2265 Gerritsen Ave Unit 1S · New York, NY 11229

$209,000

2 bd · 1.0 ba · 850 sqft · Condo · 220 Days on market

Built 1962 ↓ 11% since listing

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +7.5/15.0
• 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 MLS

MARINE PARK/SHEEPSHEAD BAY. Spacious jr 4, 2-bedroom 1 bath co-op, 1 flight up from the lobby. Galley kitchen with large dining area. Living room with lots of light, king size primary bedroom, separate single size bedroom off the kitchen. Good closet space. Needs updating Building has an outdoor pool, laundry room, resident super, pet friendly, near Marine Park nature trails, buses, restaurants and shopping.

Key facts

• Outdoor pool
• Galley kitchen
• Laundry room

Tags

• GALLEY KITCHEN
• OUTDOOR POOL
• LAUNDRY ROOM
• PET FRIENDLY
• NEAR MARINE PARK NATURE TRAILS

Property features AI

Finance

• HOA & community: Association: 2265 Gerritsen Coop; Gated community; Community pool; Sidewalks

Exterior

• Parking: No carport; Parking waitlist
• Utilities: Con-Edison electric service; Public sewer; Cable available; Electricity connected; Natural gas connected
• Home design: Stock cooperative
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Gas range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Wall/window air conditioning units
• Interior features: Eat-in kitchen; Elevator; No basement; 4 rooms total

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $209k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $209k).
• Recommended offer: $184k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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 (+15.8%/yr); 355 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,109/mo this rent would consume 53% of the median local household income ($71k/yr) (locally 4771% 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 $1k of loan paydown is wiped out by about $6k 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 $59k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 220 days — a 12% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $26k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• 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 $183,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 220 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 1962 — 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: 1.49% ✓
• Cap rate: 12.10%
• Cash-on-cash: 20.75%
• DSCR: 1.92
• GRM: 5.6

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: 18.7%
• Equity multiple: 1.80×
• Total profit: $47,076
• Equity at exit: $31,163

10-year hold

• IRR: 30.3%
• Equity multiple: 4.40×
• Total profit: $198,982
• Equity at exit: $18,071

Cash invested: $58,520 (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 11229

• Rents YoY: 15.8%
• Active inventory: 355
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $3,109 medium
• Mortgage (P&I): −$1,096
• Tax est. 1.5%: −$261 /mo · $3,135/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $1,012

Break-even live

Break-even rent $1,828

Max offer price $209,000

Occupancy floor 62%

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: $52,250
• Closing costs: $6,270
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	24d	1	1.19mi
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	24d	1	1.24mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-18
   days on market $209,000 Active 220 DOM
2. 2026-06-17
   days on market $209,000 Active 219 DOM
3. 2026-06-15
   days on market $209,000 Active 217 DOM
4. 2026-06-13
   days on market $209,000 Active 215 DOM
5. 2026-06-10
   days on market $209,000 Active 211 DOM
6. 2026-06-08
   days on market $209,000 Active 210 DOM
7. 2026-06-04
   days on market $209,000 Active 206 DOM
8. 2026-06-03
   days on market $209,000 Active 205 DOM
9. 2026-06-01
   days on market $209,000 Active 203 DOM
10. 2026-05-31
    days on market $209,000 Active 202 DOM
11. 2026-05-08
    price $209,000
12. 2026-05-06
    price $209,000 411-char remark

    Show marketing remark (411 chars)

    MARINE PARK/SHEEPSHEAD BAY. Spacious jr 4, 2-bedroom 1 bath co-op, 1 flight up from the lobby. Galley kitchen with large dining area. Living room with lots of light, king size primary bedroom, separate single size bedroom off the kitchen. Good closet space. Needs updating Building has an outdoor pool, laundry room, resident super, pet friendly, near Marine Park nature trails, buses, restaurants and shopping.

13. 2026-04-06
    price $229,000
14. 2026-03-26
    price $229,000 411-char remark

    Show marketing remark (411 chars)

    MARINE PARK/SHEEPSHEAD BAY. Spacious jr 4, 2-bedroom 1 bath co-op, 1 flight up from the lobby. Galley kitchen with large dining area. Living room with lots of light, king size primary bedroom, separate single size bedroom off the kitchen. Good closet space. Needs updating Building has an outdoor pool, laundry room, resident super, pet friendly, near Marine Park nature trails, buses, restaurants and shopping.

15. 2025-11-09
    listed $235,000 Active

    Show marketing remark (411 chars)

    MARINE PARK/SHEEPSHEAD BAY. Spacious jr 4, 2-bedroom 1 bath co-op, 1 flight up from the lobby. Galley kitchen with large dining area. Living room with lots of light, king size primary bedroom, separate single size bedroom off the kitchen. Good closet space. Needs updating Building has an outdoor pool, laundry room, resident super, pet friendly, near Marine Park nature trails, buses, restaurants and shopping.

16. 2025-11-09
    listed $235,000 Active 411-char remark

    Show marketing remark (411 chars)

    MARINE PARK/SHEEPSHEAD BAY. Spacious jr 4, 2-bedroom 1 bath co-op, 1 flight up from the lobby. Galley kitchen with large dining area. Living room with lots of light, king size primary bedroom, separate single size bedroom off the kitchen. Good closet space. Needs updating Building has an outdoor pool, laundry room, resident super, pet friendly, near Marine Park nature trails, buses, restaurants and shopping.

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 2/10 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 5/10 Major 6 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,314
• − Mortgage interest: −$11,707
• − Property taxes: −$3,135
• − Insurance: −$1,045
• − Repairs & maintenance: −$2,985
• − Management: −$2,985
• − Depreciation: −$6,080
• Taxable income: $9,376
• Est. tax owed @ 24.0%: −$2,250
• After-tax cash flow: $9,895/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): 78,377
• Household income: $70,603
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 4771.0

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 0.60)
• Race & ethnicity: White 59% Asian 22% Hispanic / Latino 9% Black 6% Two or more races 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Scotch-Irish 6% Subsaharan African 6% Romanian 1%
• Foreign-born: 47% · China, Canada, Vietnam
• Languages at home: 40% English-only · Russian/Polish/Slavic 22% Chinese 16% Spanish 6%

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: ▼ -761.52%
• Current HPI: 361.7011
• Rent YoY: ▲ 15.81%
• 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

-11.1% since first listed

6 events — show timeline

• 2026-05-08 Price Changed $209,000 OneKey® MLS as Distributed by MLS Grid
• 2026-05-06 Price Changed $209,000 BNYMLS
• 2026-04-06 Price Changed $229,000 OneKey® MLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $229,000 BNYMLS
• 2025-11-09 Listed $235,000 BNYMLS
• 2025-11-09 Listed $235,000 OneKey® MLS as Distributed by MLS Grid