2675 Ocean Ave Unit 5p · New York, NY 11229

$229,000

1 bd · 1.0 ba · 750 sqft · SingleFamily · 25 Days on market

Built 1954 Good condition

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 2675 Ocean Avenue, Apartment 5P, a well-kept one-bedroom co-op in the heart of Sheepshead Bay, Brooklyn, offering approximately 750 square feet of thoughtfully laid out living space. Held by the same family for more than four decades, this home carries a rare sense of long-term care and pride of ownership that is immediately felt the moment you walk in. The layout offers a true separation of space, featuring a spacious living room with room for both lounging and dining, a generously sized bedroom, a full bathroom, and a well-maintained eat-in kitchen ready for everyday living or future personalization. The bathroom has been tastefully updated, while the remainder of the apartment has been exceptionally maintained, giving buyers the opportunity to move right in while still having room to add their own style over time. Located in a well-established elevator co-op building in Sheepshead Bay / South Brooklyn, residents enjoy on-site laundry, heat and hot water included in the maintenance, outside maintenance, snow removal, and tax inclusion within the monthly maintenance. This full-service co-op offers the stability buyers look for in Brooklyn ownership, with approximately 85 total units and a well-managed building structure. Monthly maintenance is approximately 797. Positioned just moments from shopping, restaurants, neighborhood conveniences, and multiple transportation options, this location offers easy access throughout Brooklyn and into Manhattan, making it an excellent option for first-time buyers, downsizers, or anyone looking for a smart long-term investment in South Brooklyn real estate. A rare opportunity to own a true one-bedroom co-op in Sheepshead Bay Brooklyn 11229 with history, stability, and upside.

Key facts

• Well-kept co-op
• 0.79 acre lot
• Built 1954

Tags

• WELL-KEPT CO-OP
• TRUE SEPARATION OF SPACE
• WELL-MAINTAINED EAT-IN KITCHEN
• TASTEFULLY UPDATED BATHROOM

Property features AI

Finance

• Other: Co-op shares reported as 0.00
• Financial info: Flip tax: 15%; Financing available: Bank mortgage or cash; Typical down payment required: 35%
• HOA & community: Monthly maintenance/ common fee of $770; Managed by Coney Realty Mgt; Pets are not allowed; Handicap accessible

Exterior

• Parking: Wait-list for parking
• Utilities: Electric; Gas; Heat; Sewer; Water; Other
• Home design: Residential property
• Exterior features: Detached building; 85 units in the building; Located on the 5th floor

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: One bedroom on the first floor
• Bathrooms: One three-quarter bathroom on the first floor
• Heating & cooling: Steam/radiator heat; Gas heating fuel; Gas hot water
• Interior features: Central A/C (1 unit); Dishwasher; Refrigerator
• Laundry & utility: Card-operated laundry in building

🏢 Co-op / cooperative unit. The $229,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $229k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $869 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% 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 (+15.8%/yr); 355 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $3,103/mo this rent would consume 53% of the median local household income ($71k/yr) (locally 4771% 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 $7k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $64k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($226k) 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: built in 1954 — 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 $225,565 (1.5% below list)

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.36% ✓
• Cap rate: 10.85%
• Cash-on-cash: 16.26%
• DSCR: 1.72
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $1,875,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2255 E 12th St	0.47mi	2/2.0 (+1)	660 (-12%)	8mo	$1,650,000	$2,500	42

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.54×
• Total profit: $34,682
• Equity at exit: $34,145

10-year hold

• IRR: 25.3%
• Equity multiple: 3.75×
• Total profit: $176,296
• Equity at exit: $19,800

Cash invested: $64,120 (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 11229

• Rents YoY: 15.8%
• Active inventory: 355
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $3,103 medium
• Mortgage (P&I): −$1,201
• Tax est. 1.5%: −$286 /mo · $3,435/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$652
• Net cashflow: $869

Break-even live

Break-even rent $2,003

Max offer price $229,000

Occupancy floor 67%

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3000 Emmons Ave Unit 1 Brooklyn, NY	—	1.0	536	$3,273	$6.11	24d	1	1.07mi
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	24d	1	1.07mi
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	24d	1	1.15mi

Listing history 8 events

1. 2026-06-18
   days on market $229,000 Active 25 DOM
2. 2026-06-17
   days on market $229,000 Active 24 DOM
3. 2026-06-16
   days on market $229,000 Active 23 DOM
4. 2026-06-15
   statusdays on marketlisting id $229,000 Active 22 DOM
5. 2026-04-23
   status Pending

   Show marketing remark (1758 chars)

   Welcome to 2675 Ocean Avenue, Apartment 5P, a well-kept one-bedroom co-op in the heart of Sheepshead Bay, Brooklyn, offering approximately 750 square feet of thoughtfully laid out living space. Held by the same family for more than four decades, this home carries a rare sense of long-term care and pride of ownership that is immediately felt the moment you walk in. The layout offers a true separation of space, featuring a spacious living room with room for both lounging and dining, a generously sized bedroom, a full bathroom, and a well-maintained eat-in kitchen ready for everyday living or future personalization. The bathroom has been tastefully updated, while the remainder of the apartment has been exceptionally maintained, giving buyers the opportunity to move right in while still having room to add their own style over time. Located in a well-established elevator co-op building in Sheepshead Bay / South Brooklyn, residents enjoy on-site laundry, heat and hot water included in the maintenance, outside maintenance, snow removal, and tax inclusion within the monthly maintenance. This full-service co-op offers the stability buyers look for in Brooklyn ownership, with approximately 85 total units and a well-managed building structure. Monthly maintenance is approximately 797. Positioned just moments from shopping, restaurants, neighborhood conveniences, and multiple transportation options, this location offers easy access throughout Brooklyn and into Manhattan, making it an excellent option for first-time buyers, downsizers, or anyone looking for a smart long-term investment in South Brooklyn real estate. A rare opportunity to own a true one-bedroom co-op in Sheepshead Bay Brooklyn 11229 with history, stability, and upside.

