223 15th St · New York, NY 11215

$2,200,000

None bd · None ba · 5,684 sqft · MultiFamily · 362 Days on market

Built 1931 Fair condition 1,425 sqft lot $387/sqft · 47% below area Est $4.134M · 47% 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 +28.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +7.9/10.0
• Schools +6.1/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

223 15th Street – Opportunity in Park Slope 223 15th Street presents a rare chance to acquire a full-lot, four-story building in the heart of Park Slope, Brooklyn. The property is configured as 4 residential units, providing immediate flexibility for repositioning, renovation, or redevelopment. The building spans approximately 5,700 sq. ft. on a 20 ft × 71 ft lot within an R6B zoning district. Located just three blocks from Prospect Park and minutes from the F, G, and R subway lines, this address offers exceptional convenience and long-term rental demand. This is a short sale requiring an all-cash purchase.

Key facts

• Transit score 100
• Walk score 99
• R6b zoning district

Tags

• FULL-LOT LOFT BUILDING
• EXPANSIVE LOFT-STYLE RESIDENCE
• R6B ZONING DISTRICT
• STEPS TO SUBWAY LINES
• WALK SCORE 99
• TRANSIT SCORE 100

What this means for you Summary

Snapshot

• This is a multifamily listed at $2.20M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $7k ($87k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($28k rent vs $2.20M).
• Recommended offer: $1.94M (12.0% below list) — sets the bar for market timing.
• Cap rate 10.2% 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.
• Zoned schools: Magnet School of Math Science & Design Technology (math 72% / reading 87%, grade A, #188 of 2,108 statewide, top 11%, 829 students, 22% FRL); Ms 51 William Alexander (math 67% / reading 92%, grade A+, #32 of 729 statewide, top 5%, 1,026 students, 61% 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 (+5.7%/yr); 349 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 121d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 89% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $28,381/mo this rent would consume 183% of the median local household income ($186k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $235k of equity ($15k loan paydown + $220k appreciation (10.0% local appreciation)).
• Kings County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 5.7% rent growth), your $616k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$378k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 362 days — a 12% lower offer ($1.94M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,936,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 362 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.29% ✓
• Cap rate: 10.23%
• Cash-on-cash: 14.06%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (median comp): $4,133,938
• List price: $2,200,000
• Delta: -46.78%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1902 8th Ave	0.50mi	19/8.0	5,890 (+4%)	10mo	$850,000	$144	62
436 4th Ave	0.37mi	8/5.0	4,500 (-21%)	0mo	$3,000,000	$667	58
191 4th Ave	0.93mi	12/6.0	6,240 (+10%)	1mo	$3,750,000	$601	48
595 10th St	0.45mi	8/3.0	4,400 (-23%)	19mo	$3,425,000	$778	38
459 42nd St	1.40mi	24/8.0	6,668 (+17%)	5mo	$1,099,000	$165	36
—	1.20mi	4/5.5	4,565 (-20%)	30mo	$1,450,000	$318	20

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

Projected returns pro-forma

10.0% appreciation · 5.67% rent growth · sell at horizon

5-year hold

• IRR: 35.9%
• Equity multiple: 3.82×
• Total profit: $1,736,556
• Equity at exit: $1,981,934

10-year hold

• IRR: 31.9%
• Equity multiple: 9.00×
• Total profit: $4,930,184
• Equity at exit: $4,274,116

Cash invested: $616,000 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 22 active · 2 under contract
• Months of supply: 66.0 mo (2%/mo absorbed)
• Median asking: $4,800,000 ($969/sqft)
• Median days on market: 106 d
• This list price: 23% of active listings are priced below it
• ARV vs active asking: -25.0% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 11215

• Home prices YoY: 2.7%
• Rents YoY: 5.7%
• Active inventory: 349
• Price-to-rent: 25.8×

