373 16th St Unit Entire Building · New York, NY 11215

$2,200,000

2 bd · 2.0 ba · 2,157 sqft · MultiFamily · 9 Days on market

Built 1899 Good condition 1,892 sqft lot Est $2064k · 7% over

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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).

• Appreciation +10.0/10.0
• Schools +5.0/10.0
• ARV discount +4.5/15.0
• Condition / age +4.0/5.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

A rare and compelling offering on one of Park Slope’s most sought-after tree-lined streets, 373A 16th Street presents an extraordinary opportunity to create a bespoke townhouse residence in the heart of Brooklyn’s most celebrated brownstone enclave. Gracefully positioned on a picturesque block lined with mature trees and historic architecture, this solid brick townhouse offers exceptional scale, flexibility, and untapped potential. Currently configured as a legal two-family residence, the property invites a discerning buyer to reimagine the space as a refined single-family home, an elegant owner-occupied residence with income potential, or a thoughtfully curated investment asset

Key facts

• Private garden
• Enviable location
• Full basement

Tags

• PRIVATE GARDEN
• FULL BASEMENT
• UNUSED BUILDABLE FLOOR AREA
• ENVIABLE LOCATION

Property features AI

Finance

• Financial info: Pets allowed in the building
• HOA & community: Monthly association fee

Exterior

• Home design: 2-story property
• Exterior features: Private yard; Private outdoor space over 60 sqft; Garden and building garden; East and west exposures; Has a view

Interior

• Kitchen: Eat-in kitchen; Kitchen window
• Bedrooms: Total rooms: 9 (includes sleeping areas)
• Flooring: Hardwood floors
• Bathrooms: 2 full bathrooms
• Interior features: Entrance foyer; Eat-in kitchen with a window; Built-in storage; Unfurnished
• Laundry & utility: In-unit laundry; Common laundry on the floor; Building has no central laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $2.20M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-12k ($-143k/yr) — negative.
• To cash-flow at today's rent, offer at most $481k (78.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $421k (80.9% below list).
• Recommended offer: $421k (80.9% below list) — sets the bar for 1% rule.
• Cap rate -0.2% vs local median 2.6% in New York — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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 (+5.7%/yr); 248 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).

Forward outlook

• In year one you build about $235k of equity ($15k loan paydown + $220k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$378k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1899 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 62% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $421,022 (80.9% 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. Built in 1899 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
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: 0.19% ✗
• Cap rate: -0.19%
• Cash-on-cash: -23.14%
• DSCR: -0.03
• GRM: 43.5

CMA / ARV

• ARV (on-the-fly): $2,064,249
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413A 6th Ave	0.46mi	3/2.0 (+1)	2,300 (+7%)	23mo	$2,200,000	$957	43
192 17th St	0.50mi	3/2.0 (+1)	2,475 (+15%)	6mo	$1,350,000	$545	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 5.67% rent growth · sell at horizon

5-year hold

• IRR: 8.7%
• Equity multiple: 1.74×
• Total profit: $453,362
• Equity at exit: $1,981,934

10-year hold

• IRR: 10.6%
• Equity multiple: 4.18×
• Total profit: $1,956,351
• Equity at exit: $4,274,116

Cash invested: $616,000 (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 11215

• Home prices YoY: 2.7%
• Rents YoY: 5.7%
• Active inventory: 248
• Price-to-rent: 43.5×

Monthly cashflow live

• Estimated rent: $4,210 medium
• Mortgage (P&I): −$11,537
• Tax est. 1.5%: −$2,750 /mo · $33,000/yr
• Insurance: −$917
• HOA: −$0
• Vacancy / Maint / Mgmt: −$884
• Net cashflow: $-11,878

Break-even live

Break-even rent $19,245

Max offer price $481,289

Occupancy floor —

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: $550,000
• Closing costs: $66,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22 Tehama St Unit 1 Brooklyn, NY	3.0	1.5	2800	$4,780	$1.71	24d	1	1.19mi

Listing history 7 events

1. 2026-06-18
   days on market $2,200,000 Active 9 DOM
2. 2026-06-17
   days on market $2,200,000 Active 8 DOM
3. 2026-06-16
   days on market $2,200,000 Active 7 DOM
4. 2026-06-15
   days on market $2,200,000 Active 6 DOM
5. 2026-06-13
   days on market $2,200,000 Active 4 DOM
6. 2026-06-10
   remarks 687-char remark
7. 2026-06-10
   listed $2,200,000 Active 1 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 62% 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: $50,523
• − Mortgage interest: −$123,234
• − Property taxes: −$33,000
• − Insurance: −$11,000
• − Repairs & maintenance: −$4,042
• − Management: −$4,042
• − Depreciation: −$64,000
• Taxable loss: −$188,795
• Est. tax savings @ 24.0%: +$45,311
• After-tax cash flow: $-97,221/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 80/100 Cosmetic rehab

This well-maintained, single-family home on a tree-lined street in Park Slope offers a great opportunity for a discerning buyer to reimagine the space as a refined single-family home or an investment asset.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and adds value
• Resale Kitchen appliances — Modern appliances improve appeal
• Both Paint exterior — Improves curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and adds value ↑
• Resale Kitchen appliances — Modern appliances improve appeal ↑
• Both Paint exterior — Improves curb appeal 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): 70,441
• Household income: $185,865
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 2372.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 15% Two or more races 11% Asian 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 5% Scotch-Irish 5% Italian 3%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 76% English-only · Spanish 9% Other Indo-European 4% Chinese 2%

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: ▲ 11.03%
• Current HPI: 417.4151
• Rent YoY: ▲ 5.67%
• 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

1 event — show timeline

• 2026-06-09 Listed $2,200,000 RLS at REBNY