This is not just a house. 5 Milbank Road sits on three separate New Dorp lots totaling 4,800 square feet in an R-3X zone, which means the parcel cluster carries real subdivision, expansion, and ground-up potential beyond the existing structure. The kind of multi-parcel setup that does not come up often in this stretch of 10306.

Day-one economics. The property is tenant-occupied at $2,600 per month, generating roughly $31,200 in annual rental income from the moment you sign. No vacancy risk to underwrite, no lease-up to manage, no months of holding cost while you look for a tenant.

The existing 1930 home itself is a 2-bedroom, 1-bathroom standalone with a finished basement with separate entrance, eat-in galley kitchen with modern appliances, a deck, a patio, and off-street parking. Tenants are paying retail for it because the layout works the way single-renter and small-household tenants want it to work.

And the long game: the R-3X zoning across three lots is the optionality you cannot manufacture later. Hold and cash flow now. Subdivide and sell parcels separately when the timing is right. Or land-bank and build a multi-unit ground-up when the next cycle turns. Different exits, all open from day one.