345 E Park Ave · Long Beach, NY 11561

$999,000

4 bd · 3.0 ba · 2,769 sqft · MultiFamily public records · 205 Days on market

Built 1955 6,000 sqft lot Est $966k · at est.

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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 +13.3/30.0
• ARV discount +6.0/15.0
• Schools +5.9/10.0
• Livability +4.1/5.0
• DSCR +4.0/10.0
• 1% rule +3.8/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Discover a rare gem in the heart of Long Beach – this expansive multi-family home at 345 E Park Ave offers two generous units, a 3 bedroom-2 bathroom, and a 2 bedroom-1 bathroom, brimming with coastal charm and solid investment potential. Built in 1955, the property sits on a spacious lot just minutes from the beach, boardwalk, LIRR, shops, and restaurants—perfect for tenants or dual living. With a strong rental history and highly desirable location, this well-maintained duplex is ideal for owner-occupiers seeking supplemental income or savvy investors looking for a turnkey opportunity in a high-demand, walkable beachside community.

Key facts

• 6,000 sq ft lot
• Garage
• Built 1955

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $-460 ($-6k/yr) — negative. Per door: $-230/mo.
• To cash-flow at today's rent, offer at most $918k (8.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $879k (12.0% below list).
• Recommended offer: $879k (12.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.1% in Long Beach — 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 82/100 on livability (#84 in NY, #1,285 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, commute A+; Watch: cost of living F.
• Long Beach City School District (suburban): math 66% / reading 65% proficiency, ranked #150 of 590 in NY (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.8%/yr); 352 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).
• At $8,787/mo this rent would consume 74% of the median local household income ($142k/yr) (locally 1284% 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 $30k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($879k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago 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.
• Current owner paid $122k; list at $999k implies a 716% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $878,700 (12.0% 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 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. Schools are A-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?
10. 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?
11. 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.
12. 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.
13. 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: 0.88% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.00%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $966,381
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
429 E Park Ave	0.13mi	5/3.0 (+1)	2,791 (+1%)	8mo	$975,000	$349	81
272 E Harrison St	0.29mi	5/3.0 (+1)	2,710 (-2%)	4mo	$950,000	$351	74
425 E Penn St	0.25mi	3/3.0 (-1)	2,735 (-1%)	9mo	$820,000	$300	74
615 E Olive St	0.42mi	5/4.0 (+1)	2,979 (+8%)	8mo	$935,000	$314	52
565 E Hudson St	0.37mi	5/3.0 (+1)	2,407 (-13%)	12mo	$999,000	$415	46

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 · 4.84% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.38×
• Total profit: $-174,204
• Equity at exit: $148,954

10-year hold

• IRR: -6.0%
• Equity multiple: 0.58×
• Total profit: $-117,093
• Equity at exit: $86,375

Cash invested: $279,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11561

• Rents YoY: 4.8%
• Active inventory: 352
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $8,787 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$1,287 /mo · $15,440/yr
• Insurance: −$416
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,845
• Net cashflow: $-460

Break-even live

Break-even rent $9,370

Max offer price $917,656

Occupancy floor —

Sensitivity live

Price	-10% $105	-5% $-178	+0% $-460	+5% $-743	+10% $-1,026
Rent	-10% $-1,155	-5% $-808	+0% $-460	+5% $-113	+10% $234
Rate	-1.0pp $43	-0.5pp $-206	base $-460	+0.5pp $-719	+1.0pp $-983

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$8,788
Total (2 units)			$8,787

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: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
361 E Olive St #3 Long Beach, NY	3.0	1.0	2494	$4,000	$1.60	4d	1	0.13mi
429 E Park Ave Unit 2nd Floor Long Beach, NY	3.0	2.0	2791	$4,350	$1.56	44d	1	0.14mi
225 E Walnut St Unit 1 Long Beach, NY	3.0	2.0	2500	$4,300	$1.72	45d	1	0.19mi
322 E Beech St Long Beach, NY	4.0	3.0	2300	$15,000	$6.52	25d	1	0.20mi
428 E Harrison St Unit 2nd floor Long Beach, NY	3.0	2.0	3066	$4,200	$1.37	44d	1	0.30mi
434 E Broadway Unit A Long Beach, NY	3.0	2.5	3000	$17,000	$5.67	25d	1	0.34mi
119 Belmont Ave Long Beach, NY	3.0	3.0	2560	$5,900	$2.30	21d	1	0.73mi
227 W Pine St Long Beach, NY	4.0	3.0	3000	$17,000	$5.67	2d	1	0.92mi
401 W Walnut St Long Beach, NY	3.0	2.0	2458	$4,200	$1.71	25d	1	1.15mi

Listing history 8 events

1. 2026-01-15
   status Pending
2. 2025-05-29
   listed $999,000 Active
3. 2024-12-04
   historical $2,900
4. 2024-11-26
   listed $2,900
5. 2024-11-26
   historical $2,900
6. 2024-11-14
   listed $2,900
7. 2023-07-03
   historical
8. 1983-08-01
   soldstatus $122,500

ⓘ 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: $15,440 · $1,287/mo
• Projected year-2 tax: $16,162 · $1,347/mo
• Expected delta: +$722/yr (+$60/mo · 4.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 56% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $105,444
• − Mortgage interest: −$55,960
• − Property taxes: −$15,440
• − Insurance: −$10,520
• − Repairs & maintenance: −$8,436
• − Management: −$8,436
• − Depreciation: −$29,062
• Taxable loss: −$22,408
• Est. tax savings @ 24.0%: +$5,378
• After-tax cash flow: $-148/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)

• District: Long Beach City School District
• NCES district ID: 3617730
• Math proficiency: 66% ▼ -6.00%
• Reading proficiency: 65% ▼ -1.00%
• Median HH income: $86,938
• Composite: 59.18/100
• National rank: #947
• State rank: #150 of 590 in NY

Livability — Long Beach

• Score: 82/100
• State rank: #84
• US rank: #1285

Category grades

Amenities B+ Commute A+ Cost of living F Crime A+ Employment A+ Housing A- Health & safety A- User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Long Beach, NY
• County: Nassau County · 653,051 people
• City population: 38,708
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 38,708
• Household income: $141,629
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 1284.0

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 14% Two or more races 7% Asian 5% Black 4%
• Hispanic origin (detail): Puerto Rican 2% Dominican 1%
• Common ancestry: Romanian 4% Scotch-Irish 4% Italian 2%
• Foreign-born: 14% · Canada, Jamaica, China
• Languages at home: 84% English-only · Spanish 8% Other Indo-European 3% Tagalog/Filipino 2%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1067.69%
• Current HPI: 309.3598
• Rent YoY: ▲ 4.84%
• 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

+715.5% since first listed

8 events — show timeline

• 2026-01-15 Pending — OneKey® MLS as Distributed by MLS Grid
• 2025-05-29 Listed $999,000 OneKey® MLS as Distributed by MLS Grid
• 2024-12-04 Rental Removed $2,900 ONEKEY
• 2024-11-26 Listed for Rent $2,900 ONEKEY
• 2024-11-26 Rental Removed $2,900 ONEKEY
• 2024-11-14 Listed for Rent $2,900 ONEKEY
• 2023-07-03 Rental Removed — ONEKEY
• 1983-08-01 Sold (Public Records) $122,500 Public Records

Property tax history

+5.4%/yr

Latest (2024): $15,440 · -2.9% YoY. Source: county tax records.