280 Atlantic Ave #240 · East Rockaway, NY 11518

$265,000

1 bd · 1.0 ba · 905 sqft · Condo · 30 Days on market

Built 1961

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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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +5.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Priced To Sell Will Not Last Great Location, Great & Desireable Building. Newer Lobby. Laundry And Garbage Chute On Each Floor. Newer Gym. Storage Unit With This Apartment. Near All Transportation, Shopping, Parks, Library, & More. Mt Does Not Reflect Star., Additional information: Appearance:Excellent

Key facts

• Bike room
• Fully equipped gym
• Community room

Tags

• ELEVATOR BUILDING
• LARGE PRIMARY BEDROOM
• DEDICATED DINING AREA
• FULLY EQUIPPED GYM
• COMMUNITY ROOM
• BIKE ROOM

Property features AI

Finance

• HOA & community: Fitness center in the community; No dogs allowed

Exterior

• Parking: Garage; On-street parking; Parking lot
• Utilities: Electric service by PSEG; Public sewer; Cable available; Electricity connected; Natural gas connected; Sewer connected; Water connected
• Home design: Stock cooperative; One-level unit within a 3-story building; Entry on level 2
• Construction: Brick construction
• Exterior features: Brick exterior; Not waterfront

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: Located on second floor
• Flooring: Carpet; Combination flooring; Wood
• Bathrooms: 1 full bathroom
• Heating & cooling: Natural gas heating
• Interior features: First-floor bedroom; First-floor full bath; Elevator; Entrance foyer; Storage; Home office; No basement
• Laundry & utility: Common-area laundry; On-site laundry room

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $265k.

Deal economics

• At list price, monthly cash flow is $607 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Recommended offer: $261k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.0% in East Rockaway — 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 84/100 on livability (#47 in NY, #741 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• East Rockaway Union Free School District (suburban): math 61% / reading 67% proficiency, ranked #165 of 590 in NY (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Centre Avenue Elementary School (math 57% / reading 67%, grade B, #675 of 2,108 statewide, top 35%, 256 students, 0% FRL); East Rockaway Junior-Senior High School (math 77% / reading 67%, grade B+, #677 of 1,100 statewide, top 63%, 583 students, 0% FRL) — zoned schools average 0% FRL vs 20% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 92 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 824 units permitted in Nassau County in 2024 (153 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Nassau County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago 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.
• Current owner paid $176k; list at $265k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 71% 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 $261,025 (1.5% below list)

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.81%
• DSCR: 1.44
• GRM: 7.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-4,241
• Equity at exit: $39,512

10-year hold

• IRR: 8.2%
• Equity multiple: 1.62×
• Total profit: $46,268
• Equity at exit: $22,912

Cash invested: $74,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 11518

• Active inventory: 92
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $3,086 high
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$648
• Net cashflow: $607

Break-even live

Break-even rent $2,318

Max offer price $265,000

Occupancy floor 75%

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24 Doxsey Pl Unit 3 Lynbrook, NY	2.0	1.0	900	$3,300	$3.67	24d	1	0.36mi
112 Atlantic Ave Apt 71 Lynbrook, NY	2.0	1.0	760	$3,000	$3.95	13d	1	0.43mi
111 S Centre Ave Apt 1SS Rockville Centre, NY	2.0	1.0	950	$3,250	$3.42	4d	1	0.88mi
318 Earle Ave Unit 2 Lynbrook, NY	1.0	1.0	600	$2,500	$4.17	24d	1	0.91mi
157 Hempstead Ave Unit B6 Lynbrook, NY	1.0	1.0	700	$2,700	$3.86	24d	1	1.00mi
65 Prospect Ave Apt 15W Lynbrook, NY	2.0	2.0	1060	$3,680	$3.47	22d	1	1.02mi
65 Prospect Ave Unit 2W Lynbrook, NY	1.0	1.0	800	$3,055	$3.82	43d	1	1.02mi
80 N Centre Ave Rockville Centre, NY	3.0	1.0–3.5	1254	$3,962	$3.16	1d	1	1.06mi
8 Roswell Ave Oceanside, NY	2.0	1.5	741	$3,100	$4.18	24d	1	1.20mi
45 Grand Ave Rockville Centre, NY	2.0	1.0	800	$3,000	$3.75	24d	1	1.39mi
55 Grand Ave Apt 2A Rockville Centre, NY	2.0	1.0	875	$3,000	$3.43	4d	1	1.40mi
8 Winthrop St Unit 2 Lynbrook, NY	1.0	1.0	600	$2,100	$3.50	43d	1	1.48mi
22 N Forest Ave Unit 3E Rockville Centre, NY	1.0	1.0	800	$2,500	$3.12	24d	1	1.48mi
67 N Prospect Ave Unit 16C Lynbrook, NY	1.0	1.0	785	$3,030	$3.86	18d	1	1.49mi