6. 2026-04-23
   status Pending 1758-char remark

   Show marketing remark (1758 chars)

   Welcome to 2675 Ocean Avenue, Apartment 5P, a well-kept one-bedroom co-op in the heart of Sheepshead Bay, Brooklyn, offering approximately 750 square feet of thoughtfully laid out living space. Held by the same family for more than four decades, this home carries a rare sense of long-term care and pride of ownership that is immediately felt the moment you walk in. The layout offers a true separation of space, featuring a spacious living room with room for both lounging and dining, a generously sized bedroom, a full bathroom, and a well-maintained eat-in kitchen ready for everyday living or future personalization. The bathroom has been tastefully updated, while the remainder of the apartment has been exceptionally maintained, giving buyers the opportunity to move right in while still having room to add their own style over time. Located in a well-established elevator co-op building in Sheepshead Bay / South Brooklyn, residents enjoy on-site laundry, heat and hot water included in the maintenance, outside maintenance, snow removal, and tax inclusion within the monthly maintenance. This full-service co-op offers the stability buyers look for in Brooklyn ownership, with approximately 85 total units and a well-managed building structure. Monthly maintenance is approximately 797. Positioned just moments from shopping, restaurants, neighborhood conveniences, and multiple transportation options, this location offers easy access throughout Brooklyn and into Manhattan, making it an excellent option for first-time buyers, downsizers, or anyone looking for a smart long-term investment in South Brooklyn real estate. A rare opportunity to own a true one-bedroom co-op in Sheepshead Bay Brooklyn 11229 with history, stability, and upside.

7. 2026-04-02
   listed $229,000 Active
8. 2026-04-01
   listed $229,000 Active 1758-char remark

   Show marketing remark (1758 chars)

   Welcome to 2675 Ocean Avenue, Apartment 5P, a well-kept one-bedroom co-op in the heart of Sheepshead Bay, Brooklyn, offering approximately 750 square feet of thoughtfully laid out living space. Held by the same family for more than four decades, this home carries a rare sense of long-term care and pride of ownership that is immediately felt the moment you walk in. The layout offers a true separation of space, featuring a spacious living room with room for both lounging and dining, a generously sized bedroom, a full bathroom, and a well-maintained eat-in kitchen ready for everyday living or future personalization. The bathroom has been tastefully updated, while the remainder of the apartment has been exceptionally maintained, giving buyers the opportunity to move right in while still having room to add their own style over time. Located in a well-established elevator co-op building in Sheepshead Bay / South Brooklyn, residents enjoy on-site laundry, heat and hot water included in the maintenance, outside maintenance, snow removal, and tax inclusion within the monthly maintenance. This full-service co-op offers the stability buyers look for in Brooklyn ownership, with approximately 85 total units and a well-managed building structure. Monthly maintenance is approximately 797. Positioned just moments from shopping, restaurants, neighborhood conveniences, and multiple transportation options, this location offers easy access throughout Brooklyn and into Manhattan, making it an excellent option for first-time buyers, downsizers, or anyone looking for a smart long-term investment in South Brooklyn real estate. A rare opportunity to own a true one-bedroom co-op in Sheepshead Bay Brooklyn 11229 with history, stability, and upside.

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 10% 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: $37,238
• − Mortgage interest: −$12,828
• − Property taxes: −$3,435
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,979
• − Management: −$2,979
• − Depreciation: −$6,662
• Taxable income: $7,211
• Est. tax owed @ 24.0%: −$1,731
• After-tax cash flow: $8,697/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained, one-bedroom co-op in Sheepshead Bay, Brooklyn, offers a good investment opportunity with minor updates needed for a fresh look.

Repairs flagged

• Minor kitchen cabinets — Older cabinets
• Minor kitchen countertops — Dated countertops

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal
• Resale Replace kitchen cabinets and countertops — Modernizing the kitchen boosts appeal
• Both Landscaping improvements — Enhances curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Older cabinets	Minor	$500–3,000
kitchen countertops · Dated countertops	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal ↑
• Resale Replace kitchen cabinets and countertops — Modernizing the kitchen boosts appeal ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 78,377
• Household income: $70,603
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 4771.0

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 0.60)
• Race & ethnicity: White 59% Asian 22% Hispanic / Latino 9% Black 6% Two or more races 6%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Scotch-Irish 6% Subsaharan African 6% Romanian 1%
• Foreign-born: 47% · China, Canada, Vietnam
• Languages at home: 40% English-only · Russian/Polish/Slavic 22% Chinese 16% Spanish 6%

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: ▼ -761.52%
• Current HPI: 361.7011
• Rent YoY: ▲ 15.81%
• 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

4 events — show timeline

• 2026-04-23 Pending — BNYMLS
• 2026-04-23 Pending — SIBORMLS
• 2026-04-02 Listed $229,000 BNYMLS
• 2026-04-01 Listed $229,000 SIBORMLS