15A Lake Ave · New York, NY 11235

$549,000

6 bd · 4.0 ba · 1,152 sqft · MultiFamily public records · 70 Days on market

Built 1920 1,100 sqft lot

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Why this score? — see what drove the C+ 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 +26.5/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• 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

Multi-family units

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

Listing remarks

Location, Location, Location! Investor Opportunity! Welcome to this fully detached 2-family home (per NYC public records) located in the heart of Sheepshead Bay, just moments from Emmons Avenue. Situated on a quiet dead-end street, this property offers an excellent opportunity for both end-users and investors. Configured as a 2-family property (per public records), the home features a practical layout. The first floor offers a 1-bedroom, 1-bath walk-in apartment. The second floor features a 2-bedroom layout with a full bathroom. The property includes one occupied unit, while the second unit is currently vacant and requires renovation, offering value-add potential for the next owner. Situate

Key facts

• Built in shelving
• Excellent storage
• 1,100 sq ft lot

Tags

• DETACHED BUNGALOW STYLE
• QUIET DEAD END STREET
• EXCELLENT STORAGE
• BUILT IN SHELVING
• ORGANIZED CLOSET SPACE
• INCOME PRODUCING PROPERTY

Property features AI

Finance

• Other: Zoned R4-1; Lot is irregularly shaped
• Financial info: Financing options may include cash, bank mortgage, or exchange considered

Exterior

• Parking: No designated parking
• Utilities: 200 Amp electric service; Gas hot water; Gas heating
• Home design: Detached residential building; Two-unit building
• Construction: Wood frame construction; Stucco and vinyl siding exterior; Shingle roof; Block foundation; Building footprint approximately 24.00 x 18.00
• Exterior features: Front yard and back yard; Fully fenced yard

Interior

• Kitchen: Dishwasher; Microwave; Stove; Refrigerator
• Bedrooms: First-floor unit: 1 bedroom; Second-floor unit: 2 bedrooms (unit is leased)
• Flooring: Hardwood floors; Tile floors
• Bathrooms: Two full bathrooms total; Each unit includes one full bathroom
• Heating & cooling: Gas-fired heat delivered by baseboard; 200 Amp electrical service
• Interior features: Central air conditioning and three wall A/C units; Deck; Separate entrance to the basement; Laundry area; Hardwood and tile floors
• Laundry & utility: Washer and dryer; Laundry area

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $549k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $696/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $549k).
• Recommended offer: $516k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.5% 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; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $6,172/mo this rent would consume 124% 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 $4k of loan paydown is wiped out by about $16k 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 $154k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($516k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $220k; list at $549k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 77% 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 $516,059 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.12% ✓
• Cap rate: 9.48%
• Cash-on-cash: 11.39%
• DSCR: 1.51
• GRM: 7.4

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: 2.1%
• Equity multiple: 1.08×
• Total profit: $12,539
• Equity at exit: $81,858

10-year hold

• IRR: 13.5%
• Equity multiple: 2.17×
• Total profit: $180,005
• Equity at exit: $47,467

Cash invested: $153,720 (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: 14.8×

Monthly cashflow live

• Estimated rent: $6,172 medium
• Mortgage (P&I): −$2,879
• Tax from tax record: −$309 /mo · $3,713/yr
• Insurance: −$229
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,296
• Net cashflow: $1,392

Break-even live

Break-even rent $4,410

Max offer price $549,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$6,172
Total (2 units)			$6,172

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $549,000 Active 70 DOM
2. 2026-06-17
   days on market $549,000 Active 69 DOM
3. 2026-06-15
   days on market $549,000 Active 67 DOM
4. 2026-06-13
   pricedays on market $549,000 Active 65 DOM
5. 2026-06-10
   days on market $595,000 Active 61 DOM
6. 2026-06-08
   days on market $595,000 Active 60 DOM
7. 2026-06-08
   days on market $595,000 Active 59 DOM
8. 2026-06-04
   days on market $595,000 Active 56 DOM
9. 2026-06-03
   days on market $595,000 Active 55 DOM
10. 2026-06-01
    days on market $595,000 Active 53 DOM
11. 2026-05-31
    pricedays on market $595,000 Active 52 DOM
12. 2026-05-15
    price $625,000
13. 2026-04-25
    price $690,000
14. 2026-04-09
    listed $778,000 Active
15. 2005-10-31
    soldstatus $220,000
16. 2004-12-15
    soldstatus $239,982
17. 1990-08-27
    soldstatus $95,000

ⓘ 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: $3,713 · $309/mo
• Projected year-2 tax: $6,496 · $541/mo
• Expected delta: +$2,783/yr (+$232/mo · 74.9%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% 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: $74,064
• − Mortgage interest: −$30,753
• − Property taxes: −$3,713
• − Insurance: −$3,542
• − Repairs & maintenance: −$5,925
• − Management: −$5,925
• − Depreciation: −$15,971
• Taxable income: $8,235
• Est. tax owed @ 24.0%: −$1,976
• After-tax cash flow: $14,731/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

+557.9% since first listed

6 events — show timeline

• 2026-05-15 Price Changed $625,000 BNYMLS
• 2026-04-25 Price Changed $690,000 BNYMLS
• 2026-04-09 Listed $778,000 BNYMLS
• 2005-10-31 Sold (Public Records) $220,000 Public Records
• 2004-12-15 Sold (Public Records) $239,982 Public Records
• 1990-08-27 Sold (Public Records) $95,000 Public Records

Property tax history

+5.2%/yr

Latest (2024): $3,713 · -1.1% YoY. Source: county tax records.