1824 George St · New York, NY 11385

$1,050,000

18 bd · 6.0 ba · 4,875 sqft · MultiFamily public records · 62 Days on market

Built 1931 2,502 sqft lot

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Great 6-Family Home in the Heart of Ridgewood Excellent opportunity to own a well-located six-family property ideally situated between Myrtle Ave and Seneca Ave. This property is conveniently close to restaurants, shopping, and offers easy access to the M and L trains, as well as multiple bus lines, making commuting simple and efficient. Perfect for both end-users and investors, this is a fantastic opportunity for comfortable living and strong income potential.

Key facts

• Heart of ridgewood
• Close to restaurants
• 6-family home

Tags

• 6-FAMILY HOME
• HEART OF RIDGEWOOD
• CLOSE TO RESTAURANTS
• CLOSE TO SHOPPING
• EASY ACCESS TO M AND L TRAINS
• MULTIPLE BUS LINES

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public sewer; Natural gas available
• Home design: Triplex
• Construction: Block and brick construction
• Exterior features: Block and brick construction; Not waterfront

Interior

• Bedrooms: One 2-bedroom unit (multi-unit property)
• Bathrooms: 6 full bathrooms
• Heating & cooling: Natural gas heating; Other heating; Wall/window air conditioning units
• Interior features: Other interior features; Full basement

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.0-bath units multifamily listed at $1.05M.

Deal economics

• At list price, monthly cash flow is $6k ($75k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.05M).
• Recommended offer: $987k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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: Rents rising fast (+5.0%/yr); 212 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $16,899/mo this rent would consume 228% of the median local household income ($89k/yr) (locally 5525% 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 (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $32k 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 (-3.0% appreciation + 5.0% rent growth), your $294k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($987k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $190k; list at $1.05M implies a 453% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 39% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $987,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% 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 1931 — 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: 1.61% ✓
• Cap rate: 13.41%
• Cash-on-cash: 25.41%
• DSCR: 2.13
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.97% rent growth · sell at horizon

5-year hold

• IRR: 21.2%
• Equity multiple: 1.89×
• Total profit: $260,669
• Equity at exit: $156,558

10-year hold

• IRR: 30.6%
• Equity multiple: 4.01×
• Total profit: $884,143
• Equity at exit: $90,785

Cash invested: $294,000 (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 11385

• Rents YoY: 5.0%
• Active inventory: 212
• Price-to-rent: 31.1×

Monthly cashflow live

• Estimated rent: $16,899 high
• Mortgage (P&I): −$5,506
• Tax from tax record: −$1,181 /mo · $14,174/yr
• Insurance: −$438
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,549
• Net cashflow: $6,225

Break-even live

Break-even rent $9,019

Max offer price $1,050,000

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1	$16,902
Total (6 units)			$16,899

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: $262,500
• Closing costs: $31,500
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $1,050,000 Active 62 DOM
2. 2026-06-17
   days on market $1,050,000 Active 61 DOM
3. 2026-06-15
   days on market $1,050,000 Active 59 DOM
4. 2026-06-13
   days on market $1,050,000 Active 57 DOM
5. 2026-06-10
   days on market $1,050,000 Active 53 DOM
6. 2026-06-08
   days on market $1,050,000 Active 52 DOM
7. 2026-06-08
   days on market $1,050,000 Active 51 DOM
8. 2026-06-04
   days on market $1,050,000 Active 48 DOM
9. 2026-06-03
   days on market $1,050,000 Active 47 DOM
10. 2026-06-01
    days on market $1,050,000 Active 45 DOM
11. 2026-05-31
    days on market $1,050,000 Active 44 DOM
12. 2026-04-17
    listed $1,200,000 Active
13. 1998-10-16
    soldstatus $190,000
14. 1997-01-29
    soldstatus $177,000
15. 1987-05-18
    soldstatus $185,000

ⓘ 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: $14,174 · $1,181/mo
• Projected year-2 tax: $15,960 · $1,330/mo
• Expected delta: +$1,785/yr (+$149/mo · 12.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 39% 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: $202,788
• − Mortgage interest: −$58,816
• − Property taxes: −$14,174
• − Insurance: −$5,250
• − Repairs & maintenance: −$16,223
• − Management: −$16,223
• − Depreciation: −$30,545
• Taxable income: $61,556
• Est. tax owed @ 24.0%: −$14,773
• After-tax cash flow: $59,929/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): 101,704
• Household income: $88,838
• Rent vs Own: 69.3% rent · 30.7% own
• Severe rent burden: 5525.0

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 0.61)
• Race & ethnicity: Hispanic / Latino 45% White 43% Two or more races 17% Asian 7% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 12% Dominican 8%
• Common ancestry: Romanian 7% Scandinavian 1% Subsaharan African 1%
• Foreign-born: 39% · Canada, Jamaica, China
• Languages at home: 42% English-only · Spanish 34% Russian/Polish/Slavic 9% Other Indo-European 8%

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: ▼ -213.55%
• Current HPI: 300.9364
• Rent YoY: ▲ 4.97%
• 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

+548.6% since first listed

4 events — show timeline

• 2026-04-17 Listed $1,200,000 OneKey® MLS as Distributed by MLS Grid
• 1998-10-16 Sold (Public Records) $190,000 Public Records
• 1997-01-29 Sold (Public Records) $177,000 Public Records
• 1987-05-18 Sold (Public Records) $185,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $14,174 · +2.3% YoY. Source: county tax records.