115 Neptune Ave · New York, NY 11235

$1,299,000

9 bd · 3.9 ba · 1,836 sqft · MultiFamily public records · 63 Days on market

Built 1915 1,773 sqft lot Est $1089k · 19% over

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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 +22.7/30.0
• DSCR +7.3/10.0
• 1% rule +5.0/10.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Attention Home Investors!!! Great Investment property! Legal three family brick, fully detached home. (19x51) BLDG on (25x70) LOT. Legal full finished basement. R-6 Zoning. First story, 4 bedroom and 1 bath rented for $1,750. Second story, 3 bedroom and 1.5 bath rented for $2,500. Third Story, 4 bedroom and 1.5 bath rented for $1,800. Income generating home!!! Home is conveniently located near restaurants, schools, library, shopping and the Belt Parkway. Don't miss this astonishing chance! Working with a motivated seller and a co-operative listing agent to get this home sold! :)

Key facts

• Private backyard
• Outdoor retreat
• 1,773 sq ft lot

Tags

• PRIVATE BACKYARD
• OUTDOOR RETREAT
• PRIME WATERFRONT LOCATION
• EASY ACCESS TO SUBWAY

Property features AI

Finance

• Other: Property type: Residential; Zoning: R6; Building footprint approx. 969 sq ft; Total building area reported as 1,836 (internal reference)
• Financial info: Current annual rental income reported as $96,000; Financing options: bank mortgage, cash, exchange considered

Exterior

• Parking: Street parking
• Utilities: 110V electric; Gas hot water; Gas heating; Steam/Radiator heat
• Home design: Detached residential building; Flat roof; Block foundation; Brick and wood frame construction; Building dimensions approximately 51 x 19
• Construction: Brick and wood frame construction; Flat roof; Block foundation
• Exterior features: Back yard; Siding exterior

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: Three 3-bedroom units and one 2-bedroom unit across the building; Unit breakdown by level: 3 beds on Level 1, 3 beds on Level 2, 2 beds on Level 3
• Flooring: Ceramic floors; Hardwood floors
• Bathrooms: Three full bathrooms and two half bathrooms in the building total; Units include combinations of full and half baths (several units have 1 full + 1 half; one unit has 1 full)
• Heating & cooling: Steam/Radiator heat; Gas heating fuel; 110V electric service
• Interior features: Refrigerator; Stove; Finished full basement with separate entrance; 3 window/room AC units
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 2×3bd/1.3ba + 1×2bd/1ba units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $604/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 $1.30M (0.1% below list).
• Recommended offer: $1.22M (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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 (+5.0%/yr); 521 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $12,979/mo this rent would consume 261% of the median local household income ($60k/yr) (locally 7823% 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 $9k of loan paydown is wiped out by about $39k 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 63 days — a 6% lower offer ($1.22M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y 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 $930k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $1,221,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% 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 1915 — 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: 1.00% ✗
• Cap rate: 8.36%
• Cash-on-cash: 7.38%
• DSCR: 1.33
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $1,088,748
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
180 Brighton 10th St	0.20mi	9/3.0	1,848 (+1%)	20mo	$1,190,000	$644	69
3338 Shore Pkwy	0.32mi	8/3.0 (-1)	1,888 (+3%)	9mo	$1,120,000	$593	64
2745 Brighton 7th St	0.23mi	9/9.0	1,872 (+2%)	17mo	$800,000	$427	52
3048 Brighton 4th St	0.44mi	9/5.0	1,584 (-14%)	6mo	$985,000	$622	47
3049 Brighton 3rd St	0.46mi	10/5.0 (+1)	2,106 (+15%)	20mo	$785,000	$373	28

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

Projected returns pro-forma

-3.0% appreciation · 5.04% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.81×
• Total profit: $-68,063
• Equity at exit: $193,685

10-year hold

• IRR: 6.9%
• Equity multiple: 1.56×
• Total profit: $205,057
• Equity at exit: $112,314

Cash invested: $363,720 (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 11235

• Rents YoY: 5.0%
• Active inventory: 521
• Price-to-rent: 23.7×

Monthly cashflow live

• Estimated rent: $12,979 medium
• Mortgage (P&I): −$6,812
• Tax from tax record: −$662 /mo · $7,943/yr
• Insurance: −$541
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,726
• Net cashflow: $1,812

Break-even live

Break-even rent $10,686

Max offer price $1,299,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.3	$9,120
1× unit	2	1	$3,858
Total (3 units)			$12,979

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: $324,750
• Closing costs: $38,970
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $1,299,000 Active 63 DOM
2. 2026-06-17
   days on market $1,299,000 Active 62 DOM
3. 2026-06-15
   days on market $1,299,000 Active 60 DOM
4. 2026-06-13
   days on market $1,299,000 Active 58 DOM
5. 2026-06-10
   days on market $1,299,000 Active 54 DOM
6. 2026-06-08
   days on market $1,299,000 Active 53 DOM
7. 2026-06-08
   days on market $1,299,000 Active 52 DOM
8. 2026-06-04
   days on market $1,299,000 Active 49 DOM
9. 2026-06-03
   days on market $1,299,000 Active 48 DOM
10. 2026-06-01
    days on market $1,299,000 Active 46 DOM
11. 2026-05-31
    days on market $1,299,000 Active 45 DOM
12. 2026-04-15
    listed $1,299,000 Active
13. 2020-04-15
    soldstatus $930,000 Sold 586-char remark

