279 Prospect Ave Unit 3A · New York, NY 11215

$875,000

2 bd · 2.0 ba · 943 sqft · Condo public records · 43 Days on market

Built 2004 $545/mo HOA · 11% of rent

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +6.2/30.0
• Schools +5.0/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +0.9/10.0
• DSCR +0.5/10.0

Listing remarks MLS

Bright and well-maintained 2-bedroom, 2-bath condo in the heart of Park Slope offering approximately 940 sq ft of comfortable living space. This third-floor unit features a superb layout with a spacious living and dining area, windowed kitchen, and generously sized bedrooms, including a primary suite with full bath and an additional full bath. Enjoy the convenience of central air, in-unit washer and dryer, and a private balcony providing valuable outdoor space. Located in an elevator building with modern amenities, just moments from Prospect Park, shopping, and dining along 5th Avenue. Easy access to the F, G, and R subway lines as well as nearby bus routes makes commuting throughout Brooklyn and into Manhattan seamless.

Key facts

• $545 HOA
• Built 2004
• Listed 43 days

Property features AI

Finance

• HOA & community: Has association; Monthly association fee of $545; HOA covers common area maintenance, exterior maintenance, grounds care, sewer, snow removal, trash and water

Exterior

• Parking: No carport; No assigned parking
• Utilities: Public sewer; Electricity connected; Natural gas connected; Trash collection (public); Water connected
• Home design: Condominium; One story (unit within building); Located between 3rd and 5th floors
• Construction: Brick construction
• Exterior features: Balcony; Courtyard

Interior

• Kitchen: Dishwasher; Microwave; Range
• Bedrooms: 3rd floor unit
• Flooring: Hardwood; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Eat-in kitchen; Accessible elevator installed; Outdoor space
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $875k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $593k (32.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $515k (41.1% below list).
• Recommended offer: $515k (41.1% below list) — sets the bar for 1% rule.
• Cap rate 4.1% 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 (+5.7%/yr); 248 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• This rent runs 33% of the median local income ($186k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $94k of equity ($6k loan paydown + $88k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$150k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($849k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $540k; list at $875k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 61% 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 $515,335 (41.1% 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. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
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: 0.59% ✗
• Cap rate: 4.10%
• Cash-on-cash: -7.83%
• DSCR: 0.65
• GRM: 14.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 5.67% rent growth · sell at horizon

5-year hold

• IRR: 19.4%
• Equity multiple: 2.59×
• Total profit: $388,804
• Equity at exit: $788,269

10-year hold

• IRR: 18.3%
• Equity multiple: 6.13×
• Total profit: $1,256,845
• Equity at exit: $1,699,933

Cash invested: $245,000 (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 11215

• Home prices YoY: 2.7%
• Rents YoY: 5.7%
• Active inventory: 248
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $5,153 medium
• Mortgage (P&I): −$4,589
• Tax from tax record: −$171 /mo · $2,057/yr
• Insurance: −$365
• HOA: −$545
• Vacancy / Maint / Mgmt: −$1,082
• Net cashflow: $-1,598

Break-even live

Break-even rent $7,177

Max offer price $592,636

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
132 17th St Unit 5 Brooklyn, NY	3.0	1.0	850	$2,700	$3.18	24d	1	0.35mi
655 Union St #1846 Brooklyn, NY	1.0–2.0	1.0–2.0	727	$7,810	$10.74	3d	2	0.99mi
22 Tehama St Unit 2 Fl Brooklyn, NY	2.0	1.0	700	$2,980	$4.26	24d	1	1.37mi
461 Dean St Brooklyn, NY	1.0	1.0	781	$5,320	$6.81	5d	5	1.44mi

HOA detail condo

• Monthly dues: $545 · $6,540/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-10
   pricestatusdays on market $875,000 Pending 43 DOM
2. 2026-06-08
   days on market $848,000 Active 42 DOM
3. 2026-06-08
   days on market $848,000 Active 41 DOM
4. 2026-06-04
   days on market $848,000 Active 38 DOM
5. 2026-06-03
   days on market $848,000 Active 37 DOM
6. 2026-06-01
   days on market $848,000 Active 35 DOM
7. 2026-05-31
   days on market $848,000 Active 34 DOM
8. 2026-04-27
   price $848,000

