18-44 21st Dr Unit 1F · New York, NY 11105

$1,975,000

20 bd · 16.0 ba · — sqft · MultiFamily · 61 Days on market

Built 1925 Good condition 2,499 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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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

Turnkey 4-Family Near Astoria Park - Discover a rare investment opportunity at 18-44 21st Drive, a meticulously maintained four-family residence in the heart of the Ditmars–Astoria Park corridor. This property offers a perfect blend of immediate income and long-term value in one of Queens' most high-demand markets. Key Features: - Move-In Ready: Majority of units recently renovated; one unit delivered * * vacant * * for immediate market-rate leasing or owner-occupancy. - Coveted Parking: Includes a rare two-car garage, a high-value asset in this neighborhood. - Prime Location: Steps from Astoria Park’s waterfront, trendy dining, and easy Manhattan access. - Low Mainten

Key facts

• Two-car garage
• 2,499 sq ft lot
• Garage

Tags

• TWO-CAR GARAGE
• ASTORIA PARK WATERFRONT
• EASY MANHATTAN ACCESS

Property features AI

Finance

• Financial info: Pets allowed in building
• HOA & community: Association fees billed monthly

Exterior

• Parking: Garage; Two parking spaces (total)
• Home design: Two-story building
• Construction: Garage structure on property
• Exterior features: Garden; Building garden

Interior

• Bedrooms: Multi-unit property with 4 total units (individual bedroom details not provided)
• Bathrooms: Four full bathrooms
• Interior features: Unfurnished; Total of 13 rooms; Building contains 4 residential units
• Laundry & utility: Laundry located in building basement / in basement

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $1.98M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $9k ($113k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($29k rent vs $1.98M).
• Recommended offer: $1.86M (6.0% below list) — sets the bar for market timing.
• Cap rate 12.0% 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: Rents rising fast (+6.7%/yr); 112 active listings in the ZIP; solid renter incomes; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $29,234/mo this rent would consume 344% of the median local household income ($102k/yr) (locally 2291% 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 $14k of loan paydown is wiped out by about $59k 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 + 6.7% rent growth), your $553k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($1.86M) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% 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 $1,856,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 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 1925 — 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: 1.48% ✓
• Cap rate: 12.03%
• Cash-on-cash: 20.50%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.66% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 1.71×
• Total profit: $393,640
• Equity at exit: $294,479

10-year hold

• IRR: 27.9%
• Equity multiple: 3.92×
• Total profit: $1,613,114
• Equity at exit: $170,762

Cash invested: $553,000 (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 11105

• Home prices YoY: -11.2%
• Rents YoY: 6.7%
• Active inventory: 112
• Price-to-rent: 22.5×

Monthly cashflow live

• Estimated rent: $29,234 medium
• Mortgage (P&I): −$10,357
• Tax est. 1.5%: −$2,469 /mo · $29,625/yr
• Insurance: −$823
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,139
• Net cashflow: $9,446

Break-even live

Break-even rent $17,277

Max offer price $1,975,000

Occupancy floor 63%

Sensitivity live

Price	-10% $10,811	-5% $10,129	+0% $9,446	+5% $8,764	+10% $8,081
Rent	-10% $7,137	-5% $8,291	+0% $9,446	+5% $10,601	+10% $11,756
Rate	-1.0pp $10,441	-0.5pp $9,948	base $9,446	+0.5pp $8,934	+1.0pp $8,414

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$29,232
Total (4 units)			$29,234

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: $493,750
• Closing costs: $59,250
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $1,975,000 Active 61 DOM
2. 2026-06-18
   days on market $1,975,000 Active 58 DOM
3. 2026-06-17
   days on market $1,975,000 Active 57 DOM
4. 2026-06-16
   pricedays on market $1,975,000 Active 56 DOM
5. 2026-06-15
   days on market $2,075,000 Active 55 DOM
6. 2026-06-13
   days on market $2,075,000 Active 53 DOM
7. 2026-06-10
   days on market $2,075,000 Active 49 DOM
8. 2026-06-08
   days on market $2,075,000 Active 48 DOM
9. 2026-06-08
   days on market $2,075,000 Active 47 DOM
10. 2026-06-04
    days on market $2,075,000 Active 44 DOM
11. 2026-06-03
    days on market $2,075,000 Active 43 DOM
12. 2026-06-01
    days on market $2,075,000 Active 41 DOM
13. 2026-05-31
    days on market $2,075,000 Active 40 DOM
14. 2026-04-21
    listed $2,075,000 Active
15. 2025-04-20
    historical $2,000
16. 2025-04-04
    listed $2,000

ⓘ 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 6/10 Major 7 d/yr ≥99°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $350,808
• − Mortgage interest: −$110,631
• − Property taxes: −$29,625
• − Insurance: −$9,875
• − Repairs & maintenance: −$28,065
• − Management: −$28,065
• − Depreciation: −$57,455
• Taxable income: $87,093
• Est. tax owed @ 24.0%: −$20,902
• After-tax cash flow: $92,451/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This four-family property is in good condition with move-in-ready units. It offers a prime location and potential for value appreciation through minor updates.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters.
• Both Updating the kitchen appliances — Modern appliances can improve the functionality and appeal of the kitchen, making it more attractive to potential buyers and renters.
• Both Upgrading the HVAC system — A new HVAC system can improve energy efficiency and comfort, making the property more attractive to potential buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to potential buyers and renters. ↑
• Both Updating the kitchen appliances — Modern appliances can improve the functionality and appeal of the kitchen, making it more attractive to potential buyers and renters. ↑
• Both Upgrading the HVAC system — A new HVAC system can improve energy efficiency and comfort, making the property more attractive to potential buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 37,936
• Household income: $102,012
• Rent vs Own: 74.5% rent · 25.5% own
• Severe rent burden: 2291.0

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 0.58)
• Race & ethnicity: White 60% Hispanic / Latino 22% Two or more races 11% Asian 10% Black 3%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 2%
• Common ancestry: Romanian 3% Italian 1% Scotch-Irish 1%
• Foreign-born: 32% · Canada, Jamaica, Vietnam
• Languages at home: 53% English-only · Other Indo-European 17% Spanish 16% Arabic 6%

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: ▼ -62.96%
• Current HPI: 501.1392
• Rent YoY: ▲ 6.66%
• 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

+103650.0% since first listed

3 events — show timeline

• 2026-04-21 Listed $2,075,000 RLS at REBNY
• 2025-04-20 Rental Removed $2,000 RENTSPREE
• 2025-04-04 Listed for Rent $2,000 RENTSPREE