501 Surf Ave Unit 13S · New York, NY 11224

$525,000

1 bd · 1.0 ba · 764 sqft · Condo public records · 72 Days on market

Built 1964

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Why this score? — see what drove the D- 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
• Appreciation +7.5/10.0
• Cash flow +5.4/30.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.0/10.0

Listing remarks

* * Brighton Beach – Brightwater Towers Condo * * NOTE Tenant occupied – can be sold with the tenant in place. Please allow a few days’ notice for showings. Largest and most desirable line in Brightwater Towers Condo. Spacious 1-bedroom apartment featuring a large living room/dining room combo, updated galley kitchen, and renovated bathroom. The bedroom includes a walk-in closet. Abundant closet space throughout. Common charges include all major utilities, including electricity. Low yearly taxes. Enjoy gorgeous ocean views from every room and a large private balcony. Full-service luxury oceanfront building with 24-hour security, outdoor heated pool and kiddie pool,

Key facts

• Pool
• Built 1964
• Listed 72 days

Property features AI

Finance

• Other: Building amenities include exercise room
• Financial info: Financing considered: exchange, bank mortgage, or cash; Typical down payment requirement noted (10%)
• HOA & community: Monthly maintenance fee; Maintenance includes parking and storage; Management by BWT; Manager phone available; Pets allowed (cats and dogs); Handicap accessible

Exterior

• Parking: Outdoor parking area; Parking included in maintenance
• Security: Full-time doorman; Card-operated door; Secure lobby; Security patrol; Resident superintendent
• Utilities: Electric; Gas; Heat; Water
• Home design: Residential unit in a detached building; Located on the 13th floor
• Construction: Detached building; Storage rooms available; Building contains 736 units
• Exterior features: Waterfront present; Balcony/terrace

Interior

• Kitchen: Galley kitchen; Microwave; Refrigerator
• Bedrooms: One bedroom on the first floor
• Flooring: Hardwood floors
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Central heating; Electric and gas utilities available
• Interior features: Central A/C with 2 units; Elevator; Laundry area; Microwave; Pool; Refrigerator; Terrace
• Laundry & utility: Laundry area; Card-operated laundry in the building

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $525k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $437k (16.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $343k (34.6% below list).
• Recommended offer: $343k (34.6% below list) — sets the bar for 1% rule.
• Cap rate 3.7% 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 (+7.0%/yr); 114 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,432/mo this rent would consume 94% 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 $30k of equity ($4k loan paydown + $26k appreciation (5.0% 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 ~$48k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($494k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $420k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 21% of rent.
• Climate carrying-cost: major flood risk; severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 6→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $343,203 (34.6% 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. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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?
12. 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.
13. 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.
14. 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: 0.65% ✗
• Cap rate: 3.68%
• Cash-on-cash: -9.34%
• DSCR: 0.58
• GRM: 12.7

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: 6.0%
• Equity multiple: 1.40×
• Total profit: $58,076
• Equity at exit: $296,937

10-year hold

• IRR: 9.7%
• Equity multiple: 2.88×
• Total profit: $276,437
• Equity at exit: $511,998

Cash invested: $147,000 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $3,432 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$171 /mo · $2,046/yr
• Insurance: −$219
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA est. from 1 same-building comp: −$713
• Vacancy / Maint / Mgmt: −$721
• Net cashflow: $-1,211

Break-even live

Break-even rent $4,964

Max offer price $311,149

Occupancy floor —

Sensitivity live

Price	-10% $-913	-5% $-1,062	+0% $-1,211	+5% $-1,359	+10% $-1,508
Rent	-10% $-1,482	-5% $-1,346	+0% $-1,211	+5% $-1,075	+10% $-939
Rate	-1.0pp $-946	-0.5pp $-1,077	base $-1,211	+0.5pp $-1,347	+1.0pp $-1,485

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$3,375	$3.56	1d	8	0.23mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	26d	1	0.31mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	26d	1	0.31mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	26d	1	0.31mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	26d	1	0.31mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	26d	1	0.31mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	26d	1	0.31mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$3,220	$4.56	0d	16	0.47mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	22d	1	0.94mi

HOA detail condo

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

Listing history 15 events

1. 2026-06-21
   days on market $525,000 Active 72 DOM
2. 2026-06-18
   days on market $525,000 Active 69 DOM
3. 2026-06-17
   days on market $525,000 Active 68 DOM
4. 2026-06-15
   days on market $525,000 Active 66 DOM
5. 2026-06-13
   days on market $525,000 Active 64 DOM
6. 2026-06-10
   days on market $525,000 Active 60 DOM
7. 2026-06-08
   days on market $525,000 Active 59 DOM
8. 2026-06-08
   days on market $525,000 Active 58 DOM
9. 2026-06-04
   days on market $525,000 Active 55 DOM
10. 2026-06-03
    days on market $525,000 Active 54 DOM
11. 2026-06-01
    days on market $525,000 Active 52 DOM
12. 2026-05-31
    days on market $525,000 Active 51 DOM
13. 2026-04-10
    listed $525,000 Active
14. 2020-03-19
    soldstatus $420,000
15. 1994-05-18
    soldstatus $108,500

ⓘ 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: $2,046 · $171/mo
• Projected year-2 tax: $5,459 · $455/mo
• Expected delta: +$3,413/yr (+$284/mo · 166.8%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 87% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 6 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $41,184
• − Mortgage interest: −$29,408
• − Property taxes: −$2,046
• − Insurance: −$3,422
• − Repairs & maintenance: −$3,295
• − Management: −$3,295
• − HOA: −$8,556
• − Depreciation: −$15,273
• Taxable loss: −$24,111
• Est. tax savings @ 24.0%: +$5,787
• After-tax cash flow: $-8,740/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

+383.9% since first listed

3 events — show timeline

• 2026-04-10 Listed $525,000 BNYMLS
• 2020-03-19 Sold (Public Records) $420,000 Public Records
• 1994-05-18 Sold (Public Records) $108,500 Public Records

Property tax history

+3.8%/yr

Latest (2025): $2,046 · +55.8% YoY. Source: county tax records.