3817 Oceanic Ave · New York, NY 11224

$1,299,000

15 bd · 12.0 ba · 2,571 sqft · MultiFamily public records · 1054 Days on market

Built 1930 6,000 sqft lot

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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 +23.5/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• 1% rule +5.0/10.0
• 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: 3 units. confirmed

Listing remarks

Welcome to oversized fully detached legal three-family house on a large double lot in the heart of beautiful Seagate. Enjoy life in a scenic private gated community with private beach. The entire home is in excellent condition and has been maintained very well by the current owners. This beauty sits on one of the best blocks in Seagate within a short distance to the beach. This is a money-making property. Live in one apartment and rent out the rest or rent out all the apartments to maximize profits. The possibilities are endless. Great investment. Property will be delivered vacant at closing. Will not last! Please call listing agent for private showing! $5770 property tax per year, HOA Sea

Key facts

• 6,000 sq ft lot
• 3 parking spots
• Listed 1054 days

Property features AI

Finance

• Financial info: Seller will consider exchange; Financing available: bank mortgage or cash

Exterior

• Parking: Private drive with space for 3 vehicles
• Utilities: 220V electric; Gas hot water; Gas for heating; Steam/radiator heat delivery
• Home design: Detached residential building
• Construction: Block construction; Stucco exterior; Shingle roof; Block foundation; Built as a detached building
• Exterior features: Front yard, side yard and back yard

Interior

• Bedrooms: Total of 8 rooms (bedroom count not separately specified)
• Flooring: Ceramic floors
• Bathrooms: 4 full bathrooms
• Heating & cooling: Steam/radiator heat; Gas heating fuel; 220V electric service
• Interior features: Central A/C units (5+); Finished basement with a separate entrance; Ceramic floors

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/4.0-bath units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $808/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $1.30M).
• Recommended offer: $1.14M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 (+7.0%/yr); 114 active listings in the ZIP; lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $13,012/mo this rent would consume 358% 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 $74k of equity ($9k loan paydown + $65k 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 $364k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$118k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 1054 days — a 12% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago 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: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• 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 $1,143,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 1054 days. Have you received any prior offers? Is the seller open to a 12% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.00% ✓
• Cap rate: 8.53%
• Cash-on-cash: 8.00%
• DSCR: 1.36
• GRM: 8.3

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: 21.7%
• Equity multiple: 2.39×
• Total profit: $506,855
• Equity at exit: $734,706

10-year hold

• IRR: 22.9%
• Equity multiple: 5.19×
• Total profit: $1,525,363
• Equity at exit: $1,266,830

Cash invested: $363,720 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 25.0×

Monthly cashflow live

• Estimated rent: $13,012 medium
• Mortgage (P&I): −$6,812
• Tax from tax record: −$502 /mo · $6,026/yr
• Insurance: −$541
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,733
• Net cashflow: $2,424

Break-even live

Break-even rent $9,944

Max offer price $1,299,000

Occupancy floor 76%

Sensitivity live

Price	-10% $3,159	-5% $2,792	+0% $2,424	+5% $2,056	+10% $1,689
Rent	-10% $1,396	-5% $1,910	+0% $2,424	+5% $2,938	+10% $3,452
Rate	-1.0pp $3,078	-0.5pp $2,754	base $2,424	+0.5pp $2,087	+1.0pp $1,745

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	4	$13,011
Total (3 units)			$13,012

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: $324,750
• Closing costs: $38,970
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-15
   days on market $1,299,000 Active 1054 DOM
2. 2026-06-13
   days on market $1,299,000 Active 1052 DOM
3. 2026-06-10
   days on market $1,299,000 Active 1048 DOM
4. 2026-06-08
   days on market $1,299,000 Active 1047 DOM
5. 2026-06-03
   days on market $1,299,000 Active 1042 DOM
6. 2026-06-01
   days on market $1,299,000 Active 1040 DOM
7. 2026-05-31
   days on market $1,299,000 Active 1039 DOM
8. 2025-01-10
   status Active
9. 2024-09-13
   status Pending
10. 2023-03-30
    listed $1,299,000 Active
11. 2022-10-25
    price $1,240,000
12. 2021-11-17
    price $1,245,000
13. 2020-10-14
    price $1,250,000
14. 2020-09-30
    price $1,150,000
15. 2020-08-19
    price $1,140,000
16. 2020-06-16
    price $1,150,000
17. 2019-10-28
    price $1,185,000
18. 2019-05-28
    price $1,190,000

ⓘ 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: $6,026 · $502/mo
• Projected year-2 tax: $13,990 · $1,166/mo
• Expected delta: +$7,964/yr (+$664/mo · 132.2%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 54% 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: $156,144
• − Mortgage interest: −$72,764
• − Property taxes: −$6,026
• − Insurance: −$6,495
• − Repairs & maintenance: −$12,492
• − Management: −$12,492
• − Depreciation: −$37,789
• Taxable income: $8,087
• Est. tax owed @ 24.0%: −$1,941
• After-tax cash flow: $27,147/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

+9.2% since first listed

11 events — show timeline

• 2025-01-10 Relisted — BNYMLS
• 2024-09-13 Pending — BNYMLS
• 2023-03-30 Listed $1,299,000 BNYMLS
• 2022-10-25 Price Changed $1,240,000 BNYMLS
• 2021-11-17 Price Changed $1,245,000 BNYMLS
• 2020-10-14 Price Changed $1,250,000 BNYMLS
• 2020-09-30 Price Changed $1,150,000 BNYMLS
• 2020-08-19 Price Changed $1,140,000 BNYMLS
• 2020-06-16 Price Changed $1,150,000 BNYMLS
• 2019-10-28 Price Changed $1,185,000 BNYMLS
• 2019-05-28 Price Changed $1,190,000 BNYMLS

Property tax history

+5.3%/yr

Latest (2025): $6,026 · -1.5% YoY. Source: county tax records.