185 Bergen St · New York, NY 11217

$3,250,000

None bd · None ba · 3,104 sqft · MultiFamily public records · 41 Days on market

Built 1910 1,942 sqft lot Est $2728k · 19% over

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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).

• Appreciation +10.0/10.0
• Cash flow +8.0/30.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.2/10.0
• ARV discount +0.0/15.0

Multi-family units

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

Listing remarks

Presenting this exceptional gem in Boerum Hill, Brooklyn: a legal four-family property featuring four bedrooms and four bathrooms, perfectly designed for those seeking to combine personal living space with strong income potential. Live in one unit while the remaining units generate attractive rental income or reconfigure the layout to match your vision and lifestyle. From the moment you arrive, this property feels like home — featuring high ceilings, abundant natural light, a roof less than 10 years old, a boiler under two years old, a recently updated hot water tank, four-zone heating, and a charming. Offering approximately 3,104 square feet of living space, the property has been wel

Key facts

• High ceilings
• Four-zone heating
• 1,942 sq ft lot

Tags

• LEGAL FOUR-FAMILY PROPERTY
• HIGH CEILINGS
• ABUNDANT NATURAL LIGHT
• ROOF LESS THAN 10 YEARS OLD
• BOILER UNDER TWO YEARS OLD
• FOUR-ZONE HEATING

Property features AI

Exterior

• Parking: No carport; No designated parking
• Utilities: Public sewer; Electricity available; Natural gas available
• Home design: Quadruplex
• Construction: Brick construction; Brownstone construction
• Exterior features: Brick and brownstone construction; Not waterfront

Interior

• Flooring: Hardwood
• Heating & cooling: Natural gas heating; Other heating; Wall/Window air conditioning units
• Interior features: Other interior features; Hardwood flooring; Full basement

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $3.25M.

Deal economics

• At list price, monthly cash flow is $-3k ($-40k/yr) — negative. Per door: $-827/mo.
• To cash-flow at today's rent, offer at most $2.67M (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $2.01M (38.3% below list).
• Recommended offer: $2.01M (38.3% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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 (+6.7%/yr); 127 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $20,051/mo this rent would consume 148% of the median local household income ($163k/yr) (locally 2688% 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 $347k of equity ($22k loan paydown + $325k appreciation (10.0% 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 ~$559k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($3.15M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $2,005,100 (38.3% 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 41 days. Have you received any prior offers? Is the seller open to a 38% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
10. 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.
11. 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.
12. 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: 0.62% ✗
• Cap rate: 5.07%
• Cash-on-cash: -4.36%
• DSCR: 0.81
• GRM: 13.5

CMA / ARV

• ARV (on-the-fly): $2,728,416
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
411 Union St	0.41mi	6/4.0	3,093 (-0%)	4mo	$3,700,000	$1,196	77
216 Smith St	0.31mi	—/—	3,300 (+6%)	13mo	$2,900,000	$879	64
17 Hanover Pl Unit 4F	0.32mi	4/—	2,960 (-5%)	20mo	$355,000	$120	61
511 President St	0.51mi	9/3.0	3,240 (+4%)	12mo	$1,870,000	$577	59
220 Union St	0.66mi	5/4.0	3,300 (+6%)	4mo	$4,200,000	$1,273	56
19 Denton Pl	0.65mi	6/5.0	3,105 (0%)	23mo	$2,000,000	$644	50
218 Baltic St	0.50mi	5/4.0	3,264 (+5%)	23mo	$3,813,000	$1,168	49

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

Projected returns pro-forma

10.0% appreciation · 6.7% rent growth · sell at horizon

5-year hold

• IRR: 22.1%
• Equity multiple: 2.80×
• Total profit: $1,634,923
• Equity at exit: $2,927,857

10-year hold

• IRR: 20.5%
• Equity multiple: 6.67×
• Total profit: $5,159,190
• Equity at exit: $6,314,035

