2475 W 16th St Unit 18G · New York, NY 11214

$369,999

2 bd · 1.0 ba · 1,000 sqft · Condo · 32 Days on market

Built 1963 Fair condition ↓ 1% since listing

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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).

• Cash flow +8.6/30.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• DSCR +2.4/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Coastal City Living with Ocean ViewsSpacious 2-bedroom, 1-bath co-op offering approximately 1,000 sq. ft. of comfortable living space just minutes from Coney Island. This bright residence features a private balcony with panoramic Atlantic Ocean views, a generous living/dining area, and a functional layout ideal for everyday living. Interior includes a mix of carpet and laminate flooring, plus two well-sized bedrooms. Building amenities include on-site laundry and parking via waitlist. Monthly maintenance covers gas, electric, water, real estate taxes, building maintenance, snow removal, and garbage removal. Conveniently located near public transportation, shopping, dining, and neighborhood conveniences. A wonderful opportunity to enjoy coastal living in Brooklyn.

Key facts

• Private balcony
• Building amenities
• Built 1963

Tags

• PRIVATE BALCONY
• BUILDING AMENITIES
• PUBLIC TRANSPORTATION

Property features AI

Finance

• Other: Flip tax applicable
• Financial info: Financing accepted: Bank mortgage or cash; Sub-lease permitted (Sub-Lease)
• HOA & community: Maintenance/ common fee of $1,020; Additional fee of $20 (includes air conditioning); Management: Harway Terrrace Management; Manager phone available; Pets are not allowed; Handicap access available; Co-op shares: 609.00

Exterior

• Parking: Parking wait-list
• Security: Full-time doorman; Secure lobby; Resident superintendent
• Utilities: Electric service available; Gas service available; Heat included; Sewer service available; Water service available; Hot water provided by gas
• Home design: Detached residential building; Unit located on the 18th floor
• Construction: Building has 182 units
• Exterior features: Secure lobby; First-floor living/dining combo (unit layout detail); Property is on the 18th floor of the building

Interior

• Kitchen: Eat-in kitchen; Refrigerator; Stove
• Bedrooms: 2 bedrooms on the first floor
• Flooring: Carpeting; Ceramic floors; Hardwood floors; Laminate floors
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: Baseboard heat; Hot water: Gas; Heating fuel: Gas and Oil
• Interior features: Refrigerator; Stove; No central air conditioning reported
• Laundry & utility: Card-operated laundry in the building

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $370k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-315 ($-4k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $370k).
• Recommended offer: $359k (3.0% below list) — sets the bar for market timing.
• Cap rate 5.3% 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: Elm Tree Elementary School (math 27% / reading 52%, grade F, #1,444 of 2,108 statewide, top 71%, 806 students, 94% 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 (+5.9%/yr); 334 active listings in the ZIP; 22 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 $4,076/mo this rent would consume 74% 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 $11k 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 32 days — a 3% lower offer ($359k) is reasonable based on typical stale-listing flexibility.
• 2 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 24% 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 $358,899 (3.0% 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 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
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: 1.10% ✓
• Cap rate: 5.27%
• Cash-on-cash: -3.65%
• DSCR: 0.84
• GRM: 7.6

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: -17.8%
• Equity multiple: 0.35×
• Total profit: $-67,263
• Equity at exit: $55,168

10-year hold

• IRR: -3.6%
• Equity multiple: 0.72×
• Total profit: $-29,035
• Equity at exit: $31,991

Cash invested: $103,600 (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: 7.6×

Monthly cashflow live

• Estimated rent: $4,076 high
• Mortgage (P&I): −$1,940
• Tax est. 1.5%: −$462 /mo · $5,550/yr
• Insurance: −$154
• HOA est. from 1 same-building comp: −$978
• Vacancy / Maint / Mgmt: −$856
• Net cashflow: $-315

Break-even live

Break-even rent $4,475

Max offer price $324,387

Occupancy floor —

Sensitivity live

Price	-10% $-60	-5% $-187	+0% $-315	+5% $-443	+10% $-571
Rent	-10% $-637	-5% $-476	+0% $-315	+5% $-154	+10% $7
Rate	-1.0pp $-129	-0.5pp $-221	base $-315	+0.5pp $-411	+1.0pp $-509

