1237 Avenue Z Unit NN · New York, NY 11235

$329,000

2 bd · 1.0 ba · 898 sqft · Condo · 275 Days on market

↓ 18% since listing

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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 +21.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.8/10.0
• 1% rule +5.6/10.0
• Schools +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Very good condition 2 bed apartment (898 sq. ft. ) located on the 1st floor front of building with many windows. . Perfect for people that do not like elevators. Atlantic Towers complex, located in the heart of Sheepshead Bay. From the large, versatile foyer to the well-proportioned living room, every room in this residence is thoughtfully separated for maximum privacy and comfort. Enjoy all separate rooms, including a large living room, spacious bedroom with closets, and a sunny kitchen, fully tiled bath and plenty of closets. Beyond Atlantic Towers offers a full suite of luxury amenities, including a night security patrol, fitness center, and an Olympic-sized swimming pool. Parking on wai

Key facts

• Many windows
• Separate rooms
• First floor

Tags

• FIRST FLOOR
• MANY WINDOWS
• ATLANTIC TOWERS COMPLEX
• LARGE VERSATILE FOYER
• WELL PROPORTIONED LIVING ROOM
• SEPARATE ROOMS

Property features AI

Finance

• Other: Sub-lease permitted
• Financial info: Financing available: Bank mortgage or cash; Typical down payment required: 20%; Flip tax: 2% fee applies
• HOA & community: Maintenance fee of $1,157; Managed by Miro Management (manager phone available); Pets allowed (cats and dogs); Handicap access available; Co-op shares: 41.00; Fee includes assessment

Exterior

• Parking: Parking wait-list
• Utilities: Gas service; Heat provided
• Home design: Residential property; Unit located on the 1st floor
• Exterior features: Exercise room in building; Building has 120 units; First-floor unit

Interior

• Kitchen: Kitchen / Work area with refrigerator and stove
• Bedrooms: 2 bedrooms on the first floor
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: Heat (building utility)
• Interior features: Refrigerator; Stove; One AC unit
• Laundry & utility: Card-operated laundry in building; Resident superintendent on site

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $329k.

Deal economics

• At list price, monthly cash flow is $424 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $329k).
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.1% 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.
• Zoned schools: Ps 225 Eileen E Zaglin (The) (math 57% / reading 52%, grade C, #908 of 2,108 statewide, top 46%, 963 students, 84% FRL); Is 98 Bay Academy (math 96% / reading 96%, grade A+, #2 of 729 statewide, top 0%, 1,488 students, 63% FRL); Midwood High School (math 94% / reading 96%, grade A+, #83 of 1,100 statewide, top 8%, 4,062 students, 73% FRL).
• Market conditions: Rents rising fast (+5.0%/yr); 524 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 $3,498/mo this rent would consume 70% 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 $2k of loan paydown is wiped out by about $10k 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 275 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $39k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk; 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 $289,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 275 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 8.08%
• Cash-on-cash: 6.38%
• DSCR: 1.28
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.4%
• Equity multiple: 0.79×
• Total profit: $-18,914
• Equity at exit: $49,055

10-year hold

• IRR: 6.6%
• Equity multiple: 1.54×
• Total profit: $49,995
• Equity at exit: $28,446

Cash invested: $92,120 (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 11235

• Rents YoY: 5.0%
• Active inventory: 524
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $3,498 high
• Mortgage (P&I): −$1,725
• Tax est. 1.5%: −$411 /mo · $4,935/yr
• Insurance: −$137
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $424

Break-even live

Break-even rent $2,962

Max offer price $329,000

Occupancy floor 83%

Sensitivity live

Price	-10% $651	-5% $537	+0% $424	+5% $310	+10% $196
Rent	-10% $147	-5% $285	+0% $424	+5% $562	+10% $700
Rate	-1.0pp $589	-0.5pp $507	base $424	+0.5pp $338	+1.0pp $252

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	25d	1	0.58mi
3000 Emmons Ave Unit 5 Brooklyn, NY	2.0	2.0	840	$4,085	$4.86	26d	1	1.04mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$4,550	$4.80	0d	8	1.09mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	26d	1	1.11mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	26d	1	1.11mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	26d	1	1.11mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	26d	1	1.11mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	26d	1	1.11mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	26d	1	1.11mi
3112 Emmons Ave Unit 203 Brooklyn, NY	1.0	1.0	734	$3,200	$4.36	26d	1	1.19mi
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	22d	1	1.43mi

HOA detail condo

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

Listing history 16 events

1. 2026-06-21
   days on market $329,000 Active 275 DOM
2. 2026-06-18
   days on market $329,000 Active 272 DOM
3. 2026-06-17
   days on market $329,000 Active 271 DOM
4. 2026-06-15
   days on market $329,000 Active 269 DOM
5. 2026-06-13
   days on market $329,000 Active 267 DOM
6. 2026-06-10
   days on market $329,000 Active 263 DOM
7. 2026-06-08
   days on market $329,000 Active 262 DOM
8. 2026-06-03
   days on market $329,000 Active 257 DOM
9. 2026-06-01
   days on market $329,000 Active 255 DOM
10. 2026-05-31
    days on market $329,000 Active 254 DOM
11. 2026-03-19
    historical
12. 2026-03-16
    price $329,000
13. 2026-02-20
    price $333,000
14. 2025-11-03
    price $349,000
15. 2025-09-18
    listed $368,000 Active
16. 2025-05-19
    listed $399,000 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 7/10 Severe FEMA zone X (shaded) · 76% 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: $41,980
• − Mortgage interest: −$18,429
• − Property taxes: −$4,935
• − Insurance: −$2,442
• − Repairs & maintenance: −$3,358
• − Management: −$3,358
• − Depreciation: −$9,571
• Taxable loss: −$114
• Est. tax savings @ 24.0%: +$27
• After-tax cash flow: $5,110/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

-17.5% since first listed

6 events — show timeline

• 2026-03-19 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2026-03-16 Price Changed $329,000 BNYMLS
• 2026-02-20 Price Changed $333,000 BNYMLS
• 2025-11-03 Price Changed $349,000 BNYMLS
• 2025-09-18 Listed $368,000 BNYMLS
• 2025-05-19 Listed $399,000 OneKey® MLS as Distributed by MLS Grid