3718 Lyme Ave · New York, NY 11224

$649,000

None bd · None ba · 1,760 sqft · MultiFamily public records · 114 Days on market

Built 1940 2,600 sqft lot Est $818k · 21% under

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Why this score? — see what drove the A 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +7.5/10.0
• Schools +5.0/10.0
• Rent growth +4.3/5.0
• 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

Discover the ultimate blend of security, serenity, and seaside charm in the exclusive, gated community of Sea Gate. This impressive semi-detached brick two-family home represents a rare opportunity to own a piece of Brooklyn’s most private coastal enclave. Boasting five spacious bedrooms and two full bathrooms, this residence is wrapped in classic brick architecture and situated on a generous 2,600-square-foot lot. The interior offers a versatile layout that serves as a blank canvas for your vision; whether you desire a sprawling multi-generational home or a savvy owner-occupied investment. Imagine waking up to the salt air, enjoying sunset walks along private community beaches, and r

Key facts

• 2,600 sq ft lot
• Parking
• Built 1940

Property features AI

Finance

• HOA & community: Gated community; Grounds maintenance provided; Community security; Community park; Playground; Annual HOA fee

Exterior

• Parking: Carport (1 space)
• Utilities: Public sewer; Electricity available; Natural gas available
• Home design: Duplex
• Construction: Brick construction
• Exterior features: Brick construction; Not waterfront

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Bedroom on the first floor
• Bathrooms: Full bathroom on the first floor
• Heating & cooling: Natural gas heating; Wall/window cooling units
• Interior features: First-floor bedroom; First-floor full bathroom; Built-in features; Ceiling fans; Eat-in kitchen; Entrance foyer; Formal dining room

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $649k).
• Recommended offer: $591k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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 (+7.0%/yr); 114 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $9,852/mo this rent would consume 271% 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 $37k of equity ($4k loan paydown + $32k 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 $182k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$59k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $146k; list at $649k implies a 345% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1940 — 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 $590,590 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% 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 1940 — 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: 1.52% ✓
• Cap rate: 13.07%
• Cash-on-cash: 24.22%
• DSCR: 2.08
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $818,400
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3820 Cypress Ave	0.16mi	4/—	1,840 (+4%)	6mo	$855,000	$465	80

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

Projected returns pro-forma

4.98% appreciation · 7.03% rent growth · sell at horizon

5-year hold

• IRR: 34.2%
• Equity multiple: 3.19×
• Total profit: $397,101
• Equity at exit: $367,070

10-year hold

• IRR: 34.6%
• Equity multiple: 7.16×
• Total profit: $1,118,660
• Equity at exit: $632,927

Cash invested: $181,720 (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 11224

• Home prices YoY: 1.0%
• Rents YoY: 7.0%
• Active inventory: 114
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $9,852 high
• Mortgage (P&I): −$3,403
• Tax from tax record: −$442 /mo · $5,298/yr
• Insurance: −$270
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,069
• Net cashflow: $3,241

Break-even live

Break-even rent $5,749

Max offer price $649,000

Occupancy floor 62%

Sensitivity live

Price	-10% $3,609	-5% $3,425	+0% $3,241	+5% $3,057	+10% $2,874
Rent	-10% $2,463	-5% $2,852	+0% $3,241	+5% $3,630	+10% $4,019
Rate	-1.0pp $3,568	-0.5pp $3,406	base $3,241	+0.5pp $3,073	+1.0pp $2,902

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$9,852
Total (2 units)			$9,852

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
187 Bay 31st St #1 Brooklyn, NY	3.0	3.0	1800	$5,200	$2.89	19d	1	1.47mi

Listing history 28 events

1. 2026-06-18
   days on market $649,000 Active 114 DOM
2. 2026-06-17
   days on market $649,000 Active 113 DOM
3. 2026-06-15
   days on market $649,000 Active 111 DOM
4. 2026-06-13
   days on market $649,000 Active 109 DOM
5. 2026-06-10
   days on market $649,000 Active 105 DOM
6. 2026-06-08
   days on market $649,000 Active 104 DOM
7. 2026-06-08
   days on market $649,000 Active 103 DOM
8. 2026-06-04
   days on market $649,000 Active 100 DOM
9. 2026-06-03
   days on market $649,000 Active 99 DOM
10. 2026-06-01
    days on market $649,000 Active 97 DOM
11. 2026-05-31
    days on market $649,000 Active 96 DOM
12. 2026-04-09
    price $649,000
13. 2026-02-25
    listed $699,000 Active
14. 2026-02-12
    historical $699,000
15. 2024-09-24
    historical
16. 2024-09-23
    listed $739,999 Active
17. 2024-07-17
    price $749,999
18. 2024-07-09
    price $759,999
19. 2024-06-24
    price $779,999
20. 2024-05-29
    price $789,999
21. 2024-05-18
    listed $799,999 Active
22. 2024-05-09
    historical
23. 1999-07-08
    soldstatus $146,000
24. 1987-12-07
    soldstatus $175,000
25. 1985-06-05
    soldstatus $117,500
26. 1985-06-05
    soldstatus $117,500
27. 1984-10-11
    soldstatus $89,000
28. 1982-06-01
    soldstatus $47,272

ⓘ 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: $5,298 · $442/mo
• Projected year-2 tax: $8,133 · $678/mo
• Expected delta: +$2,835/yr (+$236/mo · 53.5%)

ⓘ 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: $118,224
• − Mortgage interest: −$36,354
• − Property taxes: −$5,298
• − Insurance: −$8,364
• − Repairs & maintenance: −$9,458
• − Management: −$9,458
• − Depreciation: −$18,880
• Taxable income: $30,412
• Est. tax owed @ 24.0%: −$7,299
• After-tax cash flow: $31,595/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

+1272.9% since first listed

17 events — show timeline

• 2026-04-09 Price Changed $649,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-25 Listed $699,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-12 Coming Soon $699,000 OneKey® MLS as Distributed by MLS Grid
• 2024-09-24 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2024-09-23 Listed $739,999 OneKey® MLS as Distributed by MLS Grid
• 2024-07-17 Price Changed $749,999 OneKey® MLS as Distributed by MLS Grid
• 2024-07-09 Price Changed $759,999 OneKey® MLS as Distributed by MLS Grid
• 2024-06-24 Price Changed $779,999 OneKey® MLS as Distributed by MLS Grid
• 2024-05-29 Price Changed $789,999 OneKey® MLS as Distributed by MLS Grid
• 2024-05-18 Listed $799,999 OneKey® MLS as Distributed by MLS Grid
• 2024-05-09 Coming Soon — OneKey® MLS as Distributed by MLS Grid
• 1999-07-08 Sold (Public Records) $146,000 Public Records
• 1987-12-07 Sold (Public Records) $175,000 Public Records
• 1985-06-05 Sold (Public Records) $117,500 Public Records
• 1985-06-05 Sold (Public Records) $117,500 Public Records
• 1984-10-11 Sold (Public Records) $89,000 Public Records
• 1982-06-01 Sold (Public Records) $47,272 Public Records

Property tax history

+5.4%/yr

Latest (2025): $5,298 · +3.6% YoY. Source: county tax records.