2236 121st St · New York, NY 11356

$1,129,999

24 bd · 16.0 ba · 3,480 sqft · MultiFamily public records · 89 Days on market

Built 1931 2,500 sqft lot

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Why this score? — see what drove the B 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 +8.9/10.0
• 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
• 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

Long time owner 4-family. Each floor has 2-apartments. 1st floor: one large 2-bedroom apartment with 5-rooms and the other apartment is 1-bedroom and 3-rooms. Same layout on 2nd floor. Walk up to roof. Basement is semi-finished with rear walk out entrance door. Well maintained. Gas Hot water boiler (3-years old). Gas Hot water replaced (2022). Flat roof new 2021

Key facts

• Gas hot water boiler
• Flat roof
• 2,500 sq ft lot

Tags

• SEMI-FINISHED BASEMENT
• REAR WALK OUT ENTRANCE
• GAS HOT WATER BOILER
• FLAT ROOF

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Con Edison electric; Natural gas connected; Public water connected; Public sewer; Sewer connected; Trash collection (public); Cable available; Phone available; Electricity connected
• Home design: Quadruplex; Actual property condition
• Construction: Brick construction; Block foundation; Partially finished basement with storage space and walk-out access; No attic
• Exterior features: Outdoor lighting; Mailbox; Rain gutters; Chain link fencing in back yard

Interior

• Kitchen: Eat-in kitchen(s)
• Bedrooms: Two 1-bedroom units; Two 2-bedroom units
• Flooring: Hardwood floors; Wood floors; Linoleum flooring
• Bathrooms: Four full bathrooms
• Heating & cooling: Hot water heating
• Interior features: First-floor bedroom; First-floor full bathroom; Eat-in kitchen
• Laundry & utility: Washer hookup; Gas dryer hookup; Laundry in basement

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $1.13M.

Deal economics

• At list price, monthly cash flow is $5k ($58k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.13M).
• Recommended offer: $1.06M (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% 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 (+12.1%/yr); 133 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $15,660/mo this rent would consume 217% of the median local household income ($87k/yr) (locally 1545% 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 $34k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $316k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $150k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $300k; list at $1.13M implies a 277% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — 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 $1,062,199 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% 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 1931 — 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: 1.39% ✓
• Cap rate: 11.41%
• Cash-on-cash: 18.27%
• DSCR: 1.81
• GRM: 6.0

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: 15.3%
• Equity multiple: 1.65×
• Total profit: $206,517
• Equity at exit: $168,487

10-year hold

• IRR: 27.4%
• Equity multiple: 4.01×
• Total profit: $951,864
• Equity at exit: $97,702

Cash invested: $316,400 (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 11356

• Home prices YoY: -28.9%
• Rents YoY: 12.1%
• Active inventory: 133
• Price-to-rent: 24.1×

Monthly cashflow live

• Estimated rent: $15,660 medium
• Mortgage (P&I): −$5,926
• Tax from tax record: −$1,158 /mo · $13,895/yr
• Insurance: −$471
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,289
• Net cashflow: $4,817

Break-even live

Break-even rent $9,563

Max offer price $1,129,999

Occupancy floor 64%

Sensitivity live

Price	-10% $5,456	-5% $5,137	+0% $4,817	+5% $4,497	+10% $4,177
Rent	-10% $3,580	-5% $4,198	+0% $4,817	+5% $5,435	+10% $6,054
Rate	-1.0pp $5,386	-0.5pp $5,104	base $4,817	+0.5pp $4,524	+1.0pp $4,226

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$15,660
Total (4 units)			$15,660

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: $282,500
• Closing costs: $33,900
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-03
   statusdays on market $1,129,999 Pending 89 DOM
2. 2026-06-01
   days on market $1,129,999 Active 88 DOM
3. 2026-05-31
   days on market $1,129,999 Active 87 DOM
4. 2026-05-11
   price $1,129,999
5. 2026-03-26
   price $1,239,998
6. 2026-03-05
   listed $1,279,998 Active
7. 2026-03-05
   price $1,279,998
8. 2026-03-05
   historical $1,269,999
9. 2020-06-03
   historical
10. 2019-10-25
    price $1,288,888
11. 2019-10-25
    price $12,888,000
12. 2019-08-28
    listed $1,388,888 New
13. 1987-02-24
    soldstatus $300,000

ⓘ 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: $13,895 · $1,158/mo
• Projected year-2 tax: $16,496 · $1,375/mo
• Expected delta: +$2,601/yr (+$217/mo · 18.7%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $187,920
• − Mortgage interest: −$63,298
• − Property taxes: −$13,895
• − Insurance: −$5,650
• − Repairs & maintenance: −$15,034
• − Management: −$15,034
• − Depreciation: −$32,873
• Taxable income: $42,138
• Est. tax owed @ 24.0%: −$10,113
• After-tax cash flow: $47,689/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): 25,824
• Household income: $86,730
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1545.0

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 0.66)
• Race & ethnicity: Hispanic / Latino 42% Asian 35% White 21% Two or more races 8%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5% Dominican 8%
• Common ancestry: Romanian 1%
• Foreign-born: 53% · Canada, China, South Korea
• Languages at home: 26% English-only · Spanish 35% Chinese 23% Other Indo-European 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: ▼ -95.50%
• Current HPI: 235.1217
• Rent YoY: ▲ 12.13%
• 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

+276.7% since first listed

10 events — show timeline

• 2026-05-11 Price Changed $1,129,999 OneKey® MLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $1,239,998 OneKey® MLS as Distributed by MLS Grid
• 2026-03-05 Listed $1,279,998 OneKey® MLS as Distributed by MLS Grid
• 2026-03-05 Price Changed $1,279,998 OneKey® MLS as Distributed by MLS Grid
• 2026-03-05 Coming Soon $1,269,999 OneKey® MLS as Distributed by MLS Grid
• 2020-06-03 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2019-10-25 Price Changed $1,288,888 OneKey® MLS as Distributed by MLS Grid
• 2019-10-25 Price Changed $12,888,000 OneKey® MLS as Distributed by MLS Grid
• 2019-08-28 Listed $1,388,888 OneKey® MLS as Distributed by MLS Grid
• 1987-02-24 Sold (Public Records) $300,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $13,895 · -0.9% YoY. Source: county tax records.