Description
The Forray Team at The Corcoran Group is pleased to exclusively represent 2057 Ocean Avenue, a six-unit multifamily masonry building offering strong cash flow, and an attractive entry point into one of Brooklyn's most established residential neighborhoods. Located in the heart of Midwood, this income producing property presents a compelling opportunity for investors seeking immediate yield with attractive price point. At the asking price of $1,200,000, the opportunity of an attractive 8.39% CAP Rate is unheard of it in this market.
Constructed in 1925, the building contains approximately 4,800SF above grade in addition to 1,500SF full height basement. The building size is 25 x 75FT sitting on a 25 ft 110FT Lot totaling approx. 2,750 Lot SF. Zoned R7A, the asset benefits from an as-built FAR of approximately 1.75 and an allowable FAR of 4.0, providing an estimated 6,200SF of additional buildable area and a total potential buildable area of approximately 11,000SF creating meaningful future long-term redevelopment/expansion opportunities. Annual RE taxes are currently $24,047 with Tax Class 2A.
The layout consists of six (6) residential apartments, each consisting of a two-bedroom, one-bathroom layout. Several units
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Property Details
- Multi Family
Amenities
- Cooling: Other
- Pets: Building Yes, No
- Smoke Free
- View: Other
The Neighborhood
Midwood is more steeped in tradition than most of Brooklyn and perhaps that’s because Hipsters haven’t found their way to this quiet, south-central Brooklyn neighborhood where the cafes serve cream-filled pastries dusted with powdered sugar, not single-origin, organic coffee.
The area takes pride in being mostly residential. The streets are tree-lined and basketball hoops hang above garages. Because Midwood doesn’t fall under any landmarks or historic zoning, the architecture varies drastically. Within Midwood, there is Midwood Manor, an area with some of the most beautiful and lavish houses in all of Brooklyn. Coney Island Avenue is Midwood’s main artery and is lined with everything from gas stations to department stores. Hot Spots include: Di Fara Pizza, Ostrovitsky’s, Taste of Georgia, and Taci’s Beyti.