Monthly cashflow live

• Estimated rent: $28,381 medium
• Mortgage (P&I): −$11,537
• Tax est. 1.5%: −$2,750 /mo · $33,000/yr
• Insurance: −$917
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,960
• Net cashflow: $7,217

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	2	$28,380
Total (4 units)			$28,381

Break-even live

Break-even rent $19,245

Max offer price $2,200,000

Occupancy floor 70%

Sensitivity live

Price	-10% $8,738	-5% $7,977	+0% $7,217	+5% $6,457	+10% $5,697
Rent	-10% $4,975	-5% $6,096	+0% $7,217	+5% $8,338	+10% $9,459
Rate	-1.0pp $8,325	-0.5pp $7,777	base $7,217	+0.5pp $6,647	+1.0pp $6,067

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: $550,000
• Closing costs: $66,000
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
132 17th St Unit 5 Brooklyn, NY	3.0	1.0	850	$2,700	$3.18	120d	1	0.32mi
404 5th St Brooklyn, NY	4.0	2.0	660	$1,270	$1.92	64d	1	0.47mi
404 5th St Brooklyn, NY	4.0	2.0	—	$1,190	—	120d	1	0.47mi
566 7th St Unit 16L Brooklyn, NY	3.0	1.0	1000	$5,000	$5.00	35d	1	0.61mi
688 Union St Brooklyn, NY	4.0	1.0	605	$1,280	$2.12	12d	1	0.83mi
655 Union St #1846 Brooklyn, NY	1.0–2.0	1.0–2.0	727	$11,370	$15.63	0d	2	0.86mi
65 3rd Pl Brooklyn, NY	2.0	1.0	—	$4,850	—	120d	1	1.05mi
376 Columbia St Brooklyn, NY	2.0	1.0	—	$2,800	—	120d	1	1.27mi
138 Dwight St Unit 1 Brooklyn, NY	2.0	2.0	2700	$6,500	$2.41	120d	1	1.30mi
138 Dwight St Brooklyn, NY	2.0	2.0	—	$6,500	—	80d	1	1.30mi
132 Dwight St Unit 1 Brooklyn, NY	2.0	2.0	2700	$6,500	$2.41	120d	1	1.30mi
42 Dikeman St Brooklyn, NY	3.0	3.0	—	$6,500	—	120d	1	1.34mi
167 Bergen St Unit 167 Brooklyn, NY	3.0	1.5	1640	$14,500	$8.84	120d	1	1.35mi
172 Union St Unit 4L Brooklyn, NY	2.0	1.5	—	$6,980	—	120d	1	1.36mi
82 Visitation Pl Unit 2 Brooklyn, NY	3.0	2.0	1200	$6,750	$5.62	37d	1	1.39mi
82 Visitation Pl Brooklyn, NY	3.0	2.0	—	$6,750	—	90d	1	1.39mi
82 Visitation Pl Brooklyn, NY	3.0	2.0	—	$6,750	—	50d	1	1.39mi
101 Pioneer St Brooklyn, NY	2.0	2.0	—	$4,250	—	109d	1	1.40mi
3322 12th Ave Brooklyn, NY	2.0	1.0	—	$3,100	—	120d	1	1.45mi
98 Coffey St Brooklyn, NY	4.0	4.5	3976	$17,500	$4.40	0d	1	1.46mi
151 S Elliott Pl Brooklyn, NY	1.0–2.0	1.0–2.0	655	$6,770	$10.34	0d	2	1.49mi
374 Van Brunt St Brooklyn, NY	3.0	1.0	—	$3,600	—	83d	1	1.49mi

Property features AI

Exterior

• Parking: No carport
• Utilities: Public sewerUtilities: See remarks
• Home design: Quadruplex
• Construction: Brownstone construction
• Exterior features: Brownstone constructionNot waterfront

