138 Beach 92nd St Unit 1A · New York, NY 11693

$559,000

2 bd · 1.5 ba · 1,433 sqft · Condo public records · 5 Days on market

Built 2004

---

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
• ARV discount +7.5/15.0
• Cash flow +6.0/30.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.4/10.0
• DSCR +0.3/10.0

Listing remarks MLS

Now's the time to own a great 2 bedroom/1.5 bathroom modern reverse duplex condo with a deeded parking space in the heart of Rockaway Beach. Featuring a lovely open floor plan living/dining/kitchen space. The kitchen is upgraded with stainless appliances, granite counter tops, tiled backsplash and beautiful wood cabinetry. There's hardwood and ceramic tile flooring throughout the unit. Two generous sized bedrooms, a full bath and laundry closet complete the main level. A spiral staircase leads down to a great, big, wide-open space currently being used as a family room and home office. You'll find a window allowing light and fresh air as well as a half-bath on the lower level as well. The lower level has endless possibilities, 3rd bedroom, home office, fitness center, etc. There is also a separate entrance to the lower level from outside. This 2-floor condo is located only steps from the famed Rockaway Boardwalk and of course the great ocean beach that made Rockaway a destination for surfers from all across the NY metropolitan area. There is also the brand new Beach 92nd Street Skate Park right on the corner! With a diversified restaurant scene, cool local shops, live music venues and plenty of cultural activities year-round, it's no wonder that this area is so desirable with both developers and visitors alike. This is a truly unique opportunity for anyone looking for a place on the beach in Rockaway at an affordable price. Don't forget the super rare deeded parking space that is included in this sale! Act fast and call us for an appointment before it's gone.

Key facts

• Parking
• Built 2004
• Listed 5 days

Property features AI

Exterior

• Parking: Parking lot with 1 parking space
• Utilities: Public sewer; Cable connected; Electricity connected; Natural gas connected; Water connected
• Home design: Townhouse; Condominium; Entry level: 1
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Not waterfront

Interior

• Kitchen: Gas cooktop; Gas oven; Microwave; Refrigerator; Stainless steel appliances
• Bedrooms: Bedroom on the first floor
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Finished basement; 5 total rooms
• Laundry & utility: Washer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $559k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $370k (33.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $357k (36.1% below list).
• Recommended offer: $357k (36.1% below list) — sets the bar for 1% rule.
• Cap rate 4.0% 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.

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.
• Market conditions: 67 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).

Forward outlook

• In year one you build about $60k of equity ($4k loan paydown + $56k appreciation (10.0% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$96k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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.
• Current owner paid $428k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $357,293 (36.1% 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. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 0.64% ✗
• Cap rate: 3.99%
• Cash-on-cash: -8.21%
• DSCR: 0.63
• GRM: 13.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 18.5%
• Equity multiple: 2.51×
• Total profit: $236,313
• Equity at exit: $503,591

10-year hold

• IRR: 17.2%
• Equity multiple: 5.79×
• Total profit: $749,683
• Equity at exit: $1,086,014

Cash invested: $156,520 (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 11693

• Home prices YoY: 17.7%
• Active inventory: 67
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $3,573 high
• Mortgage (P&I): −$2,931
• Tax from tax record: −$729 /mo · $8,750/yr
• Insurance: −$233
• HOA: −$0
• Vacancy / Maint / Mgmt: −$750
• Net cashflow: $-1,071

Break-even live

Break-even rent $4,928

Max offer price $369,822

Occupancy floor —

Sensitivity live

Price	-10% $-754	-5% $-913	+0% $-1,071	+5% $-1,229	+10% $-1,387
Rent	-10% $-1,353	-5% $-1,212	+0% $-1,071	+5% $-930	+10% $-789
Rate	-1.0pp $-789	-0.5pp $-929	base $-1,071	+0.5pp $-1,216	+1.0pp $-1,363

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: $139,750
• Closing costs: $16,770
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1-76 Beach 97th St Unit 3 Rockaway Beach, NY	3.0	1.0	1500	$4,000	$2.67	8d	1	0.22mi
221 Beach 80th St Unit 1G Rockaway Beach, NY	2.0	1.0	900	$2,500	$2.78	8d	1	0.45mi
6935 Hessler Ave Arverne, NY	3.0	1.5	1596	$3,300	$2.07	25d	1	0.97mi
72-18 Elizabeth Ave Unit 2 Far Rockaway, NY	3.0	2.0	1125	$3,650	$3.24	25d	1	0.97mi
6261 De Costa Ave Arverne, NY	3.0	1.0	1117	$3,250	$2.91	4d	1	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: gym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $559,000 Active 5 DOM
2. 2026-06-17
   days on market $559,000 Active 4 DOM
3. 2026-06-16
   days on market $559,000 Active 3 DOM
4. 2026-06-15
   days on market $559,000 Active 2 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $559,000 Active 1 DOM

ⓘ 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: $8,750 · $729/mo
• Projected year-2 tax: $9,098 · $758/mo
• Expected delta: +$349/yr (+$29/mo · 4.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 4 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,875
• − Mortgage interest: −$31,313
• − Property taxes: −$8,750
• − Insurance: −$2,795
• − Repairs & maintenance: −$3,430
• − Management: −$3,430
• − Depreciation: −$16,262
• Taxable loss: −$23,104
• Est. tax savings @ 24.0%: +$5,545
• After-tax cash flow: $-7,306/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
• City population: 7,731,280
• Population (ZIP): 13,066

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 0.70)
• Race & ethnicity: White 44% Black 24% Hispanic / Latino 22% Two or more races 11% Asian 5%
• Hispanic origin (detail): Puerto Rican 8% Dominican 4% Salvadoran 1%
• Common ancestry: Romanian 5% Scotch-Irish 4% Subsaharan African 2%
• Foreign-born: 25% · Canada, Jamaica, China
• Languages at home: 67% English-only · Spanish 16% Russian/Polish/Slavic 8% Other Indo-European 3%

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: ▲ 121.58%
• Current HPI: 807.44
• Rent YoY: —
• Metro: —
• 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

+27.3% since first listed

7 events — show timeline

• 2026-06-10 Listed $559,000 OneKey® MLS as Distributed by MLS Grid
• 2022-09-02 Sold (Public Records) $427,500 Public Records
• 2022-08-29 Sold (MLS) $427,500 BNYMLS
• 2022-06-15 Pending — BNYMLS
• 2022-02-14 Price Changed $419,000 BNYMLS
• 2021-10-15 Price Changed $429,000 BNYMLS
• 2020-12-18 Listed $439,000 BNYMLS

Property tax history

+18.6%/yr

Latest (2025): $8,750 · -0.1% YoY. Source: county tax records.