2478 Loft Ave · Oceanside, NY 11510

$599,000

4 bd · 2.0 ba · 1,128 sqft · MultiFamily public records · 28 Days on market

Built 1937 5,000 sqft lot $531/sqft · 47% below area Est $1132k · 47% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.4/30.0
• Schools +6.7/10.0
• 1% rule +4.6/10.0
• DSCR +4.4/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Welcome to 2478 Loft Ave, a well-maintained and versatile property offering a unique opportunity for both comfortable living and potential income. Configured as a legal two-family home when owner-occupied, this property features separate utilities for each unit, providing flexibility for a variety of living arrangements. The first floor offers a bright and inviting layout with a spacious living area, updated kitchen with granite countertops, stainless steel appliances, and custom cabinetry, along with a well-proportioned bedroom and full bath. The upper level features a studio-style living space, ideal for extended family, guests, or additional flexibility. The home also includes a beautifully designed backyard with a paver patio, perfect for outdoor entertaining, along with a detached garage and ample driveway parking. Conveniently located near shopping, dining, parks, and transportation, this property offers both lifestyle and flexibility in one complete package.

Key facts

• 5,000 sq ft lot
• Garage
• Built 1937

What this means for you Summary

Snapshot

• This is a 1×2bd/2.0ba + 1×1bd/1.0ba units multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $117 ($1k/yr) — positive. Per door: $58/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 $575k (4.0% below list).
• Recommended offer: $575k (4.0% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.9% in Oceanside — 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 86/100 on livability (#15 in NY, #340 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Oceanside Union Free School District (suburban): math 69% / reading 77% proficiency, ranked #75 of 590 in NY (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: 161 active listings in the ZIP; 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($590k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y ago 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.
• Current owner paid $415k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $574,800 (4.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1937 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. 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.
7. 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.
8. 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: 6.53%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• GRM: 8.7

CMA / ARV

• ARV (median comp): $1,131,738
• List price: $599,000
• Delta: -47.07%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.9%
• Equity multiple: 0.47×
• Total profit: $-89,373
• Equity at exit: $89,313

10-year hold

• IRR: -6.2%
• Equity multiple: 0.60×
• Total profit: $-67,194
• Equity at exit: $51,791

Cash invested: $167,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11510

• Active inventory: 161
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $5,748 medium
• Mortgage (P&I): −$3,141
• Tax from tax record: −$1,033 /mo · $12,402/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,207
• Net cashflow: $117

Break-even live

Break-even rent $5,600

Max offer price $599,000

Occupancy floor 93%

Sensitivity live

Price	-10% $456	-5% $286	+0% $117	+5% $-53	+10% $-222
Rent	-10% $-337	-5% $-110	+0% $117	+5% $344	+10% $571
Rate	-1.0pp $418	-0.5pp $269	base $117	+0.5pp $-39	+1.0pp $-196

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

Units	Beds	Baths	Est. rent
1× unit	2	2	$2,967
1× unit	1	1	$2,780
Total (2 units)			$5,748

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-13
   status Pending 984-char remark

   Show marketing remark (984 chars)

   Welcome to 2478 Loft Ave, a well-maintained and versatile property offering a unique opportunity for both comfortable living and potential income. Configured as a legal two-family home when owner-occupied, this property features separate utilities for each unit, providing flexibility for a variety of living arrangements. The first floor offers a bright and inviting layout with a spacious living area, updated kitchen with granite countertops, stainless steel appliances, and custom cabinetry, along with a well-proportioned bedroom and full bath. The upper level features a studio-style living space, ideal for extended family, guests, or additional flexibility. The home also includes a beautifully designed backyard with a paver patio, perfect for outdoor entertaining, along with a detached garage and ample driveway parking. Conveniently located near shopping, dining, parks, and transportation, this property offers both lifestyle and flexibility in one complete package.

2. 2026-04-30
   status Active 984-char remark

   Show marketing remark (984 chars)

   Welcome to 2478 Loft Ave, a well-maintained and versatile property offering a unique opportunity for both comfortable living and potential income. Configured as a legal two-family home when owner-occupied, this property features separate utilities for each unit, providing flexibility for a variety of living arrangements. The first floor offers a bright and inviting layout with a spacious living area, updated kitchen with granite countertops, stainless steel appliances, and custom cabinetry, along with a well-proportioned bedroom and full bath. The upper level features a studio-style living space, ideal for extended family, guests, or additional flexibility. The home also includes a beautifully designed backyard with a paver patio, perfect for outdoor entertaining, along with a detached garage and ample driveway parking. Conveniently located near shopping, dining, parks, and transportation, this property offers both lifestyle and flexibility in one complete package.