Cash invested: $910,000 (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 11217

• Home prices YoY: 2.5%
• Rents YoY: 6.7%
• Active inventory: 127
• Price-to-rent: 54.0×

Monthly cashflow live

• Estimated rent: $20,051 high
• Mortgage (P&I): −$17,043
• Tax from tax record: −$752 /mo · $9,030/yr
• Insurance: −$1,354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,211
• Net cashflow: $-3,310

Break-even live

Break-even rent $24,241

Max offer price $2,665,323

Occupancy floor —

Sensitivity live

Price	-10% $-1,470	-5% $-2,390	+0% $-3,310	+5% $-4,230	+10% $-5,149
Rent	-10% $-4,894	-5% $-4,102	+0% $-3,310	+5% $-2,518	+10% $-1,726
Rate	-1.0pp $-1,673	-0.5pp $-2,483	base $-3,310	+0.5pp $-4,152	+1.0pp $-5,009

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$20,052
Total (4 units)			$20,051

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: $812,500
• Closing costs: $97,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Dwight St Unit 1 Brooklyn, NY	2.0	2.0	2700	$6,500	$2.41	26d	1	1.49mi
132 Dwight St Unit 1 Brooklyn, NY	2.0	2.0	2700	$6,500	$2.41	26d	1	1.49mi

Listing history 15 events

1. 2026-06-21
   days on market $3,250,000 Active 41 DOM
2. 2026-06-18
   days on market $3,250,000 Active 38 DOM
3. 2026-06-17
   days on market $3,250,000 Active 37 DOM
4. 2026-06-16
   days on market $3,250,000 Active 36 DOM
5. 2026-06-15
   days on market $3,250,000 Active 35 DOM
6. 2026-06-13
   days on market $3,250,000 Active 33 DOM
7. 2026-06-10
   days on market $3,250,000 Active 29 DOM
8. 2026-06-08
   days on market $3,250,000 Active 28 DOM
9. 2026-06-08
   days on market $3,250,000 Active 27 DOM
10. 2026-06-04
    days on market $3,250,000 Active 24 DOM
11. 2026-06-03
    days on market $3,250,000 Active 23 DOM
12. 2026-06-02
    days on market $3,250,000 Active 22 DOM
13. 2026-06-01
    days on market $3,250,000 Active 21 DOM
14. 2026-05-31
    days on market $3,250,000 Active 20 DOM
15. 2026-05-09
    listed $3,250,000 Active

ⓘ 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: $9,030 · $752/mo
• Projected year-2 tax: $31,977 · $2,665/mo
• Expected delta: +$22,948/yr (+$1,912/mo · 254.1%)

ⓘ 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 27% 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: $240,612
• − Mortgage interest: −$182,051
• − Property taxes: −$9,030
• − Insurance: −$16,250
• − Repairs & maintenance: −$19,249
• − Management: −$19,249
• − Depreciation: −$94,545
• Taxable loss: −$99,762
• Est. tax savings @ 24.0%: +$23,943
• After-tax cash flow: $-15,774/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): 43,490
• Household income: $162,863
• Rent vs Own: 72.2% rent · 27.8% own
• Severe rent burden: 2688.0

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 0.69)
• Race & ethnicity: White 50% Black 16% Hispanic / Latino 16% Two or more races 15% Asian 9%
• Hispanic origin (detail): Mexican 2% Puerto Rican 7% Dominican 1%
• Common ancestry: Romanian 3% Lithuanian 2% Scotch-Irish 2%
• Foreign-born: 19% · Canada, China, South Korea
• Languages at home: 74% English-only · Spanish 11% French/Haitian/Cajun 4% Other Indo-European 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: ▲ 11.76%
• Current HPI: 491.2658
• Rent YoY: ▲ 6.70%
• 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

1 event — show timeline

• 2026-05-09 Listed $3,250,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+5.5%/yr

Latest (2025): $9,030 · +6.9% YoY. Source: county tax records.