1004 N Broadway

North Massapequa, NY 11758

$928,000D

6 bd · 4.0 ba · 2,420 sqft · Built 1974 · MultiFamily · Pending · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,937/mo
• Mortgage (P&I): −$4,867
• Tax + insurance: −$1,471
• HOA: −$0
• Vac / Maint / Mgmt: −$1,457
• Net cashflow: $-858/mo
• Annual: $-10,290/yr
• Cap rate: 5.18%
• Cash-on-cash: -3.96%
• DSCR: 0.82
• 1% rule: 0.75%
• Cash to close: $259,840

Investor read

• This is a 1×3.0bd/1.5ba + 1×2.0bd/1.0ba units multifamily listed at $928k.
• At list price, monthly cash flow is $-858 ($-10k/yr) — negative. Per door: $-429/mo.
• To cash-flow at today's rent, offer at most $777k (16.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $694k (25.2% below list).
• It's been on market 40 days — a 3% lower offer ($900k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $694k (25.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#264 in NY, #4,146 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Farmingdale Union Free School District (suburban): math 59% / reading 56% proficiency, ranked #210 of 590 in NY (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Albany Avenue Elementary School (math 57% / reading 67%, grade B, #675 of 2,108 statewide, top 35%, 507 students, 10% FRL); Howitt School (math 36% / reading 43%, grade F, #418 of 729 statewide, top 59%, 1,199 students, 22% FRL); Farmingdale Senior High School (math 92% / reading 67%, grade A-, #518 of 1,100 statewide, top 51%, 1,703 students, 23% FRL) — zoned schools at 19% FRL track the district average.
• Market conditions: 269 active listings in the ZIP; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 12y 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 $674k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• 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.
• Cap rate 5.2% vs local median 2.8% in North Massapequa — 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.

Questions for listing agent

• 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?
• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 25% 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?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?