115 Ocean View Ave · New York, NY 11235

$1,229,000

20 bd · 12.0 ba · 2,600 sqft · MultiFamily public records · 425 Days on market

Built 1932 2,700 sqft lot

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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 +26.0/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +7.0/10.0
• 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

Multi-family units

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

Listing remarks

This well-maintained, free market four family home is ideally situated right off Ocean parkway. It features spacious 1, 2 and 3 bedroom units with smart layouts and outdoor space. Its prime location adds significant appeal, value and represents an exceptional opportunity. With its recent updates and versatile layout, it offers a perfect combination whether you’re looking for a beautiful home for your family and/or a profitable investment.

Key facts

• Recent updates
• Versatile layout
• Outdoor space

Tags

• FREE MARKET FOUR FAMILY HOME
• PRIME LOCATION
• RECENT UPDATES
• OUTDOOR SPACE
• VERSATILE LAYOUT

Property features AI

Finance

• Other: Three-unit multi-family building (3 units total); Building amenities: none listed
• Financial info: Financing options listed: bank mortgage or cash

Exterior

• Parking: Shared driveway; One assigned parking space
• Utilities: Hot water: gas; Heating fuel: gas; Electric: 110V
• Home design: Detached building; Residential property; Flat roof; Building footprint approximately 65 x 20 ft
• Construction: Brick construction; Other type foundation
• Exterior features: Front yard; Back yard

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: Three separate units: one 3-bedroom unit, one 2-bedroom unit, and one 1-bedroom unit
• Flooring: Hardwood floors; Tile floors; Ceramic floors
• Bathrooms: Three full bathrooms total in the building; Unit breakdown: 3-bed unit has 2 full baths; 2-bed unit has 1 full bath; 1-bed unit has 1 full bath
• Heating & cooling: Gas-fired heating; Baseboard heat; 110V electric service
• Interior features: Central air unit listed (A/C Unit); Porch; Finished full basement with separate entrance; Refrigerator; Stove
• Laundry & utility: No specific washer/dryer listed

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/3.0-bath units multifamily listed at $1.23M.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $654/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.23M).
• Recommended offer: $1.08M (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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.
• Market conditions: Rents rising fast (+5.0%/yr); 524 active listings in the ZIP; 10,063 units permitted in Kings County in 2024 (9,789 in 5+ unit buildings).
• At $14,788/mo this rent would consume 297% 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 $8k of loan paydown is wiped out by about $37k 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 + 5.0% rent growth), your $344k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 425 days — a 12% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1932 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $1,081,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 425 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 1932 — 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: 1.20% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.61%
• DSCR: 1.47
• GRM: 6.9

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: -0.1%
• Equity multiple: 1.00×
• Total profit: $-989
• Equity at exit: $183,248

10-year hold

• IRR: 11.7%
• Equity multiple: 2.01×
• Total profit: $348,524
• Equity at exit: $106,261

Cash invested: $344,120 (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: 27.7×

Monthly cashflow live

• Estimated rent: $14,788 medium
• Mortgage (P&I): −$6,445
• Tax from tax record: −$1,683 /mo · $20,194/yr
• Insurance: −$512
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,105
• Net cashflow: $2,616

Break-even live

Break-even rent $11,477

Max offer price $1,229,000

Occupancy floor 77%

Sensitivity live

Price	-10% $3,312	-5% $2,964	+0% $2,616	+5% $2,268	+10% $1,920
Rent	-10% $1,448	-5% $2,032	+0% $2,616	+5% $3,200	+10% $3,784
Rate	-1.0pp $3,235	-0.5pp $2,929	base $2,616	+0.5pp $2,298	+1.0pp $1,974

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	3	$14,788
Total (4 units)			$14,788

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: $307,250
• Closing costs: $36,870
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $1,229,000 Active 425 DOM
2. 2026-06-18
   days on market $1,229,000 Active 422 DOM
3. 2026-06-17
   days on market $1,229,000 Active 421 DOM
4. 2026-06-15
   days on market $1,229,000 Active 419 DOM
5. 2026-06-13
   days on market $1,229,000 Active 417 DOM
6. 2026-06-10
   days on market $1,229,000 Active 413 DOM
7. 2026-06-08
   days on market $1,229,000 Active 412 DOM
8. 2026-06-03
   days on market $1,229,000 Active 407 DOM
9. 2026-06-01
   days on market $1,229,000 Active 405 DOM
10. 2026-05-31
    days on market $1,229,000 Active 404 DOM
11. 2025-06-20
    price $1,229,000
12. 2025-04-23
    price $1,345,000
13. 2025-04-22
    listed $1,245,000 Active
14. 2025-02-14
    price $1,350,000
15. 2023-02-27
    soldstatus $1,150,000
16. 2021-07-15
    price $1,399,000
17. 1985-07-25
    soldstatus $160,000

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $20,194 · $1,683/mo
• Projected year-2 tax: $20,482 · $1,707/mo
• Expected delta: +$288/yr (+$24/mo · 1.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 80% 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: $177,456
• − Mortgage interest: −$68,843
• − Property taxes: −$20,194
• − Insurance: −$11,264
• − Repairs & maintenance: −$14,196
• − Management: −$14,196
• − Depreciation: −$35,753
• Taxable income: $13,010
• Est. tax owed @ 24.0%: −$3,122
• After-tax cash flow: $28,270/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

+668.1% since first listed

7 events — show timeline

• 2025-06-20 Price Changed $1,229,000 BNYMLS
• 2025-04-23 Price Changed $1,345,000 BNYMLS
• 2025-04-22 Listed $1,245,000 BNYMLS
• 2025-02-14 Price Changed $1,350,000 BNYMLS
• 2023-02-27 Sold (Public Records) $1,150,000 Public Records
• 2021-07-15 Price Changed $1,399,000 BNYMLS
• 1985-07-25 Sold (Public Records) $160,000 Public Records

Property tax history

+5.1%/yr

Latest (2025): $20,194 · -1.0% YoY. Source: county tax records.