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: $92,500
• Closing costs: $11,100
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2483 W 16th St Brooklyn, NY	1.0	1.0	800	$1,800	$2.25	22d	1	0.05mi
8642 26th Ave Unit 3 Brooklyn, NY	3.0	1.0	1100	$3,100	$2.82	16d	1	0.61mi
2957 Shell Rd Brooklyn, NY	3.0	2.0	1292	$5,550	$4.30	26d	1	0.67mi
2971 Shell Rd Unit 508 Brooklyn, NY	2.0	2.0	930	$4,099	$4.41	26d	1	0.67mi
2971 Shell Rd Unit 406 Brooklyn, NY	2.0	2.0	920	$3,550	$3.86	26d	1	0.67mi
2971 Shell Rd Unit 704 Brooklyn, NY	2.0	1.0	826	$3,950	$4.78	26d	1	0.67mi
2971 Shell Rd Unit 612 Brooklyn, NY	2.0	2.0	907	$4,150	$4.58	26d	1	0.67mi
2971 Shell Rd Unit 602 Brooklyn, NY	3.0	2.0	1301	$5,299	$4.07	26d	1	0.67mi
2971 Shell Rd Unit 720 Brooklyn, NY	2.0	2.0	920	$4,100	$4.46	26d	1	0.67mi
2971 Shell Rd Unit 711 Brooklyn, NY	2.0	2.0	907	$4,200	$4.63	26d	1	0.67mi
63 Bay 37th St Unit 1R Brooklyn, NY	2.0	1.0	900	$3,100	$3.44	26d	1	0.76mi
1515 Surf Ave Brooklyn, NY	1.0–2.0	1.0	706	$5,195	$7.35	0d	16	0.76mi
532 Neptune Ave Brooklyn, NY	1.0–3.0	1.0–2.0	948	$4,550	$4.80	0d	8	0.77mi
2286 Cropsey Ave Unit 9A Brooklyn, NY	2.0	2.0	889	$5,200	$5.85	20d	1	0.86mi
2286 Cropsey Ave Unit 13E Brooklyn, NY	2.0	2.0	948	$5,550	$5.85	20d	1	0.86mi
2286 Cropsey Ave Unit 6A Brooklyn, NY	2.0	2.0	889	$5,125	$5.76	26d	1	0.86mi
2286 Cropsey Ave Unit 7E Brooklyn, NY	2.0	2.0	948	$5,250	$5.54	20d	1	0.86mi
2286 Cropsey Ave Unit 8B Brooklyn, NY	2.0	2.0	889	$5,000	$5.62	20d	1	0.86mi
2286 Cropsey Ave Unit 18B Brooklyn, NY	2.0	2.0	889	$5,300	$5.96	20d	1	0.86mi
2538 E 2nd St Unit 2 Brooklyn, NY	3.0	1.0	1100	$2,600	$2.36	25d	1	0.89mi
3000 Ocean Pkwy Brooklyn, NY	2.0	2.0	1130	$3,775	$3.34	20d	2	1.07mi
2321 81st St Unit 1 Brooklyn, NY	3.0	1.0	1199	$2,499	$2.08	18d	1	1.13mi

HOA detail condo

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

Listing history 6 events

1. 2026-04-25
   listed $369,999 Active

   Show marketing remark (773 chars)

   Coastal City Living with Ocean ViewsSpacious 2-bedroom, 1-bath co-op offering approximately 1,000 sq. ft. of comfortable living space just minutes from Coney Island. This bright residence features a private balcony with panoramic Atlantic Ocean views, a generous living/dining area, and a functional layout ideal for everyday living. Interior includes a mix of carpet and laminate flooring, plus two well-sized bedrooms. Building amenities include on-site laundry and parking via waitlist. Monthly maintenance covers gas, electric, water, real estate taxes, building maintenance, snow removal, and garbage removal. Conveniently located near public transportation, shopping, dining, and neighborhood conveniences. A wonderful opportunity to enjoy coastal living in Brooklyn.

2. 2026-04-25
   listed $369,999 Active 773-char remark

   Show marketing remark (773 chars)

   Coastal City Living with Ocean ViewsSpacious 2-bedroom, 1-bath co-op offering approximately 1,000 sq. ft. of comfortable living space just minutes from Coney Island. This bright residence features a private balcony with panoramic Atlantic Ocean views, a generous living/dining area, and a functional layout ideal for everyday living. Interior includes a mix of carpet and laminate flooring, plus two well-sized bedrooms. Building amenities include on-site laundry and parking via waitlist. Monthly maintenance covers gas, electric, water, real estate taxes, building maintenance, snow removal, and garbage removal. Conveniently located near public transportation, shopping, dining, and neighborhood conveniences. A wonderful opportunity to enjoy coastal living in Brooklyn.

3. 2025-11-01
   price $364,999
4. 2025-11-01
   price $364,999
5. 2025-09-16
   price $374,999
6. 2025-09-15
   price $374,999

ⓘ 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: $48,908
• − Mortgage interest: −$20,726
• − Property taxes: −$5,550
• − Insurance: −$1,850
• − Repairs & maintenance: −$3,913
• − Management: −$3,913
• − HOA: −$11,736
• − Depreciation: −$10,764
• Taxable loss: −$9,543
• Est. tax savings @ 24.0%: +$2,290
• After-tax cash flow: $-1,492/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 2-bedroom, 1-bath condo requires moderate renovations to improve its condition and increase its value. The kitchen and bathroom are in poor condition and need major repairs, while the flooring and paint could use touch-ups. Upgrading these areas would significantly boost its resale and rental potential.

Repairs flagged

• Major kitchen cabinets — dated and in poor condition
• Major kitchen floor — dated linoleum
• Major bathroom fixtures — dated and small
• Major living room carpet — worn and outdated

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value
• Both bathroom renovation — modernizing the bathroom would increase both resale and rental value
• Both flooring replacement — replacing the carpet and linoleum with modern flooring would increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in poor condition	Major	$15,000–50,000
kitchen floor · dated linoleum	Major	$15,000–50,000
bathroom fixtures · dated and small	Major	$15,000–50,000
living room carpet · worn and outdated	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would increase both resale and rental value ↑
• Both bathroom renovation — modernizing the bathroom would increase both resale and rental value ↑
• Both flooring replacement — replacing the carpet and linoleum with modern flooring would increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-1.3% since first listed

6 events — show timeline

• 2026-04-25 Listed $369,999 BNYMLS
• 2026-04-25 Listed $369,999 RLS at REBNY
• 2025-11-01 Price Changed $364,999 BNYMLS
• 2025-11-01 Price Changed $364,999 RLS at REBNY
• 2025-09-16 Price Changed $374,999 BNYMLS
• 2025-09-15 Price Changed $374,999 RLS at REBNY