34-36 110th St

New York, NY 11368

$1,699,000B

66 bd · 36.0 ba · 4,880 sqft · Built 2006 · MultiFamily · Active · 407 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $21,303/mo
• Mortgage (P&I): −$8,910
• Tax + insurance: −$2,832
• HOA: −$0
• Vac / Maint / Mgmt: −$4,474
• Net cashflow: $5,088/mo
• Annual: $61,056/yr
• Cap rate: 9.89%
• Cash-on-cash: 12.83%
• DSCR: 1.57
• 1% rule: 1.25%
• Cash to close: $475,720

Investor read

• This is a 6 × 11-bed/6.0-bath units multifamily listed at $1.70M.
• At list price, monthly cash flow is $5k ($61k/yr) — positive. Per door: $848/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $1.70M).
• It's been on market 407 days — a 12% lower offer ($1.50M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.50M (12.0% below list) — sets the bar for market timing.
• In year one you build about $137k of equity ($12k loan paydown + $126k 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 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 $750k; list at $1.70M implies a 127% gain — meaningful room to come down on a strong offer.
• At projected returns (7.4% appreciation + 3.0% rent growth), your $476k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$220k 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 9.9% 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 $21,303/mo this rent would consume 354% 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

• It's been on market 407 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.