2265 Ocean Pkwy Unit 6N · New York, NY 11223

$275,000

1 bd · 1.0 ba · 875 sqft · Condo · 127 Days on market

Built 1956 ↓ 15% since listing

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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 +25.5/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.7/10.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

PRICE REDUCTION Sheepshead Bay / Gravesend Area * * First Time on the Market * * Rare opportunity to own an extra-large 1-bedroom apartment on the top floor in a desirable Sheepshead Bay/Gravesend location. The apartment can also be sold with its own garage parking space for an additional $35,000. This is a true contractor’s dream — a blank canvas ready for your personal vision and design ideas. Apartment Features: * Extra-large layout with a spacious entrance hallway * Bright and airy separate rooms throughout * Windowed kitchen and bathroom * Oversized living room ideal for entertaining * Excellent closet and storage potential * Flexible layout

Key facts

• Separate rooms
• Garage parking
• Spacious layout

Tags

• GARAGE PARKING
• KITCHEN AND BATHROOM WINDOWS
• OVERSIZED LIVING ROOM
• SPACIOUS LAYOUT
• SEPARATE ROOMS

Property features AI

Finance

• Other: Flip tax applies
• Financial info: Financing options: bank mortgage, cash, exchange considered; 20% down payment typically required
• HOA & community: Monthly maintenance fee of $862.98; Additional monthly parking fee of $35.40; Management company: Dependable; Pets allowed (cats only); Handicap access available; Co-op shares: 757

Exterior

• Parking: Garage parking (1 space); Additional parking fee applies
• Security: Secure lobby
• Utilities: Heat included; Water included
• Home design: Detached residential building; Unit on floor 6
• Construction: Building contains 78 total units
• Exterior features: Located on the 6th floor of the building

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: 1 bedroom on the first floor
• Flooring: Hardwood floors; Other flooring (see remarks)
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: No central AC units listed
• Interior features: Laundry area; Resident superintendent; Secure lobby; Card-operated laundry in the building
• Laundry & utility: On-site card-operated laundry

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $640 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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 (+13.1%/yr); 216 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $3,216/mo this rent would consume 61% of the median local household income ($63k/yr) (locally 6011% 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 + 8.0% rent growth), your $77k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 127 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $242,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.17% ✓
• Cap rate: 9.09%
• Cash-on-cash: 9.98%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.2%
• Equity multiple: 1.17×
• Total profit: $13,264
• Equity at exit: $41,003

10-year hold

• IRR: 17.9%
• Equity multiple: 2.84×
• Total profit: $141,618
• Equity at exit: $23,777

Cash invested: $77,000 (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 11223

• Rents YoY: 13.1%
• Active inventory: 216
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,216 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$675
• Net cashflow: $640

Break-even live

Break-even rent $2,406

Max offer price $275,000

Occupancy floor 75%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	24d	1	1.12mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	24d	1	1.12mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	24d	1	1.12mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	24d	1	1.12mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	24d	1	1.12mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	24d	1	1.12mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$3,400	$3.58	7d	8	1.15mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	20d	1	1.16mi
63 Bay 37th St Unit 1R Brooklyn, NY	2.0	1.0	900	$3,100	$3.44	24d	1	1.37mi

HOA detail condo

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

Listing history 14 events

1. 2026-06-18
   days on market $275,000 Active 127 DOM
2. 2026-06-17
   days on market $275,000 Active 126 DOM
3. 2026-06-15
   days on market $275,000 Active 124 DOM
4. 2026-06-13
   days on market $275,000 Active 122 DOM
5. 2026-06-10
   days on market $275,000 Active 118 DOM
6. 2026-06-08
   days on market $275,000 Active 117 DOM
7. 2026-06-04
   days on market $275,000 Active 113 DOM
8. 2026-06-03
   days on market $275,000 Active 112 DOM
9. 2026-06-01
   days on market $275,000 Active 110 DOM
10. 2026-05-31
    remarks 687-char remark
11. 2026-05-31
    days on market $275,000 Active 109 DOM
12. 2026-05-21
    price $275,000
13. 2026-04-27
    price $305,000
14. 2026-02-11
    listed $325,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 13% 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: $38,594
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$3,088
• − Management: −$3,088
• − Depreciation: −$8,000
• Taxable income: $3,515
• Est. tax owed @ 24.0%: −$843
• After-tax cash flow: $6,840/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): 78,093
• Household income: $63,368
• Rent vs Own: 63.9% rent · 36.1% own
• Severe rent burden: 6011.0

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 0.65)
• Race & ethnicity: White 51% Asian 26% Hispanic / Latino 13% Black 5% Two or more races 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2% Dominican 1%
• Common ancestry: Scotch-Irish 4% Subsaharan African 4% Romanian 1%
• Foreign-born: 46% · China, Canada, Philippines
• Languages at home: 41% English-only · Chinese 17% Russian/Polish/Slavic 15% Spanish 9%

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: ▼ -286.92%
• Current HPI: 430.9891
• Rent YoY: ▲ 13.09%
• 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

-15.4% since first listed

3 events — show timeline

• 2026-05-21 Price Changed $275,000 BNYMLS
• 2026-04-27 Price Changed $305,000 BNYMLS
• 2026-02-11 Listed $325,000 BNYMLS