4205 Sea Gate Ave · New York, NY 11224

$878,000

None bd · None ba · 2,600 sqft · MultiFamily public records · 80 Days on market

Built 1987 4,000 sqft lot Est $1126k · 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 +23.0/30.0
• ARV discount +15.0/15.0
• Appreciation +7.5/10.0
• DSCR +7.4/10.0
• 1% rule +5.6/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Great Condition! Two-family detached home in the private Seagate community offering strong income potential and flexible end-user appeal. This 5 bedroom, 4 bathroom property spans approximately 2,600 sqft across multiple levels, featuring a spacious split-level main unit with internal staircases and a second unit for additional rental income. The home includes a finished full basement with a separate entrance, private driveway with parking for 6+ cars, and a detached garage. Hardwood floors run throughout, and outdoor spaces include a porch, deck, and fenced backyard. Located in the exclusive gated Seagate community featuring private beach access, resident-only security, parks, playgrounds, and a peaceful waterfront setting. Conveniently located near local buses including the B36 and B74, with connections to the D, F, N, and Q subway lines for easy access throughout Brooklyn and into Manhattan. Sea Gate Association Fee of $7,330 annually.

Key facts

• 4,000 sq ft lot
• 2 garage spots
• Built 1987

Property features AI

Exterior

• Parking: Assigned parking; 6-space carport; 2-car garage
• Utilities: Public sewer; Electricity connected; Natural gas connected; Public water connected; Trash collection (public)
• Home design: Duplex; Updated / remodeled condition
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Eat-in kitchen; Breakfast bar
• Bedrooms: Includes first-floor bedroom
• Flooring: Hardwood floors; Tile floors
• Bathrooms: First-floor full bathroom
• Heating & cooling: Forced air heating; Wall/window air conditioning units
• Interior features: First-floor bedroom; First-floor full bathroom; Breakfast bar; Eat-in kitchen; Finished full basement with walk-out access (see remarks)
• Laundry & utility: In-unit laundry; Dedicated laundry room

What this means for you Summary

Snapshot

• This is a 2 × 2.5-bed/2.5-bath units multifamily listed at $878k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $745/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $878k).
• Recommended offer: $825k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 (+7.0%/yr); 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $9,308/mo this rent would consume 256% of the median local household income ($44k/yr) (locally 4426% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $50k of equity ($6k loan paydown + $44k appreciation (5.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.0% appreciation + 7.0% rent growth), your $246k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$80k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($825k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $60k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $91k; list at $878k implies a 865% 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, 72% 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 $825,320 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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. 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: 1.06% ✓
• Cap rate: 8.42%
• Cash-on-cash: 7.60%
• DSCR: 1.34
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $1,125,800
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3708 Cypress Ave	0.09mi	4/3.5	2,678 (+3%)	23mo	$1,160,000	$433	71
32 Tudor Ter	0.21mi	4/2.0	2,280 (-12%)	20mo	$650,000	$285	53

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

Projected returns pro-forma

4.98% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 21.2%
• Equity multiple: 2.37×
• Total profit: $335,700
• Equity at exit: $496,591

10-year hold

• IRR: 22.6%
• Equity multiple: 5.17×
• Total profit: $1,023,968
• Equity at exit: $856,256

Cash invested: $245,840 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $9,308 high
• Mortgage (P&I): −$4,604
• Tax from tax record: −$826 /mo · $9,911/yr
• Insurance: −$366
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,955
• Net cashflow: $1,491

Break-even live

Break-even rent $7,421

Max offer price $878,000

Occupancy floor 79%

Sensitivity live

Price	-10% $1,988	-5% $1,739	+0% $1,491	+5% $1,242	+10% $994
Rent	-10% $755	-5% $1,123	+0% $1,491	+5% $1,858	+10% $2,226
Rate	-1.0pp $1,933	-0.5pp $1,714	base $1,491	+0.5pp $1,263	+1.0pp $1,032

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.5	2.5	$9,308
Total (2 units)			$9,308

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: $219,500
• Closing costs: $26,340
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
187 Bay 31st St #1 Brooklyn, NY	3.0	3.0	1800	$5,200	$2.89	19d	1	1.43mi

