2310 Ocean Pkwy Unit 5C · New York, NY 11223

$399,000

2 bd · 1.0 ba · 948 sqft · Condo · 21 Days on market

Good condition

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Why this score? — see what drove the F 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).

• ARV discount +7.5/15.0
• Cash flow +5.7/30.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• 1% rule +3.5/10.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this corner unit two bedroom apartment located on desirable Ocean Parkway in the heart of Gravesend. This spacious two-bedroom, one full bath co-op offers an ideal layout with a generous living room, separate dining area, and excellent natural light throughout. Featuring beautiful wood floors, a well-maintained kitchen with full appliance package, and an abundance of closet space, this home blends comfort and functionality. The corner exposure enhances both light and airflow, creating a bright and inviting atmosphere. Situated in a well-kept elevator building, residents enjoy amenities including on-site laundry, storage, and a waitlist parking garage. Conveniently located near th

Key facts

• On site laundry
• Storage
• Corner exposure

Tags

• SEPARATE DINING AREA
• WELL MAINTAINED KITCHEN
• ABUNDANCE OF CLOSET SPACE
• CORNER EXPOSURE
• ON SITE LAUNDRY
• STORAGE

Property features AI

Finance

• Other: 60-unit building
• Financial info: Flip tax 12%; Sub-lease allowed; Bank mortgage financing available
• HOA & community: Maintenance fee $829.12; Managed by TKR Property Services; Manager phone: [phone]; Co-op shares 99; Pets allowed (cats only)

Exterior

• Parking: No parking
• Security: Intercom door; Secure lobby; Resident superintendent
• Utilities: Gas; Heat; Sprinkler system; Water; Other utilities
• Home design: Residential property; Located on the 5th floor
• Exterior features: Brooklyn location near Avenue W; Pets allowed (cats only); Handicap access available

Interior

• Kitchen: Dishwasher; Refrigerator; Stove
• Bedrooms: 2 bedrooms on the first floor
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: 2 AC units
• Interior features: Dishwasher; Refrigerator; Stove; Intercom door; Secure lobby; Resident superintendent; Card-operated laundry; Bike rooms
• Laundry & utility: Card-operated laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $399k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-883 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $380k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $341k (14.5% below list).
• Recommended offer: $341k (14.5% below list) — sets the bar for 1% rule.
• Cap rate 3.8% 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.
• Zoned schools: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% FRL); Is 98 Bay Academy (math 96% / reading 96%, grade A+, #2 of 729 statewide, top 0%, 1,488 students, 63% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+13.1%/yr); 219 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 27d 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 $3,411/mo this rent would consume 65% 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 $3k of loan paydown is wiped out by about $12k 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.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 2 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; HOA is 22% of rent.
• Climate carrying-cost: major 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 $341,087 (14.5% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.85% ✗
• Cap rate: 3.84%
• Cash-on-cash: -8.77%
• DSCR: 0.61
• GRM: 9.7

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: -25.6%
• Equity multiple: 0.08×
• Total profit: $-102,330
• Equity at exit: $59,492

10-year hold

• IRR: -8.7%
• Equity multiple: 0.31×
• Total profit: $-77,246
• Equity at exit: $34,498

Cash invested: $111,720 (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 11223

• Rents YoY: 13.1%
• Active inventory: 219
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $3,411 high
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 1 same-building comp: −$754
• Vacancy / Maint / Mgmt: −$716
• Net cashflow: $-883

Break-even live

Break-even rent $4,529

Max offer price $271,189

Occupancy floor —

Sensitivity live

Price	-10% $-608	-5% $-745	+0% $-883	+5% $-1,021	+10% $-1,159
Rent	-10% $-1,153	-5% $-1,018	+0% $-883	+5% $-749	+10% $-614
Rate	-1.0pp $-682	-0.5pp $-782	base $-883	+0.5pp $-987	+1.0pp $-1,092

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	26d	1	0.40mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	26d	1	1.04mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	26d	1	1.04mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	26d	1	1.04mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	26d	1	1.04mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	26d	1	1.04mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	26d	1	1.04mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$4,550	$4.80	1d	8	1.06mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	22d	1	1.08mi
8642 26th Ave Unit 3 Brooklyn, NY	3.0	1.0	1100	$3,100	$2.82	17d	1	1.13mi
63 Bay 37th St Unit 1R Brooklyn, NY	2.0	1.0	900	$3,100	$3.44	26d	1	1.34mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$5,195	$7.35	0d	16	1.50mi

HOA detail condo

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

Listing history 4 events

1. 2026-05-10
   status Pending
2. 2026-04-22
   status Active
3. 2026-04-20
   historical
4. 2026-04-17
   listed $399,000 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 7/10 Severe FEMA zone X (unshaded) · 78% 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: $40,930
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$2,792
• − Repairs & maintenance: −$3,274
• − Management: −$3,274
• − HOA: −$9,048
• − Depreciation: −$11,607
• Taxable loss: −$17,401
• Est. tax savings @ 24.0%: +$4,176
• After-tax cash flow: $-6,423/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

Good 75/100 Cosmetic rehab

This corner unit two-bedroom apartment is in good condition with a good layout and ample natural light. It has a good foundation and structure, and the exterior is well-maintained. The kitchen and bathroom could benefit from some updates to increase its resale and rental value.

Repairs flagged

• Minor bathroom fixtures — Dated and possibly leaking
• Minor kitchen backsplash — Worn and could be replaced

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and resale value
• Resale Updating the bathroom fixtures — Improves functionality and aesthetics
• Resale Renovating the kitchen backsplash — Modernizes the space and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
bathroom fixtures · Dated and possibly leaking	Minor	$500–3,000
kitchen backsplash · Worn and could be replaced	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and resale value ↑
• Resale Updating the bathroom fixtures — Improves functionality and aesthetics ↑
• Resale Renovating the kitchen backsplash — Modernizes the space and adds value ↑

ⓘ 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): 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

4 events — show timeline

• 2026-05-10 Pending — BNYMLS
• 2026-04-22 Relisted — BNYMLS
• 2026-04-20 Delisted — BNYMLS
• 2026-04-17 Listed $399,000 BNYMLS