
• Taxable loss: −$48,237
• Est. tax savings @ 24.0%: +$11,577
• After-tax cash flow: $-8,154/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): 27,816
• Household income: $90,891
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 1713.0

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: Hispanic / Latino 52% White 23% Asian 15% Two or more races 12% Black 6% Native American 4%
• Hispanic origin (detail): Mexican 20% Puerto Rican 9% Dominican 7%
• Common ancestry: Romanian 3% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 38% · Canada, China, Jamaica
• Languages at home: 40% English-only · Spanish 44% Chinese 9% Other Asian/Pacific 1%

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: ▲ 8.35%
• Current HPI: 422.0849
• Rent YoY: ▲ 6.26%
• 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

+545.8% since first listed

3 events — show timeline

• 2026-01-23 Listed $1,550,000 BNYMLS
• 2022-04-18 Price Changed $1,499,000 BNYMLS
• 1999-06-01 Sold (Public Records) $240,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $7,155 · +3.4% YoY. Source: county tax records.