368 61 St · New York, NY 11220

$1,420,000

18 bd · 6.0 ba · 5,100 sqft · MultiFamily · 140 Days on market

Built 1911 2,048 sqft lot ↓ 7% since listing

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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 +27.9/30.0
• DSCR +9.9/10.0
• Appreciation +7.8/10.0
• 1% rule +7.6/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks

This is a beautiful 6-family building in a bustling neighborhood of Sunset Park. 5 apartments with 3 bedrooms, 1 apartment with 2 bedrooms, a building lot size of 25x81, and along with a backyard. Property is a stunning opportunity for investment. Short distance to numerous conveniences such as restaurants, drug stores, retails, and banks.

Key facts

• Backyard
• 2,048 sq ft lot
• Built 1911

Tags

• BACKYARD
• INVESTMENT OPPORTUNITY
• SHORT DISTANCE TO CONVENIENCES

Property features AI

Finance

• Other: Property is a 6-unit multifamily building; all units currently leased; Unit mix: one 2-bedroom unit and five 3-bedroom units
• Financial info: Financing options: exchange considered or bank mortgage; seller may offer no financing

Exterior

• Parking: No designated parking
• Utilities: 110V electric; Gas hot water; Gas heating
• Home design: Semi-detached residential building; Flat roof; Building footprint approximately 1,700 sq ft; Building dimensions ~68.00 x 25.00; Zoned R6A
• Construction: Brick construction; Poured concrete foundation; Flat roof
• Exterior features: Back yard; Brick exterior

Interior

• Bedrooms: One 2-bedroom unit (floor 1); Five 3-bedroom units (floors 2–6)
• Flooring: Tile floors; Other flooring (see remarks)
• Bathrooms: Six full bathrooms (one per unit)
• Heating & cooling: Gas-fired hot water heating; Hot water heat delivery; 110V electric service
• Interior features: Full basement with additional unspecified features; Tile floors and other flooring (see remarks); No central air-conditioning units reported

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/?-bath units multifamily listed at $1.42M.

Deal economics

• At list price, monthly cash flow is $4k ($52k/yr) — positive. Per door: $728/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.42M).
• Recommended offer: $1.25M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Jhs 227 Edward B Shallow (math 45% / reading 52%, grade C-, #300 of 729 statewide, top 41%, 1,367 students, 88% 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 (+11.0%/yr); 271 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $17,950/mo this rent would consume 308% of the median local household income ($70k/yr) (locally 6563% 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 $90k of equity ($10k loan paydown + $80k appreciation (5.6% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.6% appreciation + 8.0% rent growth), your $398k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$144k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 140 days — a 12% lower offer ($1.25M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,249,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 140 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 1911 — 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: 1.26% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.18%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.63% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 28.5%
• Equity multiple: 2.89×
• Total profit: $752,513
• Equity at exit: $859,953

10-year hold

• IRR: 29.2%
• Equity multiple: 6.63×
• Total profit: $2,240,364
• Equity at exit: $1,531,997

Cash invested: $397,600 (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 11220

• Home prices YoY: 2.5%
• Rents YoY: 11.0%
• Active inventory: 271
• Price-to-rent: 39.6×

Monthly cashflow live

• Estimated rent: $17,950 medium
• Mortgage (P&I): −$7,447
• Tax est. 1.5%: −$1,775 /mo · $21,300/yr
• Insurance: −$592
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,770
• Net cashflow: $4,367

Break-even live

Break-even rent $12,422

Max offer price $1,420,000

Occupancy floor 71%

Sensitivity live

Price	-10% $5,349	-5% $4,858	+0% $4,367	+5% $3,877	+10% $3,386
Rent	-10% $2,949	-5% $3,658	+0% $4,367	+5% $5,076	+10% $5,785
Rate	-1.0pp $5,082	-0.5pp $4,728	base $4,367	+0.5pp $3,999	+1.0pp $3,625

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	—	$17,952
Total (6 units)			$17,950

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: $355,000
• Closing costs: $42,600
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-21
   days on market $1,420,000 Active 140 DOM
2. 2026-06-18
   days on market $1,420,000 Active 137 DOM
3. 2026-06-17
   days on market $1,420,000 Active 136 DOM
4. 2026-06-15
   days on market $1,420,000 Active 134 DOM
5. 2026-06-13
   days on market $1,420,000 Active 132 DOM
6. 2026-06-10
   days on market $1,420,000 Active 128 DOM
7. 2026-06-08
   days on market $1,420,000 Active 127 DOM
8. 2026-06-04
   days on market $1,420,000 Active 123 DOM
9. 2026-06-03
   days on market $1,420,000 Active 122 DOM
10. 2026-06-01
    days on market $1,420,000 Active 120 DOM
11. 2026-05-31
    days on market $1,420,000 Active 119 DOM
12. 2026-02-01
    listed $1,420,000 Active
13. 2025-10-23
    price $1,430,000
14. 2025-06-20
    price $1,490,000
15. 2025-04-15
    price $1,530,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $215,400
• − Mortgage interest: −$79,542
• − Property taxes: −$21,300
• − Insurance: −$7,100
• − Repairs & maintenance: −$17,232
• − Management: −$17,232
• − Depreciation: −$41,309
• Taxable income: $31,685
• Est. tax owed @ 24.0%: −$7,604
• After-tax cash flow: $44,802/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): 90,652
• Household income: $69,883
• Rent vs Own: 73.3% rent · 26.7% own
• Severe rent burden: 6563.0

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 0.65)
• Race & ethnicity: Asian 40% Hispanic / Latino 40% White 16% Two or more races 7% Black 2% Native American 2%
• Hispanic origin (detail): Mexican 17% Puerto Rican 8% Dominican 5%
• Common ancestry: Romanian 1% Scotch-Irish 1% Subsaharan African 1%
• Foreign-born: 52% · China, Canada, Jamaica
• Languages at home: 20% English-only · Spanish 35% Chinese 35% Arabic 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: ▲ 5.63%
• Current HPI: 226.624
• Rent YoY: ▲ 11.02%
• 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

-7.2% since first listed

4 events — show timeline

• 2026-02-01 Listed $1,420,000 BNYMLS
• 2025-10-23 Price Changed $1,430,000 BNYMLS
• 2025-06-20 Price Changed $1,490,000 BNYMLS
• 2025-04-15 Price Changed $1,530,000 BNYMLS