701 Gerald Ct Unit 2E · New York, NY 11235

$270,000

1 bd · 1.0 ba · 800 sqft · Condo · 29 Days on market

Built 1953

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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 +27.4/30.0
• DSCR +9.6/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this bright and spacious one bedroom, one bathroom co-op apartment located on the second floor of the desirable Lincoln Gardens cooperative in the heart of Sheepshead Bay. This inviting home features hardwood floors throughout, ample closet space, a separate windowed eat-in kitchen, and a windowed bathroom. The apartment has been well maintained and offers a great opportunity to add your own personal touch and updates over time. Maintenance includes all utilities and real estate taxes, providing excellent value and convenience. This well-maintained elevator building offers a variety of amenities including storage rooms, bike room, parking garages, and recreation areas for residents to enjoy. Conveniently located near shopping, restaurants, parks, and public transportation, this is a wonderful opportunity to own in one of Sheepshead Bays most desirable co-op communities.

Key facts

• Bike room
• Storage rooms
• Windowed bathroom

Tags

• HARDWOOD FLOORS
• WINDOWED EAT-IN KITCHEN
• WINDOWED BATHROOM
• ELEVATOR BUILDING
• STORAGE ROOMS
• BIKE ROOM

Property features AI

Exterior

• Parking: 2-car garage; Other parking features; No carport
• Utilities: Sewer: Other; Utilities: See remarks
• Home design: Stock cooperative; Entry at level 2
• Construction: Other construction materials; Other foundation details
• Exterior features: Other construction materials; Other foundation details; Not waterfront

Interior

• Kitchen: Other appliances
• Bedrooms: 3 total rooms (includes bedrooms and living spaces)
• Bathrooms: 1 full bathroom
• Heating & cooling: Wall/window air conditioning units; Other heating
• Interior features: Other interior features
• Laundry & utility: No basement

🏢 Co-op / cooperative unit. The $270,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $270k.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% 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 (+5.0%/yr); 521 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,366/mo this rent would consume 68% of the median local household income ($60k/yr) (locally 7823% 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 $2k of loan paydown is wiped out by about $8k 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 + 5.0% rent growth), your $76k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.
• 3 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: flood insurance adds $66/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 72% 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 $265,950 (1.5% below list)

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.25% ✓
• Cap rate: 9.82%
• Cash-on-cash: 12.59%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.04% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $9,694
• Equity at exit: $40,258

10-year hold

• IRR: 14.7%
• Equity multiple: 2.30×
• Total profit: $98,599
• Equity at exit: $23,345

Cash invested: $75,600 (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 11235

• Rents YoY: 5.0%
• Active inventory: 521
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,366 high
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$707
• Net cashflow: $727

Break-even live

Break-even rent $2,446

Max offer price $270,000

Occupancy floor 73%

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	24d	1	0.93mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	24d	1	0.93mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	24d	1	0.93mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	24d	1	0.93mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	24d	1	0.93mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	24d	1	0.93mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$3,400	$3.58	7d	8	0.93mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	20d	1	1.17mi
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	24d	1	1.31mi
3000 Emmons Ave Unit 1 Brooklyn, NY	—	1.0	536	$3,273	$6.11	24d	1	1.31mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$3,120	$4.42	1d	15	1.41mi
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	24d	1	1.46mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $270,000 Active 29 DOM
2. 2026-06-17
   days on market $270,000 Active 28 DOM
3. 2026-06-16
   days on market $270,000 Active 27 DOM
4. 2026-06-15
   days on market $270,000 Active 26 DOM
5. 2026-06-13
   days on market $270,000 Active 24 DOM
6. 2026-06-10
   days on market $270,000 Active 20 DOM
7. 2026-06-08
   days on market $270,000 Active 19 DOM
8. 2026-06-08
   days on market $270,000 Active 18 DOM
9. 2026-06-04
   days on market $270,000 Active 15 DOM
10. 2026-06-03
    days on market $270,000 Active 14 DOM
11. 2026-06-02
    days on market $270,000 Active 13 DOM
12. 2026-06-01
    days on market $270,000 Active 12 DOM
13. 2026-05-31
    days on market $270,000 Active 11 DOM
14. 2026-05-20
    listed $270,000 Active

    Show marketing remark (893 chars)

    Welcome to this bright and spacious one bedroom, one bathroom co-op apartment located on the second floor of the desirable Lincoln Gardens cooperative in the heart of Sheepshead Bay. This inviting home features hardwood floors throughout, ample closet space, a separate windowed eat-in kitchen, and a windowed bathroom. The apartment has been well maintained and offers a great opportunity to add your own personal touch and updates over time. Maintenance includes all utilities and real estate taxes, providing excellent value and convenience. This well-maintained elevator building offers a variety of amenities including storage rooms, bike room, parking garages, and recreation areas for residents to enjoy. Conveniently located near shopping, restaurants, parks, and public transportation, this is a wonderful opportunity to own in one of Sheepshead Bays most desirable co-op communities.

15. 2026-05-20
    listed $270,000 Active 893-char remark

    Show marketing remark (893 chars)

    Welcome to this bright and spacious one bedroom, one bathroom co-op apartment located on the second floor of the desirable Lincoln Gardens cooperative in the heart of Sheepshead Bay. This inviting home features hardwood floors throughout, ample closet space, a separate windowed eat-in kitchen, and a windowed bathroom. The apartment has been well maintained and offers a great opportunity to add your own personal touch and updates over time. Maintenance includes all utilities and real estate taxes, providing excellent value and convenience. This well-maintained elevator building offers a variety of amenities including storage rooms, bike room, parking garages, and recreation areas for residents to enjoy. Conveniently located near shopping, restaurants, parks, and public transportation, this is a wonderful opportunity to own in one of Sheepshead Bays most desirable co-op communities.

16. 2026-05-19
    listed $270,000 Active 912-char remark

    Show marketing remark (912 chars)

    Welcome to this bright and spacious one bedroom, one bathroom co-op apartment located on the second floor of the desirable Lincoln Gardens cooperative in the heart of Sheepshead Bay. This inviting home features hardwood floors throughout, ample closet space, a separate windowed eat-in kitchen, and a windowed bathroom. The apartment has been well maintained and offers a great opportunity to add your own personal touch and updates over time. Maintenance includes all utilities and real estate taxes, providing excellent value and convenience. This well-maintained elevator building offers a variety of amenities including storage rooms, bike room, parking garages, and recreation areas for residents to enjoy. Conveniently located near shopping, restaurants, parks, and public transportation, this is a wonderful opportunity to own in one of Sheepshead Bay’s most desirable co-op communities.

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 59% 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 72% 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: $40,396
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$2,148
• − Repairs & maintenance: −$3,232
• − Management: −$3,232
• − Depreciation: −$7,855
• Taxable income: $4,756
• Est. tax owed @ 24.0%: −$1,141
• After-tax cash flow: $7,583/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): 78,558
• Household income: $59,661
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 7823.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Asian 15% Two or more races 9% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Scotch-Irish 15% Subsaharan African 12% Romanian 2%
• Foreign-born: 63% · China, Canada, Vietnam
• Languages at home: 24% English-only · Russian/Polish/Slavic 48% Chinese 7% Spanish 7%

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: ▼ -181.73%
• Current HPI: 303.6714
• Rent YoY: ▲ 5.04%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-20 Listed $270,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-20 Listed $270,000 RLS at REBNY
• 2026-05-19 Listed $270,000 BNYMLS