2615 Shore Pkwy · New York, NY 11223

$1,328,000

9 bd · 4.5 ba · 4,626 sqft · MultiFamily public records · 266 Days on market

Built 2008 2,439 sqft lot Est $1693k · 22% under

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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 +21.7/30.0
• ARV discount +15.0/15.0
• DSCR +6.9/10.0
• 1% rule +5.1/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Brick 3 family home in gravesend/ brighton beach area. Built in 2008, 3 separate boilers. each apartment is a 3 bedroom with 6 rooms in each apartment. 1.5 baths in each apartment. Great opportunity for investment. Near public transportation, beaches, dining,

Key facts

• 3 family home
• 3 separate boilers
• Gravesend area

Tags

• 3 FAMILY HOME
• GRAVESEND AREA
• BRIGHTON BEACH AREA
• 3 SEPARATE BOILERS
• PUBLIC TRANSPORTATION

Property features AI

Finance

• Other: Three-unit multifamily property (unit count: 3) with all units leased; Unit rents reported: ~$2,210.25 (units 1 and 3) and ~$1,909.61 (unit 2)
• Financial info: Financing available: bank mortgage or cash; Monthly utility expense listed as approximately $200

Exterior

• Parking: Private drive; Built-in garage
• Utilities: 110V electric; Gas hot water; Gas heating
• Home design: Attached residential building; Pitched roof
• Construction: Brick exterior/construction; Poured concrete foundation
• Exterior features: Back yard

Interior

• Bedrooms: Three 3-bedroom units (one on each floor)
• Flooring: Tile floors
• Bathrooms: Each unit has 2 bathrooms (including 2 full baths per unit across the building totaling 6 full baths and 3 half baths overall)
• Heating & cooling: Hot water heat (gas-fired); No AC units reported
• Interior features: Finished, walk-in basement; Porch; Terrace

What this means for you Summary

Snapshot

• This is a 3 × 3.0-bed/1.5-bath units multifamily listed at $1.33M.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $658/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.33M).
• Recommended offer: $1.17M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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 (+13.1%/yr); 216 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $13,463/mo this rent would consume 255% of the median local household income ($63k/yr) (locally 6011% 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 $9k of loan paydown is wiped out by about $40k of value loss. Plan a longer hold.
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $372k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 266 days — a 12% lower offer ($1.17M) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $170k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $550k; list at $1.33M implies a 141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; major wind risk, 77% 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 $1,168,640 (12.0% below list)

Questions for the listing agent

1. It's been on market 266 days. Have you received any prior offers? Is the seller open to a 12% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.01% ✓
• Cap rate: 8.14%
• Cash-on-cash: 6.59%
• DSCR: 1.29
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $1,693,116
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
468 Avenue Y	0.45mi	9/4.0	4,452 (-4%)	15mo	$1,630,000	$366	59

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-18,387
• Equity at exit: $198,009

10-year hold

• IRR: 13.0%
• Equity multiple: 2.26×
• Total profit: $469,303
• Equity at exit: $114,821

Cash invested: $371,840 (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 11223

• Rents YoY: 13.1%
• Active inventory: 216
• Price-to-rent: 24.7×

Monthly cashflow live

• Estimated rent: $13,463 high
• Mortgage (P&I): −$6,964
• Tax from tax record: −$1,077 /mo · $12,925/yr
• Insurance: −$553
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,827
• Net cashflow: $1,975

Break-even live

Break-even rent $10,963

Max offer price $1,328,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3.0	1.5	$13,464
Total (3 units)			$13,463

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: $332,000
• Closing costs: $39,840
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $1,328,000 Active 266 DOM
2. 2026-06-17
   price $1,328,000 Active 265 DOM
3. 2026-06-17
   days on market $1,388,000 Active 265 DOM
4. 2026-06-15
   days on market $1,388,000 Active 263 DOM
5. 2026-06-13
   days on market $1,388,000 Active 261 DOM
6. 2026-06-10
   days on market $1,388,000 Active 257 DOM
7. 2026-06-08
   days on market $1,388,000 Active 256 DOM
8. 2026-06-03
   days on market $1,388,000 Active 251 DOM
9. 2026-06-01
   days on market $1,388,000 Active 249 DOM
10. 2026-05-31
    days on market $1,388,000 Active 248 DOM
11. 2026-05-04
    price $1,388,000
12. 2026-01-14
    price $1,438,000
13. 2025-12-04
    price $1,458,000
14. 2025-11-05
    price $1,478,000
15. 2025-09-25
    listed $1,498,000 Active
16. 2025-01-03
    price $1,599,000
17. 2024-11-04
    price $1,699,000
18. 2022-11-19
    price $132,000
19. 2020-04-16
    historical Expired listing
20. 2020-04-15
    historical
21. 2020-04-15
    historical
22. 2020-01-22
    price $1,895,000
23. 2020-01-22
    price $3,590,000
24. 2020-01-22
    price $1,895,000
25. 2019-12-10
    price $2,195,000
26. 2019-12-10
    price $3,995,000
27. 2019-12-09
    price $2,195,000
28. 2019-12-09
    price $3,995,000
29. 2019-10-17
    listed $3,590,000
30. 2019-10-16
    listed $1,895,000
31. 2019-10-16
    listed $2,195,000 Active
32. 2019-10-15
    listed $2,195,000 Active
33. 2019-10-15
    listed $3,995,000 Active
34. 2012-10-24
    price $1,895,000
35. 2011-06-21
    soldstatus $550,000
36. 2010-07-02
    soldstatus $860,000

