2483 W 16th St Unit 10H · New York, NY 11214

$429,000

3 bd · 1.5 ba · 1,250 sqft · Condo · 137 Days on market

Built 1963

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Why this score? — see what drove the F 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 +7.5/15.0
• Cash flow +6.3/30.0
• 1% rule +5.1/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Prime Bath Beach! One of the best layouts in the sought-after complex Harway Terrace! The biggest unit in the complex! 3 bedroom, 2 bathroom coop on the 10th floor with balcony and views of the ocean, city, and famous Coney Island with its historical Wonder Wheel and Astroland! The unit boasts a big living room, a separate eat-in kitchen, three generously sized bedrooms, and 1. 5 bathrooms. The kitchen with a window has a formal dining area. The closets are galore in the apartment—full bathroom with window and half bath for extra convenience. New roofs in both buildings of the complex. Hallways’ renovations are underway. Maintenance includes heat, water, real estate taxes, gas, and electricity! The complex offers security, new intercom systems, laundromats, and parking (waiting list). Close proximity to transportation, multiple shopping options, etc…

Key facts

• Balcony
• Views of the city
• Formal dining area

Tags

• BALCONY
• VIEWS OF THE OCEAN
• VIEWS OF THE CITY
• VIEWS OF CONEY ISLAND
• FORMAL DINING AREA
• FULL BATHROOM WITH WINDOW

Property features AI

Exterior

• Parking: No carport; Parking available (waitlist)
• Utilities: Sewer: Other; Utilities: See remarks
• Home design: Stock cooperative
• Construction: Other construction materials; Other foundation
• Exterior features: No waterfront

Interior

• Kitchen: Eat-in kitchen
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Wall/window air conditioning units; Other heating
• Interior features: Eat-in kitchen; Elevator; Formal dining area; No pets allowed

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $429k.

Deal economics

• At list price, monthly cash flow is $-757 ($-9k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $429k).
• Recommended offer: $378k (12.0% below list) — sets the bar for market timing.
• Cap rate 4.2% 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 (+5.9%/yr); 334 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $4,326/mo this rent would consume 79% of the median local household income ($66k/yr) (locally 6028% 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 $3k of loan paydown is wiped out by about $13k 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 137 days — a 12% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 3 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: HOA is 28% of rent.
• Climate carrying-cost: major wind risk, 69% 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 $377,520 (12.0% 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 137 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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. 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?
11. 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.
12. 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.
13. 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: 1.01% ✓
• Cap rate: 4.18%
• Cash-on-cash: -7.56%
• DSCR: 0.66
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.87% rent growth · sell at horizon

5-year hold

• IRR: -24.5%
• Equity multiple: 0.13×
• Total profit: $-104,057
• Equity at exit: $63,965

10-year hold

• IRR: -10.9%
• Equity multiple: 0.22×
• Total profit: $-93,454
• Equity at exit: $37,092

Cash invested: $120,120 (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 11214

• Rents YoY: 5.9%
• Active inventory: 334
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $4,326 high
• Mortgage (P&I): −$2,250
• Tax est. 1.5%: −$536 /mo · $6,435/yr
• Insurance: −$179
• HOA est. from 4 same-building comps: −$1,210
• Vacancy / Maint / Mgmt: −$909
• Net cashflow: $-757

Break-even live

Break-even rent $5,284

Max offer price $319,488

Occupancy floor —

Sensitivity live

Price	-10% $-460	-5% $-609	+0% $-757	+5% $-905	+10% $-1,053
Rent	-10% $-1,099	-5% $-928	+0% $-757	+5% $-586	+10% $-415
Rate	-1.0pp $-541	-0.5pp $-648	base $-757	+0.5pp $-868	+1.0pp $-981