Listing history 23 events

1. 2026-06-18
   days on market $878,000 Active 80 DOM
2. 2026-06-17
   days on market $878,000 Active 79 DOM
3. 2026-06-15
   days on market $878,000 Active 77 DOM
4. 2026-06-13
   days on market $878,000 Active 75 DOM
5. 2026-06-10
   days on market $878,000 Active 71 DOM
6. 2026-06-08
   days on market $878,000 Active 70 DOM
7. 2026-06-08
   days on market $878,000 Active 69 DOM
8. 2026-06-04
   days on market $878,000 Active 66 DOM
9. 2026-06-03
   days on market $878,000 Active 65 DOM
10. 2026-06-01
    days on market $878,000 Active 63 DOM
11. 2026-05-31
    pricedays on market $878,000 Active 62 DOM
12. 2026-05-01
    price $898,000 952-char remark

    Show marketing remark (952 chars)

    Great Condition! Two-family detached home in the private Seagate community offering strong income potential and flexible end-user appeal. This 5 bedroom, 4 bathroom property spans approximately 2,600 sqft across multiple levels, featuring a spacious split-level main unit with internal staircases and a second unit for additional rental income. The home includes a finished full basement with a separate entrance, private driveway with parking for 6+ cars, and a detached garage. Hardwood floors run throughout, and outdoor spaces include a porch, deck, and fenced backyard. Located in the exclusive gated Seagate community featuring private beach access, resident-only security, parks, playgrounds, and a peaceful waterfront setting. Conveniently located near local buses including the B36 and B74, with connections to the D, F, N, and Q subway lines for easy access throughout Brooklyn and into Manhattan. Sea Gate Association Fee of $7,330 annually.

13. 2026-05-01
    price $898,000 952-char remark

    Show marketing remark (952 chars)

    Great Condition! Two-family detached home in the private Seagate community offering strong income potential and flexible end-user appeal. This 5 bedroom, 4 bathroom property spans approximately 2,600 sqft across multiple levels, featuring a spacious split-level main unit with internal staircases and a second unit for additional rental income. The home includes a finished full basement with a separate entrance, private driveway with parking for 6+ cars, and a detached garage. Hardwood floors run throughout, and outdoor spaces include a porch, deck, and fenced backyard. Located in the exclusive gated Seagate community featuring private beach access, resident-only security, parks, playgrounds, and a peaceful waterfront setting. Conveniently located near local buses including the B36 and B74, with connections to the D, F, N, and Q subway lines for easy access throughout Brooklyn and into Manhattan. Sea Gate Association Fee of $7,330 annually.

14. 2026-05-01
    price $898,000

    Show marketing remark (952 chars)

    Great Condition! Two-family detached home in the private Seagate community offering strong income potential and flexible end-user appeal. This 5 bedroom, 4 bathroom property spans approximately 2,600 sqft across multiple levels, featuring a spacious split-level main unit with internal staircases and a second unit for additional rental income. The home includes a finished full basement with a separate entrance, private driveway with parking for 6+ cars, and a detached garage. Hardwood floors run throughout, and outdoor spaces include a porch, deck, and fenced backyard. Located in the exclusive gated Seagate community featuring private beach access, resident-only security, parks, playgrounds, and a peaceful waterfront setting. Conveniently located near local buses including the B36 and B74, with connections to the D, F, N, and Q subway lines for easy access throughout Brooklyn and into Manhattan. Sea Gate Association Fee of $7,330 annually.

15. 2026-04-08
    listed $938,000 Active 952-char remark

    Show marketing remark (952 chars)

    Great Condition! Two-family detached home in the private Seagate community offering strong income potential and flexible end-user appeal. This 5 bedroom, 4 bathroom property spans approximately 2,600 sqft across multiple levels, featuring a spacious split-level main unit with internal staircases and a second unit for additional rental income. The home includes a finished full basement with a separate entrance, private driveway with parking for 6+ cars, and a detached garage. Hardwood floors run throughout, and outdoor spaces include a porch, deck, and fenced backyard. Located in the exclusive gated Seagate community featuring private beach access, resident-only security, parks, playgrounds, and a peaceful waterfront setting. Conveniently located near local buses including the B36 and B74, with connections to the D, F, N, and Q subway lines for easy access throughout Brooklyn and into Manhattan. Sea Gate Association Fee of $7,330 annually.