Interior

• Heating & cooling: Other heating
• Interior features: Other interior features

Listing history 50 events

1. 2026-09-06
   days on market $2,200,000 Active 362 DOM
2. 2026-09-04
   days on market $2,200,000 Active 361 DOM
3. 2026-08-31
   days on market $2,200,000 Active 357 DOM
4. 2026-08-29
   days on market $2,200,000 Active 355 DOM
5. 2026-08-28
   days on market $2,200,000 Active 354 DOM
6. 2026-08-27
   days on market $2,200,000 Active 353 DOM
7. 2026-08-25
   days on market $2,200,000 Active 351 DOM
8. 2026-08-24
   days on market $2,200,000 Active 350 DOM
9. 2026-08-23
   days on market $2,200,000 Active 349 DOM
10. 2026-08-22
    days on market $2,200,000 Active 348 DOM
11. 2026-08-21
    days on market $2,200,000 Active 347 DOM
12. 2026-08-20
    days on market $2,200,000 Active 346 DOM
13. 2026-08-19
    days on market $2,200,000 Active 345 DOM
14. 2026-08-17
    days on market $2,200,000 Active 343 DOM
15. 2026-08-16
    days on market $2,200,000 Active 342 DOM
16. 2026-08-15
    days on market $2,200,000 Active 340 DOM
17. 2026-08-11
    days on market $2,200,000 Active 337 DOM
18. 2026-08-10
    days on market $2,200,000 Active 336 DOM
19. 2026-08-09
    days on market $2,200,000 Active 335 DOM
20. 2026-08-06
    days on market $2,200,000 Active 332 DOM
21. 2026-08-05
    days on market $2,200,000 Active 331 DOM
22. 2026-08-04
    days on market $2,200,000 Active 330 DOM
23. 2026-08-03
    days on market $2,200,000 Active 329 DOM
24. 2026-07-31
    days on market $2,200,000 Active 326 DOM
25. 2026-07-30
    days on market $2,200,000 Active 325 DOM
26. 2026-07-30
    days on market $2,200,000 Active 324 DOM
27. 2026-07-26
    days on market $2,200,000 Active 321 DOM
28. 2026-07-24
    days on market $2,200,000 Active 319 DOM
29. 2026-07-23
    days on market $2,200,000 Active 318 DOM
30. 2026-07-22
    days on market $2,200,000 Active 317 DOM
31. 2026-07-21
    days on market $2,200,000 Active 316 DOM
32. 2026-07-20
    days on market $2,200,000 Active 315 DOM
33. 2026-07-18
    days on market $2,200,000 Active 313 DOM
34. 2026-07-16
    days on market $2,200,000 Active 311 DOM
35. 2026-07-14
    days on market $2,200,000 Active 309 DOM
36. 2026-07-14
    days on market $2,200,000 Active 308 DOM
37. 2026-07-11
    days on market $2,200,000 Active 306 DOM
38. 2026-07-10
    days on market $2,200,000 Active 305 DOM
39. 2026-07-09
    days on market $2,200,000 Active 304 DOM
40. 2026-07-07
    days on market $2,200,000 Active 302 DOM
41. 2026-07-06
    days on market $2,200,000 Active 301 DOM
42. 2026-07-05
    days on market $2,200,000 Active 299 DOM
43. 2026-07-03
    days on market $2,200,000 Active 298 DOM
44. 2026-07-02
    days on market $2,200,000 Active 297 DOM
45. 2026-07-01
    days on market $2,200,000 Active 296 DOM
46. 2026-06-30
    days on market $2,200,000 Active 295 DOM
47. 2026-06-29
    days on market $2,200,000 Active 294 DOM
48. 2026-06-28
    days on market $2,200,000 Active 293 DOM
49. 2026-06-27
    days on market $2,200,000 Active 292 DOM
50. 2026-06-26
    days on market $2,200,000 Active 291 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $340,572
• − Mortgage interest: −$123,234
• − Property taxes: −$33,000
• − Insurance: −$11,000
• − Repairs & maintenance: −$27,246
• − Management: −$27,246
• − Depreciation: −$64,000
• Taxable income: $54,846
• Est. tax owed @ 24.0%: −$13,163
• After-tax cash flow: $73,444/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 · 3 photos

Fair 45/100 Moderate rehab Est. rehab $142,100–$255,780 screening

The property is a multi-family building in need of moderate repairs and maintenance, including exterior paint, roof repair, HVAC and plumbing updates, window replacement, and landscaping improvements. The property has the potential to be a valuable investment with the right updates.