3. 2026-03-11
   listed $599,000 Active 984-char remark

   Show marketing remark (984 chars)

   Welcome to 2478 Loft Ave, a well-maintained and versatile property offering a unique opportunity for both comfortable living and potential income. Configured as a legal two-family home when owner-occupied, this property features separate utilities for each unit, providing flexibility for a variety of living arrangements. The first floor offers a bright and inviting layout with a spacious living area, updated kitchen with granite countertops, stainless steel appliances, and custom cabinetry, along with a well-proportioned bedroom and full bath. The upper level features a studio-style living space, ideal for extended family, guests, or additional flexibility. The home also includes a beautifully designed backyard with a paver patio, perfect for outdoor entertaining, along with a detached garage and ample driveway parking. Conveniently located near shopping, dining, parks, and transportation, this property offers both lifestyle and flexibility in one complete package.

4. 2021-02-08
   soldstatus $415,000
5. 2020-11-20
   soldstatus $415,000 Closed 279-char remark

   Show marketing remark (279 chars)

   Legal two family, if owner occupied, in Oceanside School District. First level has living room, kitchen, 2 bedrooms, bathroom, and rear covered sunroom. The second floor is a studio apartment. This home has separate gas and electric meters, two boilers and two hot water heaters.

6. 2020-07-06
   listed $425,000 Active 279-char remark

   Show marketing remark (279 chars)

   Legal two family, if owner occupied, in Oceanside School District. First level has living room, kitchen, 2 bedrooms, bathroom, and rear covered sunroom. The second floor is a studio apartment. This home has separate gas and electric meters, two boilers and two hot water heaters.

7. 1977-10-01
   soldstatus $45,000

ⓘ 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: $12,402 · $1,033/mo
• Projected year-2 tax: $12,402 · $1,033/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,976
• − Mortgage interest: −$33,553
• − Property taxes: −$12,402
• − Insurance: −$2,995
• − Repairs & maintenance: −$5,518
• − Management: −$5,518
• − Depreciation: −$17,425
• Taxable loss: −$8,436
• Est. tax savings @ 24.0%: +$2,025
• After-tax cash flow: $3,424/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)

• District: Oceanside Union Free School District
• NCES district ID: 3621570
• Math proficiency: 69% ▼ -1.00%
• Reading proficiency: 77% ▲ 13.00%
• Median HH income: $100,802
• Composite: 66.68/100
• National rank: #410
• State rank: #75 of 590 in NY

Livability — Oceanside

• Score: 86/100
• State rank: #15
• US rank: #340

Category grades

Amenities A+ Commute A+ Cost of living F Crime A Employment A+ Housing A+ Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oceanside, NY
• City population: 30,627
• Population (ZIP): 34,814

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: Black 41% White 28% Hispanic / Latino 22% Two or more races 13% Asian 4%
• Hispanic origin (detail): Puerto Rican 4% Dominican 4%
• Common ancestry: Hispanic 8% Romanian 1% Scotch-Irish 1%
• Foreign-born: 25% · Canada, Dominican Republic, Jamaica
• Languages at home: 72% English-only · Spanish 15% French/Haitian/Cajun 7% Other Indo-European 1%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -578.11%
• Current HPI: 314.4598
• Rent YoY: —
• Metro: —
• 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

+1231.1% since first listed

7 events — show timeline

• 2026-05-13 Pending — OneKey® MLS as Distributed by MLS Grid
• 2026-04-30 Relisted — OneKey® MLS as Distributed by MLS Grid
• 2026-03-11 Listed $599,000 OneKey® MLS as Distributed by MLS Grid
• 2021-02-08 Sold (Public Records) $415,000 Public Records
• 2020-11-20 Sold (MLS) $415,000 OneKey® MLS as Distributed by MLS Grid
• 2020-07-06 Listed $425,000 OneKey® MLS as Distributed by MLS Grid
• 1977-10-01 Sold (Public Records) $45,000 Public Records

Property tax history

+8.7%/yr

Latest (2024): $12,402 · -0.3% YoY. Source: county tax records.