444 Neptune Ave Unit 5E · New York, NY 11224

$459,900

2 bd · 1.0 ba · 1,050 sqft · Condo · 14 Days on market

Fair condition

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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 +12.8/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• DSCR +3.8/10.0
• Livability +3.8/5.0
• 1% rule +3.6/10.0
• Condition / age +2.2/5.0

Listing remarks

Welcome to 444 Neptune Avenue, Unit 5E—a sun-filled fifth-floor residence offering 1,050 S. F. of space, flexibility, and untapped potential in one of Brooklyn’s most sought-after co-op communities. This thoughtfully laid-out two-bedroom, one-bath home features a generous living area, a dedicated dining space, and a pass-through kitchen that seamlessly connects the layout for both everyday living and entertaining. Hardwood floors run throughout, while the primary bedroom features a walk-in closet, delivering both comfort and functionality. The true standout is the private west-facing balcony, where open city and ocean views create a rare indoor-outdoor experience—perfect f

Key facts

• Pass through kitchen
• Walk in closet
• Hardwood floors

Tags

• PRIVATE WEST FACING BALCONY
• OPEN CITY AND OCEAN VIEWS
• PASS THROUGH KITCHEN
• DEDICATED DINING SPACE
• HARDWOOD FLOORS
• WALK IN CLOSET

Property features AI

Finance

• Other: Building amenities include bike rooms, exercise room, resident superintendent, and storage rooms; Total units in building: 1,675; Location: Brooklyn near Ocean Parkway and West 5th Street
• Financial info: Financing options: exchange considered, bank mortgage, or cash; Down payment typically 20%; Flip tax of 5%
• HOA & community: Monthly maintenance/ common fee of $1,020.54; Additional $30 fee (covers air conditioning); Managed by AKAM (manager phone: [phone]); Pets allowed (restrictions: see agent); Handicap accessible; Co-op shares: 37.00

Exterior

• Parking: Parking wait-list
• Utilities: Electric; Gas; Heat; Septic; Sewer; Sprinkler system; Water; Other utilities available
• Home design: Residential unit on the 5th floor of the building; Living/Dining combo
• Construction: Detached building (multi-unit property)
• Exterior features: Detached building; Balcony/Deck (off living/dining area)

Interior

• Kitchen: Includes stove and refrigerator
• Bedrooms: Two bedrooms on the first floor; Master bedroom with walk-in closet and hardwood floors; Second bedroom on the first floor
• Flooring: Hardwood floors; Tile floors
• Bathrooms: One full bathroom on the first floor (tile floors)
• Heating & cooling: Wall A/C units (2)
• Interior features: Wall A/C units (2); Elevator; Terrace; Laundry area; Refrigerator; Stove
• Laundry & utility: On-site laundry area

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $460k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-41 ($-495/yr) — negative.
• To cash-flow at today's rent, offer at most $454k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $397k (13.7% below list).
• Recommended offer: $397k (13.7% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,971/mo this rent would consume 109% 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 $26k of equity ($3k loan paydown + $23k 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 $129k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $397,095 (13.7% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 0.86% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 14.3%
• Equity multiple: 1.93×
• Total profit: $119,716
• Equity at exit: $260,117

10-year hold

• IRR: 16.6%
• Equity multiple: 4.13×
• Total profit: $403,257
• Equity at exit: $448,511

Cash invested: $128,772 (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: 9.7×

Monthly cashflow live

• Estimated rent: $3,971 high
• Mortgage (P&I): −$2,412
• Tax est. 1.5%: −$575 /mo · $6,898/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$834
• Net cashflow: $-41

Break-even live

Break-even rent $4,023

Max offer price $453,936

Occupancy floor 96%

Sensitivity live

Price	-10% $277	-5% $118	+0% $-41	+5% $-200	+10% $-359
Rent	-10% $-355	-5% $-198	+0% $-41	+5% $116	+10% $272
Rate	-1.0pp $190	-0.5pp $76	base $-41	+0.5pp $-160	+1.0pp $-282

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: $114,975
• Closing costs: $13,797
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3000 Ocean Pkwy Brooklyn, NY	2.0	2.0	1130	$3,775	$3.34	19d	2	0.18mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$4,562	$4.81	8d	8	0.24mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	25d	1	0.29mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	25d	1	0.30mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	25d	1	0.30mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	25d	1	0.30mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	25d	1	0.30mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	25d	1	0.30mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	25d	1	0.30mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	25d	1	0.30mi
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	24d	1	0.54mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$5,195	$7.35	0d	14	0.73mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	21d	1	0.89mi
8642 26th Ave Unit 3 Brooklyn, NY	3.0	1.0	1100	$3,100	$2.82	15d	1	1.39mi

HOA detail condo

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

Listing history 2 events

1. 2026-05-07
   status Pending
2. 2026-04-23
   listed $459,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $47,651
• − Mortgage interest: −$25,762
• − Property taxes: −$6,898
• − Insurance: −$2,300
• − Repairs & maintenance: −$3,812
• − Management: −$3,812
• − Depreciation: −$13,379
• Taxable loss: −$8,311
• Est. tax savings @ 24.0%: +$1,995
• After-tax cash flow: $1,500/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This two-bedroom, one-bath home requires moderate renovations, including repairs to the ceiling and paint, and updates to the kitchen and bathroom. The home has good potential for increasing its value with these improvements.

Repairs flagged

• Major ceiling in bedroom — Significant damage and holes visible in the ceiling
• Minor paint in bedroom — Some wear visible on the painted walls

Value-add opportunities

• Both Paint the entire interior — Fresh paint can significantly improve the home's appearance and value.
• Both Replace the ceiling in the bedroom — A new ceiling will improve the home's functionality and aesthetic appeal.
• Both Replace the flooring in the bedroom — New flooring will enhance the home's overall appearance and value.
• Resale Replace the kitchen appliances — Modern appliances will attract more buyers and renters.
• Resale Replace the bathroom fixtures — Up-to-date fixtures will appeal to potential buyers and renters.
• Both Landscaping and curb appeal — A well-maintained exterior will attract more buyers and renters and improve the home's curb appeal.

Renovation cost estimate screening

Repair item	Severity	Est. cost
ceiling in bedroom · Significant damage and holes visible in the ceiling	Major	$15,000–50,000
paint in bedroom · Some wear visible on the painted walls	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Paint the entire interior — Fresh paint can significantly improve the home's appearance and value. ↑
• Both Replace the ceiling in the bedroom — A new ceiling will improve the home's functionality and aesthetic appeal. ↑
• Both Replace the flooring in the bedroom — New flooring will enhance the home's overall appearance and value. ↑
• Resale Replace the kitchen appliances — Modern appliances will attract more buyers and renters. ↑
• Resale Replace the bathroom fixtures — Up-to-date fixtures will appeal to potential buyers and renters. ↑
• Both Landscaping and curb appeal — A well-maintained exterior will attract more buyers and renters and improve the home's curb appeal. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

2 events — show timeline

• 2026-05-07 Pending — BNYMLS
• 2026-04-23 Listed $459,900 BNYMLS