16. 2026-03-30
    listed $938,000 Active 952-char remark

    Show marketing remark (952 chars)

    Great Condition! Two-family detached home in the private Seagate community offering strong income potential and flexible end-user appeal. This 5 bedroom, 4 bathroom property spans approximately 2,600 sqft across multiple levels, featuring a spacious split-level main unit with internal staircases and a second unit for additional rental income. The home includes a finished full basement with a separate entrance, private driveway with parking for 6+ cars, and a detached garage. Hardwood floors run throughout, and outdoor spaces include a porch, deck, and fenced backyard. Located in the exclusive gated Seagate community featuring private beach access, resident-only security, parks, playgrounds, and a peaceful waterfront setting. Conveniently located near local buses including the B36 and B74, with connections to the D, F, N, and Q subway lines for easy access throughout Brooklyn and into Manhattan. Sea Gate Association Fee of $7,330 annually.

17. 2026-03-30
    listed $938,000 Active

    Show marketing remark (952 chars)

    Great Condition! Two-family detached home in the private Seagate community offering strong income potential and flexible end-user appeal. This 5 bedroom, 4 bathroom property spans approximately 2,600 sqft across multiple levels, featuring a spacious split-level main unit with internal staircases and a second unit for additional rental income. The home includes a finished full basement with a separate entrance, private driveway with parking for 6+ cars, and a detached garage. Hardwood floors run throughout, and outdoor spaces include a porch, deck, and fenced backyard. Located in the exclusive gated Seagate community featuring private beach access, resident-only security, parks, playgrounds, and a peaceful waterfront setting. Conveniently located near local buses including the B36 and B74, with connections to the D, F, N, and Q subway lines for easy access throughout Brooklyn and into Manhattan. Sea Gate Association Fee of $7,330 annually.

18. 2002-06-04
    soldstatus $91,000
19. 1994-04-14
    soldstatus $200,000
20. 1990-01-31
    soldstatus $290,000
21. 1986-07-24
    soldstatus $50,000
22. 1985-07-23
    soldstatus $38,000
23. 1984-02-01
    soldstatus $29,500

ⓘ 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: $9,911 · $826/mo
• Projected year-2 tax: $12,374 · $1,031/mo
• Expected delta: +$2,464/yr (+$205/mo · 24.9%)

ⓘ 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 · 16 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: $111,696
• − Mortgage interest: −$49,182
• − Property taxes: −$9,911
• − Insurance: −$5,188
• − Repairs & maintenance: −$8,936
• − Management: −$8,936
• − Depreciation: −$25,542
• Taxable income: $4,003
• Est. tax owed @ 24.0%: −$961
• After-tax cash flow: $16,929/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): 50,822
• Household income: $43,648
• Rent vs Own: 72.7% rent · 27.3% own
• Severe rent burden: 4426.0

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 0.68)
• Race & ethnicity: White 48% Black 22% Hispanic / Latino 19% Asian 8% Two or more races 7%
• Hispanic origin (detail): Mexican 5% Puerto Rican 8% Dominican 2%
• Common ancestry: Scotch-Irish 10% Subsaharan African 7% Romanian 1%
• Foreign-born: 48% · Canada, China
• Languages at home: 42% English-only · Russian/Polish/Slavic 32% Spanish 11% Chinese 5%

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: ▲ 4.98%
• Current HPI: 505.1405
• Rent YoY: ▲ 7.03%
• 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

+2944.1% since first listed

12 events — show timeline

• 2026-05-01 Price Changed $898,000 BNYMLS
• 2026-05-01 Price Changed $898,000 RLS at REBNY
• 2026-05-01 Price Changed $898,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-08 Listed $938,000 RLS at REBNY
• 2026-03-30 Listed $938,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-30 Listed $938,000 BNYMLS
• 2002-06-04 Sold (Public Records) $91,000 Public Records
• 1994-04-14 Sold (Public Records) $200,000 Public Records
• 1990-01-31 Sold (Public Records) $290,000 Public Records
• 1986-07-24 Sold (Public Records) $50,000 Public Records
• 1985-07-23 Sold (Public Records) $38,000 Public Records
• 1984-02-01 Sold (Public Records) $29,500 Public Records

Property tax history

+5.0%/yr

Latest (2025): $9,911 · +3.4% YoY. Source: county tax records.