Repairs flagged

• Moderate exterior paint — The exterior paint appears to be in fair condition, with some visible wear and discoloration.
• Moderate roof — The roof appears to be in fair condition, with some visible wear.
• Moderate HVAC and plumbing systems — The building appears to be a multi-family structure, which may require HVAC and plumbing updates.
• Moderate windows — The presence of fire escapes suggests that the windows may be older and in need of replacement or maintenance.
• Moderate landscaping — The landscaping appears to be minimal, with some trees and a sidewalk visible. The curb appeal is average, with no significant landscaping features. The parking lot is visible and appears to be in fair condition.
• Moderate foundation and structure — No foundation or structure is visible in the photos, so their condition cannot be assessed. However, the building appears to be a multi-family structure, which may require structural assessments and updates.
• Moderate HVAC and plumbing systems — The building appears to be a multi-family structure, which may require HVAC and plumbing updates.

Value-add opportunities

• Both exterior paint — Fresh paint can improve the curb appeal and overall appearance of the property, making it more attractive to potential buyers or renters. ↑
• Both roof repair — A repaired roof can prevent water damage and extend the life of the building, making it more attractive to potential buyers or renters. ↑
• Both HVAC and plumbing systems — Upgraded HVAC and plumbing systems can improve the comfort and functionality of the property, making it more attractive to potential buyers or renters. ↑
• Both window replacement — Newer, energy-efficient windows can improve the energy efficiency of the property and reduce utility costs, making it more attractive to potential buyers or renters. ↑
• Both landscaping and curb appeal — A well-maintained and landscaped property can improve the curb appeal and overall appearance of the property, making it more attractive to potential buyers or renters. ↑
• Both foundation and structure assessment — A thorough assessment of the foundation and structure can ensure the property is safe and structurally sound, making it more attractive to potential buyers or renters. ↑
• Both HVAC and plumbing systems — Upgraded HVAC and plumbing systems can improve the comfort and functionality of the property, making it more attractive to potential buyers or renters. ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

C Composite school gradezoned avg 61/100

Zoned Schools

Elementary Magnet School Of Math Science & Design Technology A NY #188/2,108 Nat'l #1,230/41,679 Middle Ms 247 Dual Language Middle School F NY #602/729 Nat'l #10,442/14,009 High Astor Collegiate Academy A- NY #518/1,100 Nat'l #1,121/17,239

Schools (NCES district)

No district data.

B Composite livability gradescore 75/100

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 · 2,847,441 people
• City population: 7,731,280
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• Population (ZIP): 70,441
• Household income: $185,865
• Rent vs Own: 57.7% rent · 42.3% own
• Severe rent burden: 8% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 15% Two or more races 11% Asian 9% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 5% Scotch-Irish 5% Italian 3%
• Foreign-born: 18% · Canada, China, Jamaica
• Languages at home: 76% English-only · Spanish 9% Other Indo-European 4% Chinese 2%

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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: ▲ 11.03%
• Current HPI: 417.4151
• Rent YoY: ▲ 5.67%
• Metro: New York-Newark-Jersey City, NY-NJ-PA
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

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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

Property features AI

Exterior

• Parking: No carport
• Utilities: Public sewerUtilities: See remarks
• Home design: Quadruplex
• Construction: Brownstone construction
• Exterior features: Brownstone constructionNot waterfront

Interior

• Heating & cooling: Other heating
• Interior features: Other interior features

Price history

1 event — show timeline

• 2025-09-08 Listed $2,200,000 OneKey® MLS as Distributed by MLS Grid