5951 56th Dr · New York, NY 11378

$1,088,000

None bd · None ba · 2,310 sqft · MultiFamily public records · 34 Days on market

Built 1925 2,500 sqft lot Est $1106k · at est.

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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 +14.4/30.0
• ARV discount +8.3/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• DSCR +4.4/10.0
• Livability +3.8/5.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Legal 3-Family property for Sale - Prime Location in Maspeth, Queens. There are TWO buildings on this lot. Front building is a Two family (22' x 38') with finished basement and Rear building is a single family (23' x 24') with unfinished basement. This house has total of 6 bedrooms and 4 bathroom. Great layout and spacing for all your living and rental needs. All gas and electric meters are individually separated, making landlord management hassle-free. Rear Building need some TLC. Street Parking. Minutes Away from Buses, Supermarket. Come check it out before it's gone

Key facts

• Unfinished basement
• Finished basement
• Two buildings

Tags

• TWO BUILDINGS
• FINISHED BASEMENT
• UNFINISHED BASEMENT
• INDIVIDUALLY SEPARATED METERS
• STREET PARKING
• MINUTES AWAY FROM BUSES

Property features AI

Exterior

• Parking: No designated parking; No carport
• Utilities: Public sewer; Cable available
• Home design: Triplex
• Construction: Vinyl-sided construction
• Exterior features: Vinyl siding; Not waterfront

Interior

• Bedrooms: Includes a bedroom on the first floor
• Heating & cooling: Steam heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; Finished basement

What this means for you Summary

Snapshot

• This is a multifamily listed at $1.09M.

Deal economics

• At list price, monthly cash flow is $218 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $880k (19.1% below list).
• Recommended offer: $880k (19.1% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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: Ps 153 Maspeth Elementary (math 67% / reading 77%, grade A-, #378 of 2,108 statewide, top 20%, 847 students, 68% FRL); Is 73 Frank Sansivieri Intermediate School (The) (math 48% / reading 71%, grade B, #161 of 729 statewide, top 24%, 1,799 students, 72% 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 (+11.9%/yr); 134 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $8,797/mo this rent would consume 123% 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 $8k of loan paydown is wiped out by about $33k 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 34 days — a 3% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $700k; list at $1.09M implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $879,700 (19.1% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.81% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.86%
• DSCR: 1.04
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $1,106,490
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61-54 56th Ave	0.24mi	4/—	2,400 (+4%)	3mo	$910,000	$379	80
57-40 63rd St	0.32mi	6/2.0	2,200 (-5%)	3mo	$1,347,500	$613	74
5738 63rd St	0.32mi	5/2.0	2,200 (-5%)	6mo	$1,250,000	$568	72
6060 Flushing Ave	0.28mi	5/2.0	2,008 (-13%)	0mo	$860,000	$428	65
5611 Remsen Pl	0.33mi	4/2.0	2,598 (+12%)	6mo	$999,000	$385	59
5741 58th St	0.30mi	2/—	2,610 (+13%)	6mo	$1,250,000	$479	59
6923 59th Rd	0.72mi	5/3.0	2,177 (-6%)	1mo	$999,000	$459	56
6077 55th St	0.67mi	8/3.0	2,500 (+8%)	3mo	$1,080,000	$432	53
6212 60th Dr	0.67mi	8/3.0	2,096 (-9%)	2mo	$1,235,000	$589	52
62-18 60 Dr	0.67mi	5/2.0	2,050 (-11%)	1mo	$950,000	$463	49
62-31 60th Rd	0.59mi	5/2.0	2,026 (-12%)	6mo	$990,000	$489	47
69-31 59th Rd	0.73mi	4/—	2,016 (-13%)	5mo	$1,130,000	$561	40

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.62×
• Total profit: $-116,261
• Equity at exit: $162,224

10-year hold

• IRR: 4.7%
• Equity multiple: 1.42×
• Total profit: $126,833
• Equity at exit: $94,070

Cash invested: $304,640 (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 11378

• Home prices YoY: -21.9%
• Rents YoY: 11.9%
• Active inventory: 134
• Price-to-rent: 30.9×

Monthly cashflow live

• Estimated rent: $8,797 medium
• Mortgage (P&I): −$5,706
• Tax from tax record: −$572 /mo · $6,869/yr
• Insurance: −$453
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,847
• Net cashflow: $218

Break-even live

Break-even rent $8,521

Max offer price $1,088,000

Occupancy floor 93%

Sensitivity live

Price	-10% $834	-5% $526	+0% $218	+5% $-90	+10% $-398
Rent	-10% $-477	-5% $-129	+0% $218	+5% $566	+10% $913
Rate	-1.0pp $766	-0.5pp $495	base $218	+0.5pp $-64	+1.0pp $-350

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$8,796
Total (3 units)			$8,797

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: $272,000
• Closing costs: $32,640
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1823 Menahan St Ridgewood, NY	2.0	1.0	2650	$3,600	$1.36	24d	1	1.30mi
1720 Menahan St Ridgewood, NY	3.0	1.0	3252	$3,500	$1.08	26d	1	1.43mi

Listing history 10 events

1. 2026-06-04
   days on market $1,088,000 Active 34 DOM
2. 2026-06-03
   days on market $1,088,000 Active 33 DOM
3. 2026-06-01
   days on market $1,088,000 Active 31 DOM
4. 2026-05-31
   days on market $1,088,000 Active 30 DOM
5. 2026-05-01
   listed $1,088,000 Active
6. 2025-10-15
   soldstatus $700,000
7. 2025-05-26
   status Pending
8. 2025-05-09
   historical
9. 2025-05-02
   listed $925,000 Active
10. 1991-06-04
    soldstatus $70,000

ⓘ 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: $6,869 · $572/mo
• Projected year-2 tax: $12,628 · $1,052/mo
• Expected delta: +$5,759/yr (+$480/mo · 83.8%)

ⓘ 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 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 39% 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: $105,564
• − Mortgage interest: −$60,945
• − Property taxes: −$6,869
• − Insurance: −$5,440
• − Repairs & maintenance: −$8,445
• − Management: −$8,445
• − Depreciation: −$31,651
• Taxable loss: −$16,231
• Est. tax savings @ 24.0%: +$3,895
• After-tax cash flow: $6,515/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

+1454.3% since first listed

6 events — show timeline

• 2026-05-01 Listed $1,088,000 OneKey® MLS as Distributed by MLS Grid
• 2025-10-15 Sold (Public Records) $700,000 Public Records
• 2025-05-26 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-05-09 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-05-02 Listed $925,000 OneKey® MLS as Distributed by MLS Grid
• 1991-06-04 Sold (Public Records) $70,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $6,869 · +3.4% YoY. Source: county tax records.