2475 W 16th St Unit 2a · New York, NY 11214

$285,000

1 bd · 1.0 ba · 20,000 sqft · Condo · 21 Days on market

Built 1963

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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
• Schools +5.0/10.0
• 1% rule +4.6/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Harway Terrace, a highly desirable full-service cooperative located in the heart of Gravesend! This spacious 1-bedroom apartment offers a bright and functional layout, featuring a large living room with access to a private balcony, a generously sized bedroom, and ample closet space throughout. The eat-in kitchen provides plenty of cabinet storage and opportunity to customize to your taste, while the full bathroom is well maintained and conveniently located. Harway Terrace is a well-managed elevator building offering 24-hour security, on-site laundry facilities, storage, and a beautifully maintained common area. Residents enjoy the convenience of all-inclusive maintenance, covering heat, hot water, gas, electric, and real estate taxes. Ideally situated near shopping at Caesar's Bay, restaurants, parks, and just minutes to Coney Island and the beach. Commuting is easy with nearby access to the B64 bus, D train, and Belt Parkway. Parking available via waitlist. Don't miss this opportunity to own in one of Brooklyn's most sought-after co-op communities!

Key facts

• Private balcony
• Parking available
• Eat-in kitchen

Tags

• PRIVATE BALCONY
• EAT-IN KITCHEN
• WELL MAINTAINED BATHROOM
• ON SITE LAUNDRY FACILITIES
• ALL INCLUSIVE MAINTENANCE
• PARKING AVAILABLE

Property features AI

Finance

• Other: Zoning: R5; Lot approximately 4.32 acres (dimensions 358 x 306); Parcel number 06919/1
• HOA & community: Community association managed by Harway Management; Monthly association fee; Association fees cover taxes, snow removal, sewer, gas and electricity

Exterior

• Parking: Assigned parking
• Utilities: 110V electric; Natural gas available; Sewer service
• Home design: Brick construction; Approximately built year; 19-story building
• Construction: Brick exterior; Excellent condition
• Exterior features: Balcony; Handicap accessible

Interior

• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating; Other heating; Cooling units
• Interior features: Central air conditioning (unit-based); Handicap accessible; Balcony

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $285k.

Deal economics

• At list price, monthly cash flow is $-20k ($-244k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $275k (3.6% below list).
• Recommended offer: $275k (3.6% below list) — sets the bar for 1% rule.
• Cap rate -79.3% 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 (+5.9%/yr); 330 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $2,748/mo this rent would consume 50% of the median local household income ($66k/yr) (locally 6028% 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 $2k of loan paydown is wiped out by about $9k 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 ($281k) 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: HOA is 747% of rent.
• Climate carrying-cost: major wind risk, 69% 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 $274,814 (3.6% 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. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.96% ✗
• Cap rate: -79.34%
• Cash-on-cash: -305.84%
• DSCR: -12.61
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.87% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -15.55×
• Total profit: $-1,320,726
• Equity at exit: $42,494

10-year hold

• IRR: —
• Equity multiple: -33.22×
• Total profit: $-2,731,084
• Equity at exit: $24,642

Cash invested: $79,800 (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 11214

• Rents YoY: 5.9%
• Active inventory: 330
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,748 medium
• Mortgage (P&I): −$1,495
• Tax est. 1.5%: −$356 /mo · $4,275/yr
• Insurance: −$119
• HOA est. from 1 same-building comp: −$20,540
• Vacancy / Maint / Mgmt: −$577
• Net cashflow: $-20,339

Break-even live

Break-even rent $28,493

Max offer price —

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 13 events

1. 2026-06-18
   days on market $285,000 Active 21 DOM
2. 2026-06-17
   days on market $285,000 Active 20 DOM
3. 2026-06-16
   days on market $285,000 Active 19 DOM
4. 2026-06-15
   days on market $285,000 Active 18 DOM
5. 2026-06-13
   days on market $285,000 Active 16 DOM
6. 2026-06-10
   days on market $285,000 Active 12 DOM
7. 2026-06-08
   days on market $285,000 Active 11 DOM
8. 2026-06-08
   days on market $285,000 Active 10 DOM
9. 2026-06-04
   days on market $285,000 Active 7 DOM
10. 2026-06-03
    days on market $285,000 Active 6 DOM
11. 2026-06-02
    days on market $285,000 Active 5 DOM
12. 2026-06-01
    days on market $285,000 Active 4 DOM
13. 2026-05-31
    days on market $285,000 Active 3 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 4/10 Moderate FEMA zone X (unshaded) · 23% 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 69% 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: $32,978
• − Mortgage interest: −$15,964
• − Property taxes: −$4,275
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,638
• − Management: −$2,638
• − HOA: −$246,480
• − Depreciation: −$8,291
• Taxable loss: −$248,734
• Est. tax savings @ 24.0%: +$59,696
• After-tax cash flow: $-184,366/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): 89,397
• Household income: $65,895
• Rent vs Own: 65.4% rent · 34.6% own
• Severe rent burden: 6028.0

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 0.67)
• Race & ethnicity: White 40% Asian 38% Hispanic / Latino 17% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Scotch-Irish 4% Subsaharan African 3% Romanian 2%
• Foreign-born: 56% · China, Canada, Vietnam
• Languages at home: 26% English-only · Chinese 28% Russian/Polish/Slavic 15% Spanish 13%

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: ▼ -184.55%
• Current HPI: 276.0804
• Rent YoY: ▲ 5.87%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-05-28 Listed $285,000 BNYMLS
• 2026-05-28 Listed $285,000 SIBORMLS