108-14 35th Ave

New York, NY 11368

$1,688,000D+

24 bd · 20.0 ba · 3,240 sqft · Built 2010 · MultiFamily · Pending · 172 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $14,199/mo
• Mortgage (P&I): −$8,852
• Tax + insurance: −$2,822
• HOA: −$0
• Vac / Maint / Mgmt: −$2,982
• Net cashflow: $-456/mo
• Annual: $-5,477/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.16%
• DSCR: 0.95
• 1% rule: 0.84%
• Cash to close: $472,640

Investor read

• This is a 4 × 6-bed/5.0-bath units multifamily listed at $1.69M.
• At list price, monthly cash flow is $-456 ($-5k/yr) — negative. Per door: $-114/mo.
• To cash-flow at today's rent, offer at most $1.61M (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.42M (15.9% below list).
• It's been on market 172 days — a 12% lower offer ($1.49M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.42M (15.9% below list) — sets the bar for 1% rule.
• In year one you build about $137k of equity ($12k loan paydown + $125k appreciation (7.4% 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.
• Market conditions: 243 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $162k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.36M; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• By year 2, paydown + projected appreciation supports a ~$219k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• Cap rate 6.0% 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.
• At $14,199/mo this rent would consume 236% of the median local household income ($72k/yr) (locally 6817% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• It's been on market 172 days. Have you received any prior offers? Is the seller open to a 16% 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?
• 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?