540 Ocean Ave, Brooklyn, NY 11226
40 Unit Apartment Building | $4,600,000 ($115,000/Unit) | 7.79% Cap Rate | Brooklyn, NY 11226
For Sale
Active
Asking Price $4,600,000
- Property Type
-
Multifamily
- Square Feet
- 46,452 SF
Listing Contacts
Rami Avadi
Property Overview
540 Ocean Avenue comprises 40 units throughout four buildings: 534, 536, 538, and 540 Ocean Avenue. This rent-stabilized property holds great potential with available vacancies and potential rent increases
Situated on a 140x155 ft lot, the courtyard hosts four buildings all four stories high. With a zoning status of R7A, these walk-up buildings have no elevators or laundry facilities. The residential FAR is 4, allowing for a maximum usable floor area of 79,916 ft, of which only 46,551 ft is currently utilized, leaving an additional 33,365 ft of air rights.The well-maintained buildings have seen various improvements, and out of the 40 stabilized units, 12 offer high rents (well over 2K) with the potential for further growth. Additionally, there is untapped potential to raise tenants' rents to their full legal amounts.
Situated on a 140x155 ft lot, the courtyard hosts four buildings all four stories high. With a zoning status of R7A, these walk-up buildings have no elevators or laundry facilities. The residential FAR is 4, allowing for a maximum usable floor area of 79,916 ft, of which only 46,551 ft is currently utilized, leaving an additional 33,365 ft of air rights.The well-maintained buildings have seen various improvements, and out of the 40 stabilized units, 12 offer high rents (well over 2K) with the potential for further growth. Additionally, there is untapped potential to raise tenants' rents to their full legal amounts.
Property Details
- Class
- C
- Year Built
- 1914
- Stories
- 4
- Lot Size (sq. ft)
- 21,780 SF
- Units
- 40
Highlights
- Additional 33,365 ft of air rights.
- 9 Minute walk to Prospect Park
- Basement- Installed fireproof sheetrock throughout the basement ceiling
- Major roof work 8/2016
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