HOA detail condo

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

Listing history 26 events

1. 2026-06-18
   days on market $265,000 Active 30 DOM
2. 2026-06-17
   days on market $265,000 Active 29 DOM
3. 2026-06-16
   days on market $265,000 Active 28 DOM
4. 2026-06-15
   price $265,000 Active 27 DOM
5. 2026-06-15
   days on market $270,000 Active 27 DOM
6. 2026-06-13
   days on market $270,000 Active 25 DOM
7. 2026-06-09
   days on market $270,000 Active 21 DOM
8. 2026-06-08
   days on market $270,000 Active 20 DOM
9. 2026-06-07
   days on market $270,000 Active 19 DOM
10. 2026-06-04
    days on market $270,000 Active 16 DOM
11. 2026-06-03
    days on market $270,000 Active 15 DOM
12. 2026-06-02
    days on market $270,000 Active 14 DOM
13. 2026-06-01
    days on market $270,000 Active 13 DOM
14. 2026-05-31
    days on market $270,000 Active 12 DOM
15. 2026-05-18
    listed $270,000 Active
16. 2021-02-27
    historical
17. 2020-11-14
    price $239,000
18. 2020-07-29
    price $259,000
19. 2020-07-05
    price $265,000
20. 2020-06-19
    listed $279,000 Active
21. 2016-11-22
    soldstatus $176,000 317-char remark

    Show marketing remark (317 chars)

    Priced To Sell Will Not Last Great Location, Great & Desireable Building. Newer Lobby. Laundry And Garbage Chute On Each Floor. Newer Gym. Storage Unit With This Apartment. Near All Transportation, Shopping, Parks, Library, & More. Mt Does Not Reflect Star., Additional information: Appearance:Excellent

22. 2016-11-22
    soldstatus $176,000 Closed

    Show marketing remark (317 chars)

    Priced To Sell Will Not Last Great Location, Great & Desireable Building. Newer Lobby. Laundry And Garbage Chute On Each Floor. Newer Gym. Storage Unit With This Apartment. Near All Transportation, Shopping, Parks, Library, & More. Mt Does Not Reflect Star., Additional information: Appearance:Excellent

23. 2016-09-10
    status Under Contract
24. 2016-08-19
    price $179,999
25. 2016-07-15
    listed $189,999 New

    Show marketing remark (317 chars)

    Priced To Sell Will Not Last Great Location, Great & Desireable Building. Newer Lobby. Laundry And Garbage Chute On Each Floor. Newer Gym. Storage Unit With This Apartment. Near All Transportation, Shopping, Parks, Library, & More. Mt Does Not Reflect Star., Additional information: Appearance:Excellent

26. 2016-07-15
    listed $179,999 317-char remark

    Show marketing remark (317 chars)

    Priced To Sell Will Not Last Great Location, Great & Desireable Building. Newer Lobby. Laundry And Garbage Chute On Each Floor. Newer Gym. Storage Unit With This Apartment. Near All Transportation, Shopping, Parks, Library, & More. Mt Does Not Reflect Star., Additional information: Appearance:Excellent

ⓘ 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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,037
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,963
• − Management: −$2,963
• − Depreciation: −$7,709
• Taxable income: $3,258
• Est. tax owed @ 24.0%: −$782
• After-tax cash flow: $6,501/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)

• District: East Rockaway Union Free School District
• NCES district ID: 3609960
• Math proficiency: 61% ▲ 1.00%
• Reading proficiency: 67% ▲ 10.00%
• Median HH income: $82,326
• Composite: 57.47/100
• National rank: #1072
• State rank: #165 of 590 in NY

Livability — East Rockaway

• Score: 84/100
• State rank: #47
• US rank: #741

Category grades

Amenities A+ Commute A+ Cost of living F Crime A+ Employment A+ Housing B Health & safety A User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Rockaway, NY
• City population: 10,390
• Population (ZIP): 10,390

Population outlook (Nassau County) Hauer SSP2

• Today (2025): 1,409,302 people
• By 2030: 1,431,482 · +1.6%
• By 2040: 1,471,607 · +4.4%
• By 2050: 1,502,845 · +6.6%
• By 2075: 1,575,403 · +11.8%
• By 2100: 1,554,356 · +10.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 6% Black 4% Asian 3%
• Hispanic origin (detail): Puerto Rican 2% Cuban 1% Dominican 3%
• Common ancestry: Romanian 6% Scotch-Irish 4% Italian 1%
• Foreign-born: 14% · Canada, China, Jamaica
• Languages at home: 83% English-only · Spanish 11% Chinese 2% Other Indo-European 2%

Political lean MEDSL · Nassau

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -12.6pp toward R · 2008: 8.4pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: D+9.5 2016: D+5.3 2012: D+6.7 2008: D+8.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -573.27%
• Current HPI: 296.296
• Rent YoY: —
• Metro: —
• 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

+50.0% since first listed

12 events — show timeline

• 2026-05-18 Listed $270,000 OneKey® MLS as Distributed by MLS Grid
• 2021-02-27 Listing Removed — OneKey® MLS as Distributed by MLS Grid
• 2020-11-14 Price Changed $239,000 OneKey® MLS as Distributed by MLS Grid
• 2020-07-29 Price Changed $259,000 OneKey® MLS as Distributed by MLS Grid
• 2020-07-05 Price Changed $265,000 OneKey® MLS as Distributed by MLS Grid
• 2020-06-19 Listed $279,000 OneKey® MLS as Distributed by MLS Grid
• 2016-11-22 Sold (MLS) $176,000 OneKey® MLS as Distributed by MLS Grid
• 2016-11-22 Sold (MLS) $176,000 MLSLI
• 2016-09-10 Pending — MLSLI
• 2016-08-19 Price Changed $179,999 MLSLI
• 2016-07-15 Listed $189,999 MLSLI
• 2016-07-15 Listed $179,999 OneKey® MLS as Distributed by MLS Grid