Prime Multifamily in Flatbush
1033 Ocean Avenue, Brooklyn, NY
Closed 12/23/2015 at
$3,025,000 | $177 per SF
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The property, 1033 Ocean Avenue, is located on Ocean Avenue between Foster Avenue and Newkirk Avenue. This offering provides the opportunity to acquire a multifamily property on Ocean Avenue with well below market rents.
The four story brick building is 17,100 SF with 4,900/SF of air rights and is comprised of 16 rent stabilized units with 10 two bedrooms and 6 three-bedrooms units. The property has significant upside as the building rents average just $16/SF in a market where rents exceed $30/SF. The building is a few blocks from Brooklyn College and attracts students as well as families.
The property is also ideally located a few blocks from the Cortelyou Road and Flatbush Avenue retail corridors, which are lined with an attractive mix of boutique stores and restaurants as well as several national tenants and is just 5 blocks from the Newkirk Avenue B/Q Subway Station.
Flatbush housing varies in character from apartment buildings to Victorian-style houses and brownstones. The primary commercial strips are Flatbush Avenue, Church Avenue and Nostrand Avenue, with Coney Island Avenue emerging as a major strip. One can find Caribbean, Soul food, Chinese, Mexican and many other restaurants. Also serving the community are larger, national brands such as Old Navy, Rite-Aid, Stop & Shop, Staples and Target.