1411 Neptune Ave · New York, NY 11224

$989,000

6 bd · 3.0 ba · 2,130 sqft · MultiFamily public records · 765 Days on market

Built 1930 884 sqft lot

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Why this score? — see what drove the C+ 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 +19.5/30.0
• ARV discount +7.5/15.0
• Appreciation +7.5/10.0
• DSCR +6.2/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• 1% rule +4.0/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Explore an exceptional investment opportunity with this two family building nestled in the vibrant heart of Coney Island. This building measures 20x38 and sits on a 20x44 lot. Located in a high traffic intersection, this property offers a great residential space, ensuring a steady stream of rental income. Situated in prime Coney Island, tenants enjoy easy access to public transportation, renowned attractions, dining, and entertainment, enhancing the properties' desirability and rental potential. Don't miss out on the chance to capitalize on this lucrative investment in one of New York's most iconic destinations. Not to mention, This building can be sold as package deal with 1415 Neptune Ave. Call us today for a viewing appointment and make this yours before somebody else does!

Key facts

• Built 1930
• Listed 764 days

Property features AI

Finance

• Other: Building contains 1 total unit; Pets: some buildings allow pets (details vary)
• Financial info: Annual tax amount listed

Exterior

• Home design: 3-story building; Entry level is 1st floor; Green building
• Construction: Lot dimensions approximately 44.00 x 20.08; Lot area approximately 883.52
• Exterior features: Private outdoor space over 60 sq ft

Interior

• Bedrooms: Total of 11 rooms (includes bedrooms and living spaces)
• Bathrooms: 3 full bathrooms
• Interior features: Smoke-free building; Basement (other)
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $989k.

Deal economics

• At list price, monthly cash flow is $702 ($8k/yr) — positive. Per door: $351/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $888k (10.2% below list).
• Recommended offer: $870k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.7% 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.
• 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 $8,885/mo this rent would consume 244% 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 $56k of equity ($7k loan paydown + $49k 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 $277k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$90k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 765 days — a 12% lower offer ($870k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask is 16% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $350k; list at $989k implies a 183% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); major wind risk, 69% 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 $870,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 765 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.90% ✗
• Cap rate: 7.66%
• Cash-on-cash: 4.89%
• DSCR: 1.22
• GRM: 9.3

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: 17.3%
• Equity multiple: 2.12×
• Total profit: $308,952
• Equity at exit: $559,372

10-year hold

• IRR: 19.1%
• Equity multiple: 4.55×
• Total profit: $982,119
• Equity at exit: $964,507

Cash invested: $276,920 (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: 18.6×

Monthly cashflow live

• Estimated rent: $8,885 high
• Mortgage (P&I): −$5,186
• Tax from tax record: −$292 /mo · $3,504/yr
• Insurance: −$412
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,866
• Net cashflow: $702

Break-even live

Break-even rent $7,996

Max offer price $989,000

Occupancy floor 87%

Sensitivity live

Price	-10% $1,262	-5% $982	+0% $702	+5% $422	+10% $142
Rent	-10% $0	-5% $351	+0% $702	+5% $1,053	+10% $1,404
Rate	-1.0pp $1,200	-0.5pp $954	base $702	+0.5pp $446	+1.0pp $185

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$8,886
Total (2 units)			$8,885

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: $247,250
• Closing costs: $29,670
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $989,000 Active 765 DOM
2. 2026-06-18
   days on market $989,000 Active 762 DOM
3. 2026-06-17
   days on market $989,000 Active 761 DOM
4. 2026-06-15
   days on market $989,000 Active 759 DOM
5. 2026-06-13
   days on market $989,000 Active 757 DOM
6. 2026-06-10
   days on market $989,000 Active 753 DOM
7. 2026-06-08
   days on market $989,000 Active 752 DOM
8. 2026-06-03
   days on market $989,000 Active 747 DOM
9. 2026-06-01
   pricedays on marketlisting id $989,000 Active 745 DOM
10. 2026-05-31
    days on market $849,999 Active 129 DOM
11. 2026-03-19
    status Active
12. 2026-01-20
    listed $849,999 Active
13. 2024-05-17
    listed $989,000 Active 787-char remark

    Show marketing remark (787 chars)

    Explore an exceptional investment opportunity with this two family building nestled in the vibrant heart of Coney Island. This building measures 20x38 and sits on a 20x44 lot. Located in a high traffic intersection, this property offers a great residential space, ensuring a steady stream of rental income. Situated in prime Coney Island, tenants enjoy easy access to public transportation, renowned attractions, dining, and entertainment, enhancing the properties' desirability and rental potential. Don't miss out on the chance to capitalize on this lucrative investment in one of New York's most iconic destinations. Not to mention, This building can be sold as package deal with 1415 Neptune Ave. Call us today for a viewing appointment and make this yours before somebody else does!

14. 2004-10-28
    soldstatus $350,000
15. 2003-06-27
    soldstatus $585,000
16. 2003-01-27
    listed $649,000 135-char remark

    Show marketing remark (135 chars)

    3 BUILDINGS SOLD AS PACKAGE ONLY, TOTAL OF 6 FAMAND 2 STORES, NO LEASES, CALL MICHELE FOR RENTROLL AND VACANCIES, 1 BOILER, NEW WINDOWS

ⓘ 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: $3,504 · $292/mo
• Projected year-2 tax: $10,109 · $842/mo
• Expected delta: +$6,605/yr (+$550/mo · 188.5%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥97°F today · 15 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: $106,620
• − Mortgage interest: −$55,399
• − Property taxes: −$3,504
• − Insurance: −$10,064
• − Repairs & maintenance: −$8,530
• − Management: −$8,530
• − Depreciation: −$28,771
• Taxable loss: −$8,177
• Est. tax savings @ 24.0%: +$1,963
• After-tax cash flow: $10,387/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

+31.0% since first listed

6 events — show timeline

• 2026-03-19 Relisted — RLS at REBNY
• 2026-01-20 Listed $849,999 RLS at REBNY
• 2024-05-17 Listed $989,000 BNYMLS
• 2004-10-28 Sold (Public Records) $350,000 Public Records
• 2003-06-27 Sold (Public Records) $585,000 Public Records
• 2003-01-27 Listed $649,000 BNYMLS

Property tax history

+4.8%/yr

Latest (2025): $3,504 · -1.2% YoY. Source: county tax records.