ⓘ 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: $12,925 · $1,077/mo
• Projected year-2 tax: $17,684 · $1,474/mo
• Expected delta: +$4,759/yr (+$397/mo · 36.8%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $161,556
• − Mortgage interest: −$74,389
• − Property taxes: −$12,925
• − Insurance: −$7,438
• − Repairs & maintenance: −$12,924
• − Management: −$12,924
• − Depreciation: −$38,633
• Taxable income: $2,323
• Est. tax owed @ 24.0%: −$558
• After-tax cash flow: $23,139/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: Kings County · 2,614,986 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 78,093
• Household income: $63,368
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 6011.0

Population outlook (Kings County) Hauer SSP2

• Today (2025): 2,847,441 people
• By 2030: 2,937,006 · +3.1%
• By 2040: 3,095,491 · +8.7%
• By 2050: 3,228,968 · +13.4%
• By 2075: 3,321,723 · +16.7%
• By 2100: 3,111,387 · +9.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 51% Asian 26% Hispanic / Latino 13% Black 5% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2% Dominican 1%
• Common ancestry: Scotch-Irish 4% Subsaharan African 4% Romanian 1%
• Foreign-born: 46% · China, Canada, Philippines
• Languages at home: 41% English-only · Chinese 17% Russian/Polish/Slavic 15% Spanish 9%

Political lean MEDSL · Kings

• 2024 margin: Solid D (+44.0) · D 72.0% · R 28.0%
• 2008→2024 swing: -15.5pp toward R · 2008: 59.4pp · 2024: 44.0pp
• All cycles: 2024: D+44.0 2020: D+54.8 2016: D+61.8 2012: D+63.9 2008: D+59.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -286.92%
• Current HPI: 430.9891
• Rent YoY: ▲ 13.09%
• 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

+61.4% since first listed

26 events — show timeline

• 2026-05-04 Price Changed $1,388,000 BNYMLS
• 2026-01-14 Price Changed $1,438,000 BNYMLS
• 2025-12-04 Price Changed $1,458,000 BNYMLS
• 2025-11-05 Price Changed $1,478,000 BNYMLS
• 2025-09-25 Listed $1,498,000 BNYMLS
• 2025-01-03 Price Changed $1,599,000 BNYMLS
• 2024-11-04 Price Changed $1,699,000 BNYMLS
• 2022-11-19 Price Changed $132,000 RLS at REBNY
• 2020-04-16 Delisted — RLS at REBNY
• 2020-04-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-04-15 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-01-22 Price Changed $1,895,000 OneKey® MLS as Distributed by MLS Grid
• 2020-01-22 Price Changed $3,590,000 OneKey® MLS as Distributed by MLS Grid
• 2020-01-22 Price Changed $1,895,000 RLS at REBNY
• 2019-12-10 Price Changed $2,195,000 RLS at REBNY
• 2019-12-10 Price Changed $3,995,000 RLS at REBNY
• 2019-12-09 Price Changed $2,195,000 RLS at REBNY
• 2019-12-09 Price Changed $3,995,000 RLS at REBNY
• 2019-10-17 Listed $3,590,000 RLS at REBNY
• 2019-10-16 Listed $2,195,000 RLS at REBNY
• 2019-10-16 Listed $1,895,000 RLS at REBNY
• 2019-10-15 Listed $3,995,000 OneKey® MLS as Distributed by MLS Grid
• 2019-10-15 Listed $2,195,000 OneKey® MLS as Distributed by MLS Grid
• 2012-10-24 Price Changed $1,895,000 RLS at REBNY
• 2011-06-21 Sold (Public Records) $550,000 Public Records
• 2010-07-02 Sold (Public Records) $860,000 Public Records

Property tax history

+18.6%/yr

Latest (2025): $12,925 · -2.4% YoY. Source: county tax records.