48-72 37th St · New York, NY 11101

$1,588,000

10 bd · 2.0 ba · 2,672 sqft · MultiFamily public records · 86 Days on market

Built 1925 2,500 sqft lot

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Why this score? — see what drove the D+ 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 +10.6/30.0
• Appreciation +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• DSCR +3.1/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Large property with fully finished basement.

Key facts

• 2,500 sq ft lot
• Built 1925
• Listed 86 days

Tags

• FULLY FINISHED BASEMENT

Property features AI

Finance

• Financial info: Tax year 2025

Exterior

• Parking: No carport; Other parking features
• Utilities: Sewer: Other; Utilities: See remarks
• Home design: Duplex; Total building area approximately 2672
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Bedrooms: Two 4-bedroom units
• Bathrooms: Two full bathrooms
• Heating & cooling: Natural gas heating; No central cooling; Other heating
• Interior features: Finished full basement; Other interior features

What this means for you Summary

Snapshot

• This is a 10-bed/2.0-bath multifamily listed at $1.59M.

Deal economics

• At list price, monthly cash flow is $-775 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.45M (8.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.13M (28.6% below list).
• Recommended offer: $1.13M (28.6% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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); Is 227 Louis Armstrong (math 52% / reading 69%, grade B+, #153 of 729 statewide, top 21%, 1,528 students, 68% 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 (+1.1%/yr); 259 active listings in the ZIP; high-income renter base; 5,302 units permitted in Queens County in 2024 (4,918 in 5+ unit buildings).
• At $11,340/mo this rent would consume 112% of the median local household income ($121k/yr) (locally 3440% 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 $100k of equity ($11k loan paydown + $89k appreciation (5.6% local appreciation)).
• Queens County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$160k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($1.49M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $220k; list at $1.59M implies a 622% gain — meaningful room to come down on a strong offer.

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→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,134,000 (28.6% below list)

Questions for the listing agent

1. 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?
2. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.71% ✗
• Cap rate: 5.71%
• Cash-on-cash: -2.09%
• DSCR: 0.91
• GRM: 11.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

5.62% appreciation · 1.09% rent growth · sell at horizon

5-year hold

• IRR: 12.0%
• Equity multiple: 1.79×
• Total profit: $351,117
• Equity at exit: $959,954

10-year hold

• IRR: 12.4%
• Equity multiple: 3.34×
• Total profit: $1,040,463
• Equity at exit: $1,708,674

Cash invested: $444,640 (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 11101

• Home prices YoY: 1.1%
• Rents YoY: 1.1%
• Active inventory: 259
• Price-to-rent: 23.3×

Monthly cashflow live

• Estimated rent: $11,340 medium
• Mortgage (P&I): −$8,328
• Tax from tax record: −$744 /mo · $8,933/yr
• Insurance: −$662
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,381
• Net cashflow: $-775

Break-even live

Break-even rent $12,321

Max offer price $1,451,070

Occupancy floor —

Sensitivity live

Price	-10% $124	-5% $-326	+0% $-775	+5% $-1,225	+10% $-1,674
Rent	-10% $-1,671	-5% $-1,223	+0% $-775	+5% $-327	+10% $121
Rate	-1.0pp $25	-0.5pp $-371	base $-775	+0.5pp $-1,187	+1.0pp $-1,605

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$11,340
Total (2 units)			$11,340

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: $397,000
• Closing costs: $47,640
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $1,588,000 Active 86 DOM
2. 2026-06-18
   days on market $1,588,000 Active 83 DOM
3. 2026-06-17
   days on market $1,588,000 Active 82 DOM
4. 2026-06-15
   days on market $1,588,000 Active 80 DOM
5. 2026-06-13
   days on market $1,588,000 Active 78 DOM
6. 2026-06-10
   days on market $1,588,000 Active 74 DOM
7. 2026-06-08
   days on market $1,588,000 Active 73 DOM
8. 2026-06-08
   days on market $1,588,000 Active 72 DOM
9. 2026-06-04
   days on market $1,588,000 Active 69 DOM
10. 2026-06-03
    days on market $1,588,000 Active 68 DOM
11. 2026-06-01
    days on market $1,588,000 Active 66 DOM
12. 2026-05-31
    days on market $1,588,000 Active 65 DOM
13. 2026-04-10
    price $1,588,000
14. 2026-03-27
    listed $1,600,000 Active
15. 1997-10-28
    soldstatus $220,000
16. 1988-08-11
    soldstatus $270,000

ⓘ 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: $8,933 · $744/mo
• Projected year-2 tax: $17,885 · $1,490/mo
• Expected delta: +$8,952/yr (+$746/mo · 100.2%)

ⓘ 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 7/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% 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: $136,080
• − Mortgage interest: −$88,953
• − Property taxes: −$8,933
• − Insurance: −$7,940
• − Repairs & maintenance: −$10,886
• − Management: −$10,886
• − Depreciation: −$46,196
• Taxable loss: −$37,715
• Est. tax savings @ 24.0%: +$9,052
• After-tax cash flow: $-250/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): 42,219
• Household income: $121,062
• Rent vs Own: 84.8% rent · 15.2% own
• Severe rent burden: 3440.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 34% Asian 31% Hispanic / Latino 19% Two or more races 11% Black 10%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Scotch-Irish 1%
• Foreign-born: 41% · Canada, China, South Korea
• Languages at home: 52% English-only · Spanish 15% Other Indo-European 11% Chinese 10%

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: ▲ 5.62%
• Current HPI: 500.0296
• Rent YoY: ▲ 1.09%
• 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

+488.1% since first listed

4 events — show timeline

• 2026-04-10 Price Changed $1,588,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-27 Listed $1,600,000 OneKey® MLS as Distributed by MLS Grid
• 1997-10-28 Sold (Public Records) $220,000 Public Records
• 1988-08-11 Sold (Public Records) $270,000 Public Records

Property tax history

+5.8%/yr

Latest (2025): $8,933 · +3.4% YoY. Source: county tax records.