   Show marketing remark (730 chars)

   Bright and well-maintained 2-bedroom, 2-bath condo in the heart of Park Slope offering approximately 940 sq ft of comfortable living space. This third-floor unit features a superb layout with a spacious living and dining area, windowed kitchen, and generously sized bedrooms, including a primary suite with full bath and an additional full bath. Enjoy the convenience of central air, in-unit washer and dryer, and a private balcony providing valuable outdoor space. Located in an elevator building with modern amenities, just moments from Prospect Park, shopping, and dining along 5th Avenue. Easy access to the F, G, and R subway lines as well as nearby bus routes makes commuting throughout Brooklyn and into Manhattan seamless.

9. 2026-04-27
   listed $878,000 Active

   Show marketing remark (730 chars)

   Bright and well-maintained 2-bedroom, 2-bath condo in the heart of Park Slope offering approximately 940 sq ft of comfortable living space. This third-floor unit features a superb layout with a spacious living and dining area, windowed kitchen, and generously sized bedrooms, including a primary suite with full bath and an additional full bath. Enjoy the convenience of central air, in-unit washer and dryer, and a private balcony providing valuable outdoor space. Located in an elevator building with modern amenities, just moments from Prospect Park, shopping, and dining along 5th Avenue. Easy access to the F, G, and R subway lines as well as nearby bus routes makes commuting throughout Brooklyn and into Manhattan seamless.

10. 2026-04-27
    listed $848,000 Active 730-char remark

    Show marketing remark (730 chars)

    Bright and well-maintained 2-bedroom, 2-bath condo in the heart of Park Slope offering approximately 940 sq ft of comfortable living space. This third-floor unit features a superb layout with a spacious living and dining area, windowed kitchen, and generously sized bedrooms, including a primary suite with full bath and an additional full bath. Enjoy the convenience of central air, in-unit washer and dryer, and a private balcony providing valuable outdoor space. Located in an elevator building with modern amenities, just moments from Prospect Park, shopping, and dining along 5th Avenue. Easy access to the F, G, and R subway lines as well as nearby bus routes makes commuting throughout Brooklyn and into Manhattan seamless.

11. 2024-08-14
    price $929,000
12. 2024-07-17
    price $950,000
13. 2006-10-17
    soldstatus $540,000

ⓘ 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: $2,057 · $171/mo
• Projected year-2 tax: $8,422 · $702/mo
• Expected delta: +$6,365/yr (+$530/mo · 309.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 61% 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: $61,840
• − Mortgage interest: −$49,014
• − Property taxes: −$2,057
• − Insurance: −$4,375
• − Repairs & maintenance: −$4,947
• − Management: −$4,947
• − HOA: −$6,540
• − Depreciation: −$25,455
• Taxable loss: −$35,494
• Est. tax savings @ 24.0%: +$8,519
• After-tax cash flow: $-10,662/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): 70,441
• Household income: $185,865
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 2372.0

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% Hispanic / Latino 15% Two or more races 11% Asian 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 5% Scotch-Irish 5% Italian 3%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 76% English-only · Spanish 9% Other Indo-European 4% Chinese 2%

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: ▲ 11.03%
• Current HPI: 417.4151
• Rent YoY: ▲ 5.67%
• 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

+57.0% since first listed

6 events — show timeline

• 2026-04-27 Price Changed $848,000 OneKey® MLS as Distributed by MLS Grid
• 2026-04-27 Listed $848,000 BNYMLS
• 2026-04-27 Listed $878,000 OneKey® MLS as Distributed by MLS Grid
• 2024-08-14 Price Changed $929,000 BNYMLS
• 2024-07-17 Price Changed $950,000 BNYMLS
• 2006-10-17 Sold (Public Records) $540,000 Public Records

Property tax history

+16.5%/yr

Latest (2025): $2,057 · +943.1% YoY. Source: county tax records.