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Listing Courtesy of Corcoran Group
$1,200,000
Est. payment /mo
12 Beds
6 Baths
4,800 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,800 sqft
Price per Sqft $250
Subdivision Midwood
MLS Listing ID RLS20094956
Bedrooms 12
Full Baths 6
HOA Y/N No
Year Built 1924
Annual Tax Amount $24,048
Property Sub-Type Multi Family
Property 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 are occupied by a non-profit entity providing stable/consistent income. Current gross annual revenue is $158,076.
Ideally situated along Ocean Avenue, the property enjoys convenient access to neighborhood shopping, dining, community centers, and public transportation. Residents benefit from proximity to the B and Q at Kings Highway subway station (0.3 miles), providing direct connectivity to Manhattan and throughout Brooklyn. Midwood continues to attract tenants seeking a balance of neighborhood character, accessibility, and value, supporting strong long-term rental demand.
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 are occupied by a non-profit entity providing stable/consistent income. Current gross annual revenue is $158,076.
Ideally situated along Ocean Avenue, the property enjoys convenient access to neighborhood shopping, dining, community centers, and public transportation. Residents benefit from proximity to the B and Q at Kings Highway subway station (0.3 miles), providing direct connectivity to Manhattan and throughout Brooklyn. Midwood continues to attract tenants seeking a balance of neighborhood character, accessibility, and value, supporting strong long-term rental demand.
Location
State NY
County Kings
Rooms
Basement Other
Interior
Interior Features Smoke Free
Cooling Other
Fireplace No
Laundry In Unit
Exterior
View Y/N No
View Other
Porch None
Private Pool No
Building
Dwelling Type Townhouse
Story 3
New Construction No
Others
Pets Allowed Pets Allowed
Tax ID 06767-0065
Ownership None
Monthly Total Fees $2, 004
Special Listing Condition Standard
Pets Allowed Building Yes, No
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