1096 Ocean Ave · New York, NY 11230

$2,580,000

33 bd · 16.5 ba · — sqft · MultiFamily · 307 Days on market

Built 1931 5,550 sqft lot

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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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 11 units. estimate disagrees with records

Listing remarks

Prime investment opportunity in a highly desirable Brooklyn location! This full building on Ocean Avenue, between Foster Avenue and Glenwood Road, features all units newly renovated with brand-new electrical, plumbing, and piping throughout. Stable rent-stabilized tenants and high occupancy ensure consistent income. Well-maintained property in a vibrant neighborhood with strong rental demand. A rare chance to own a turnkey asset in one of Brooklyn’s sought-after areas.

Key facts

• Brand-new plumbing
• Brand-new piping
• Brand-new electrical

Tags

• HIGHLY DESIRABLE LOCATION
• NEWLY RENOVATED UNITS
• BRAND-NEW ELECTRICAL
• BRAND-NEW PLUMBING
• BRAND-NEW PIPING
• WELL-MAINTAINED PROPERTY

Property features AI

Finance

• Other: Building contains 17 residential units (all currently leased); Unit mix includes multiple 2-bedroom units, several 1-bedroom units, and 3-bedroom units; current rents vary by unit
• Financial info: Financing options may include bank mortgage, cash, or exchange considered; Reported utility expense (building-level) listed

Exterior

• Parking: No designated parking
• Utilities: Electric: 110V and 220V; Hot water: Gas; Heating fuel: Gas; Heat delivery: Steam/radiator
• Home design: Attached building; Residential property
• Construction: Brick construction; Flat roof; Poured concrete foundation; Building footprint approximately 4,000 sq ft; building dimensions about 80 x 50
• Exterior features: Back yard

Interior

• Kitchen: Refrigerator; Stove
• Bedrooms: Mix of 1-, 2- and 3-bedroom units across the building (unit configurations include 1 BR, 2 BR, and 3 BR)
• Flooring: Carpeting; Ceramic floors; Hardwood floors
• Bathrooms: Multiple full bathrooms (building total includes 17 full baths)
• Heating & cooling: Gas-fired hot water; Steam/radiator heat; 110V and 220V electric service
• Interior features: Refrigerator; Stove; Cellar
• Laundry & utility: No central AC units reported

What this means for you Summary

Snapshot

• This is a 11 × 3-bed/?-bath units multifamily listed at $2.58M.

Deal economics

• At list price, monthly cash flow is $8k ($95k/yr) — positive. Per door: $723/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $2.58M).
• Recommended offer: $2.27M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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 (+6.2%/yr); 210 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $32,723/mo this rent would consume 561% of the median local household income ($70k/yr) (locally 6887% 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 $18k of loan paydown is wiped out by about $77k 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 + 6.2% rent growth), your $722k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 307 days — a 12% lower offer ($2.27M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $300k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.65M; list at $2.58M implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1931 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 64% 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 $2,270,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 307 days. Have you received any prior offers? Is the seller open to a 12% 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 1931 — 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: 1.27% ✓
• Cap rate: 10.02%
• Cash-on-cash: 13.32%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

No comps found within radius.

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2408 Clarendon Rd	0.53mi	32/16.0 (-1)	12,960	12mo	$999,999	$77	46

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 · 6.17% rent growth · sell at horizon

5-year hold

• IRR: 6.7%
• Equity multiple: 1.27×
• Total profit: $196,798
• Equity at exit: $384,686

10-year hold

• IRR: 18.7%
• Equity multiple: 2.80×
• Total profit: $1,297,571
• Equity at exit: $223,071

Cash invested: $722,400 (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 11230

• Rents YoY: 6.2%
• Active inventory: 210
• Price-to-rent: 72.3×

Monthly cashflow live

• Estimated rent: $32,723 high
• Mortgage (P&I): −$13,530
• Tax est. 1.5%: −$3,225 /mo · $38,700/yr
• Insurance: −$1,075
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,872
• Net cashflow: $7,955

Break-even live

Break-even rent $22,653

Max offer price $2,580,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 11× units	3	—	$32,725
Total (11 units)			$32,723

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: $645,000
• Closing costs: $77,400
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $2,580,000 Active 307 DOM
2. 2026-06-17
   days on market $2,580,000 Active 306 DOM
3. 2026-06-15
   days on market $2,580,000 Active 304 DOM
4. 2026-06-13
   days on market $2,580,000 Active 302 DOM
5. 2026-06-10
   days on market $2,580,000 Active 298 DOM
6. 2026-06-08
   days on market $2,580,000 Active 297 DOM
7. 2026-06-03
   days on market $2,580,000 Active 292 DOM
8. 2026-06-01
   days on market $2,580,000 Active 290 DOM
9. 2026-05-31
   days on market $2,580,000 Active 289 DOM
10. 2026-03-30
    price $2,580,000
11. 2026-02-14
    price $2,680,000
12. 2025-08-15
    listed $2,880,000 Active
13. 2025-02-10
    price $2,690,000
14. 2024-12-23
    price $1,980,000
15. 2023-09-19
    price $2,850,000
16. 2014-11-29
    historical
17. 2010-05-06
    soldstatus $1,650,000
18. 2009-06-12
    listed $1,950,000
19. 2009-06-03
    listed $1,950,000
20. 2008-06-17
    listed $1,995,000

ⓘ 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 8/10 Severe FEMA zone X (unshaded) · 78% 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 64% 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: $392,676
• − Mortgage interest: −$144,520
• − Property taxes: −$38,700
• − Insurance: −$13,698
• − Repairs & maintenance: −$31,414
• − Management: −$31,414
• − Depreciation: −$75,055
• Taxable income: $57,876
• Est. tax owed @ 24.0%: −$13,890
• After-tax cash flow: $81,569/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): 86,978
• Household income: $70,027
• Rent vs Own: 71.6% rent · 28.4% own
• Severe rent burden: 6887.0

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 0.62)
• Race & ethnicity: White 57% Asian 17% Hispanic / Latino 13% Black 8% Two or more races 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 1%
• Common ancestry: Scotch-Irish 5% Subsaharan African 4% Romanian 2%
• Foreign-born: 41% · Canada, China, Jamaica
• Languages at home: 45% English-only · Russian/Polish/Slavic 16% Other Indo-European 10% Spanish 10%

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: ▼ -606.25%
• Current HPI: 314.7697
• Rent YoY: ▲ 6.17%
• 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

+29.3% since first listed

11 events — show timeline

• 2026-03-30 Price Changed $2,580,000 BNYMLS
• 2026-02-14 Price Changed $2,680,000 BNYMLS
• 2025-08-15 Listed $2,880,000 BNYMLS
• 2025-02-10 Price Changed $2,690,000 BNYMLS
• 2024-12-23 Price Changed $1,980,000 BNYMLS
• 2023-09-19 Price Changed $2,850,000 BNYMLS
• 2014-11-29 Listing Removed — SIBORMLS
• 2010-05-06 Sold (MLS) $1,650,000 SIBORMLS
• 2009-06-12 Listed $1,950,000 SIBORMLS
• 2009-06-03 Listed $1,950,000 BNYMLS
• 2008-06-17 Listed $1,995,000 SIBORMLS