40-26 Benham St · New York, NY 11373

$1,199,000

15 bd · 9.0 ba · 2,664 sqft · MultiFamily public records · 138 Days on market

Built 1942 1,983 sqft lot

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Why this score? — see what drove the C- 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 +17.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• Schools +5.0/10.0
• Appreciation +4.5/10.0
• Rent growth +4.3/5.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

This 3 Family Style Home Features 5 Bedrooms, 3 Full Baths & 1 Car Garage. The information provided is estimated to the best of our abilities at this time.

Key facts

• 1,983 sq ft lot
• Garage
• Built 1942

Property features AI

Exterior

• Parking: Attached parking; One garage space
• Utilities: Sewer: Other; Utilities: See remarks
• Home design: Triplex
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Bedrooms: One 1-bedroom unit; Two 2-bedroom units
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Natural gas heating; Steam heating; No central cooling
• Interior features: First-floor bedroom; First-floor full bath

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $854 ($10k/yr) — positive. Per door: $285/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.09M (9.1% below list).
• Recommended offer: $1.06M (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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: Ps 19 Marino Jeantet (math 19% / reading 42%, grade F, #1,687 of 2,108 statewide, top 80%, 1,654 students, 86% 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 (+7.2%/yr); 270 active listings in the ZIP; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $10,895/mo this rent would consume 183% of the median local household income ($71k/yr) (locally 7283% 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 (-1.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $12k 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 (-1.0% appreciation + 7.2% rent growth), your $336k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($1.06M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago 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.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $1,055,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% 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 1942 — 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: 0.91% ✗
• Cap rate: 7.15%
• Cash-on-cash: 3.05%
• DSCR: 1.14
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.98% appreciation · 7.15% rent growth · sell at horizon

5-year hold

• IRR: 0.8%
• Equity multiple: 1.04×
• Total profit: $12,289
• Equity at exit: $290,461

10-year hold

• IRR: 10.5%
• Equity multiple: 2.16×
• Total profit: $390,578
• Equity at exit: $305,889

Cash invested: $335,720 (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 11373

• Home prices YoY: -0.4%
• Rents YoY: 7.2%
• Active inventory: 270
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $10,895 medium
• Mortgage (P&I): −$6,288
• Tax from tax record: −$966 /mo · $11,594/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,288
• Net cashflow: $854

Break-even live

Break-even rent $9,815

Max offer price $1,199,000

Occupancy floor 87%

Sensitivity live

Price	-10% $1,532	-5% $1,193	+0% $854	+5% $514	+10% $175
Rent	-10% $-7	-5% $423	+0% $854	+5% $1,284	+10% $1,714
Rate	-1.0pp $1,457	-0.5pp $1,159	base $854	+0.5pp $543	+1.0pp $227

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$10,896
Total (3 units)			$10,895

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: $299,750
• Closing costs: $35,970
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-13
   statusdays on market $1,199,000 Pending 138 DOM
2. 2026-06-10
   days on market $1,199,000 Active 137 DOM
3. 2026-06-08
   days on market $1,199,000 Active 136 DOM
4. 2026-06-04
   days on market $1,199,000 Active 132 DOM
5. 2026-06-03
   days on market $1,199,000 Active 131 DOM
6. 2026-06-01
   days on market $1,199,000 Active 129 DOM
7. 2026-05-31
   days on market $1,199,000 Active 128 DOM
8. 2026-01-23
   listed $1,199,000 Active
9. 2022-08-18
   status Pending
10. 2020-11-19
    price $758,888
11. 2018-06-04
    historical
12. 2018-06-04
    historical
13. 2018-06-04
    historical
14. 2017-07-10
    listed $1,358,888 New
15. 2012-01-06
    historical
16. 2012-01-03
    listed $775,000

ⓘ 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: $11,594 · $966/mo
• Projected year-2 tax: $15,929 · $1,327/mo
• Expected delta: +$4,334/yr (+$361/mo · 37.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $130,740
• − Mortgage interest: −$67,163
• − Property taxes: −$11,594
• − Insurance: −$5,995
• − Repairs & maintenance: −$10,459
• − Management: −$10,459
• − Depreciation: −$34,880
• Taxable loss: −$9,811
• Est. tax savings @ 24.0%: +$2,355
• After-tax cash flow: $12,597/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): 98,403
• Household income: $71,480
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 7283.0

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 0.58)
• Race & ethnicity: Asian 48% Hispanic / Latino 43% Two or more races 8% White 5% Black 2%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1% Dominican 4%
• Common ancestry: Romanian 1%
• Foreign-born: 66% · Canada, China, Jamaica
• Languages at home: 14% English-only · Spanish 40% Chinese 16% Other Indo-European 13%

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: ▼ -0.98%
• Current HPI: 244.1055
• Rent YoY: ▲ 7.15%
• 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

+54.7% since first listed

9 events — show timeline

• 2026-01-23 Listed $1,199,000 OneKey® MLS as Distributed by MLS Grid
• 2022-08-18 Pending — OneKey® MLS as Distributed by MLS Grid
• 2020-11-19 Price Changed $758,888 OneKey® MLS as Distributed by MLS Grid
• 2018-06-04 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2018-06-04 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2018-06-04 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2017-07-10 Listed $1,358,888 OneKey® MLS as Distributed by MLS Grid
• 2012-01-06 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2012-01-03 Listed $775,000 OneKey® MLS as Distributed by MLS Grid

Property tax history

+6.0%/yr

Latest (2024): $11,594 · -1.1% YoY. Source: county tax records.