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8642 26th Ave Unit 3 Brooklyn, NY	3.0	1.0	1100	$3,100	$2.82	16d	1	0.62mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	25d	1	0.63mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	25d	1	0.64mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	25d	1	0.64mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	25d	1	0.64mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	25d	1	0.64mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	25d	1	0.64mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	25d	1	0.64mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$5,725	$6.04	0d	8	0.73mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$5,195	$7.35	0d	14	0.76mi
63 Bay 37th St Unit 1R Brooklyn, NY	2.0	1.0	900	$3,100	$3.44	25d	1	0.78mi
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	25d	1	0.84mi
2286 Cropsey Ave Unit 7E Brooklyn, NY	2.0	2.0	948	$5,250	$5.54	20d	1	0.90mi
2286 Cropsey Ave Unit 13E Brooklyn, NY	2.0	2.0	948	$5,550	$5.85	20d	1	0.90mi
2286 Cropsey Ave Unit 6A Brooklyn, NY	2.0	2.0	889	$5,125	$5.76	25d	1	0.90mi
2286 Cropsey Ave Unit 9A Brooklyn, NY	2.0	2.0	889	$5,200	$5.85	20d	1	0.90mi
2286 Cropsey Ave Unit 8B Brooklyn, NY	2.0	2.0	889	$5,000	$5.62	20d	1	0.90mi
2286 Cropsey Ave Unit 18B Brooklyn, NY	2.0	2.0	889	$5,300	$5.96	20d	1	0.90mi
187 Bay 31st St #1 Brooklyn, NY	3.0	3.0	1800	$5,200	$2.89	20d	1	0.99mi
3000 Ocean Pkwy Brooklyn, NY	2.0	2.0	1130	$3,775	$3.34	20d	2	1.03mi
2321 81st St Unit 1 Brooklyn, NY	3.0	1.0	1199	$2,499	$2.08	18d	1	1.14mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watergaselectricsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-21
   days on market $429,000 Active 137 DOM
2. 2026-06-18
   days on market $429,000 Active 134 DOM
3. 2026-06-17
   days on market $429,000 Active 133 DOM
4. 2026-06-15
   days on market $429,000 Active 131 DOM
5. 2026-06-13
   days on market $429,000 Active 129 DOM
6. 2026-06-10
   days on market $429,000 Active 125 DOM
7. 2026-06-08
   days on market $429,000 Active 124 DOM
8. 2026-06-04
   days on market $429,000 Active 120 DOM
9. 2026-06-03
   days on market $429,000 Active 119 DOM
10. 2026-06-01
    days on market $429,000 Active 117 DOM
11. 2026-05-31
    days on market $429,000 Active 116 DOM
12. 2026-02-04
    listed $429,000 Active
13. 2026-02-03
    listed $429,000 Active 892-char remark

    Show marketing remark (892 chars)

    Welcome to Prime Bath Beach! One of the best layouts in the sought-after complex Harway Terrace! The biggest unit in the complex! 3 bedroom, 2 bathroom coop on the 10th floor with balcony and views of the ocean, city, and famous Coney Island with its historical Wonder Wheel and Astroland! The unit boasts a big living room, a separate eat-in kitchen, three generously sized bedrooms, and 1. 5 bathrooms. The kitchen with a window has a formal dining area. The closets are galore in the apartment—full bathroom with window and half bath for extra convenience. New roofs in both buildings of the complex. Hallways’ renovations are underway. Maintenance includes heat, water, real estate taxes, gas, and electricity! The complex offers security, new intercom systems, laundromats, and parking (waiting list). Close proximity to transportation, multiple shopping options, etc…

14. 2025-10-31
    historical
15. 2025-07-18
    listed $398,000 Active

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 23% 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 69% 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: $51,918
• − Mortgage interest: −$24,031
• − Property taxes: −$6,435
• − Insurance: −$2,145
• − Repairs & maintenance: −$4,153
• − Management: −$4,153
• − HOA: −$14,520
• − Depreciation: −$12,480
• Taxable loss: −$16,000
• Est. tax savings @ 24.0%: +$3,840
• After-tax cash flow: $-5,242/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): 89,397
• Household income: $65,895
• Rent vs Own: 65.4% rent · 34.6% own
• Severe rent burden: 6028.0

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 0.67)
• Race & ethnicity: White 40% Asian 38% Hispanic / Latino 17% Two or more races 6% Black 2%
• Hispanic origin (detail): Mexican 5% Puerto Rican 3% Dominican 2%
• Common ancestry: Scotch-Irish 4% Subsaharan African 3% Romanian 2%
• Foreign-born: 56% · China, Canada, Vietnam
• Languages at home: 26% English-only · Chinese 28% Russian/Polish/Slavic 15% Spanish 13%

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: ▼ -184.55%
• Current HPI: 276.0804
• Rent YoY: ▲ 5.87%
• 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

+7.8% since first listed

4 events — show timeline

• 2026-02-04 Listed $429,000 OneKey® MLS as Distributed by MLS Grid
• 2026-02-03 Listed $429,000 BNYMLS
• 2025-10-31 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2025-07-18 Listed $398,000 OneKey® MLS as Distributed by MLS Grid