    Show marketing remark (586 chars)

    Attention Home Investors!!! Great Investment property! Legal three family brick, fully detached home. (19x51) BLDG on (25x70) LOT. Legal full finished basement. R-6 Zoning. First story, 4 bedroom and 1 bath rented for $1,750. Second story, 3 bedroom and 1.5 bath rented for $2,500. Third Story, 4 bedroom and 1.5 bath rented for $1,800. Income generating home!!! Home is conveniently located near restaurants, schools, library, shopping and the Belt Parkway. Don't miss this astonishing chance! Working with a motivated seller and a co-operative listing agent to get this home sold! :)

14. 2017-12-08
    soldstatus $930,000
15. 2017-08-08
    historical 586-char remark

    Show marketing remark (586 chars)

    Attention Home Investors!!! Great Investment property! Legal three family brick, fully detached home. (19x51) BLDG on (25x70) LOT. Legal full finished basement. R-6 Zoning. First story, 4 bedroom and 1 bath rented for $1,750. Second story, 3 bedroom and 1.5 bath rented for $2,500. Third Story, 4 bedroom and 1.5 bath rented for $1,800. Income generating home!!! Home is conveniently located near restaurants, schools, library, shopping and the Belt Parkway. Don't miss this astonishing chance! Working with a motivated seller and a co-operative listing agent to get this home sold! :)

16. 2017-05-15
    price $949,000 586-char remark

    Show marketing remark (586 chars)

    Attention Home Investors!!! Great Investment property! Legal three family brick, fully detached home. (19x51) BLDG on (25x70) LOT. Legal full finished basement. R-6 Zoning. First story, 4 bedroom and 1 bath rented for $1,750. Second story, 3 bedroom and 1.5 bath rented for $2,500. Third Story, 4 bedroom and 1.5 bath rented for $1,800. Income generating home!!! Home is conveniently located near restaurants, schools, library, shopping and the Belt Parkway. Don't miss this astonishing chance! Working with a motivated seller and a co-operative listing agent to get this home sold! :)

17. 2017-02-02
    listed $998,000 Active 586-char remark

    Show marketing remark (586 chars)

    Attention Home Investors!!! Great Investment property! Legal three family brick, fully detached home. (19x51) BLDG on (25x70) LOT. Legal full finished basement. R-6 Zoning. First story, 4 bedroom and 1 bath rented for $1,750. Second story, 3 bedroom and 1.5 bath rented for $2,500. Third Story, 4 bedroom and 1.5 bath rented for $1,800. Income generating home!!! Home is conveniently located near restaurants, schools, library, shopping and the Belt Parkway. Don't miss this astonishing chance! Working with a motivated seller and a co-operative listing agent to get this home sold! :)

18. 2007-04-05
    soldstatus $600,000
19. 2006-06-21
    listed $675,000 168-char remark

    Show marketing remark (168 chars)

    LEGAL 3 FAMILY DETACHED BRICK STUCCO HOUSE, GOOD CONDITION, INCOME $56,220 A YR, GOOD FOR MEDICAL OFFICE, WALK TO BEACH, CALL DAVID FOR ALL APPTS. 718-755-7000 (CELL)

20. 2002-08-30
    soldstatus $369,000
21. 2002-02-20
    listed $369,000

ⓘ 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: $7,943 · $662/mo
• Projected year-2 tax: $14,948 · $1,246/mo
• Expected delta: +$7,005/yr (+$584/mo · 88.2%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% 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 72% 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: $155,748
• − Mortgage interest: −$72,764
• − Property taxes: −$7,943
• − Insurance: −$11,614
• − Repairs & maintenance: −$12,460
• − Management: −$12,460
• − Depreciation: −$37,789
• Taxable income: $719
• Est. tax owed @ 24.0%: −$172
• After-tax cash flow: $21,567/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): 78,558
• Household income: $59,661
• Rent vs Own: 65.2% rent · 34.8% own
• Severe rent burden: 7823.0

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% Asian 15% Two or more races 9% Hispanic / Latino 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Scotch-Irish 15% Subsaharan African 12% Romanian 2%
• Foreign-born: 63% · China, Canada, Vietnam
• Languages at home: 24% English-only · Russian/Polish/Slavic 48% Chinese 7% Spanish 7%

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: ▼ -181.73%
• Current HPI: 303.6714
• Rent YoY: ▲ 5.04%
• 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

+252.0% since first listed

10 events — show timeline

• 2026-04-15 Listed $1,299,000 BNYMLS
• 2020-04-15 Sold (MLS) $930,000 BNYMLS
• 2017-12-08 Sold (Public Records) $930,000 Public Records
• 2017-08-08 Delisted — BNYMLS
• 2017-05-15 Price Changed $949,000 BNYMLS
• 2017-02-02 Listed $998,000 BNYMLS
• 2007-04-05 Sold (Public Records) $600,000 Public Records
• 2006-06-21 Listed $675,000 BNYMLS
• 2002-08-30 Sold (Public Records) $369,000 Public Records
• 2002-02-20 Listed $369,000 BNYMLS

Property tax history

+5.1%/yr

Latest (2025): $7,943 · +3.4% YoY. Source: county tax records.