Renovated Residential Income
For Sale
$685,000
1111 Ocean Avenue 601, Brooklyn, NY 11230
Renovated one-bedroom residence in an elevator co-op with in-unit laundry, fitness amenities, and private parking availability.
Property Size931 SF
Price / SF$735.77
Days on Market18
Property Features for 1111 Ocean Avenue 601
General Information
Standard status
Active
Size
931 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Amenities
fitness center
bike storage
package receiving
in-unit laundry
Building Details
Building Size
931 SF
Year Built
1954
Listing Agency:
Compass
Listed By:
Matthew Pucker
(917) 981-1107
Source:
Carlinwright
Added: Sep 14
Changed: Sep 29
Last Checked: Sep 30 at 5:49PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
This renovated one-bedroom, one-bath residence is located in a mid-century cooperative building completed in 1954. The home features an open layout, north and east exposures, in-unit laundry, ample storage, custom cabinetry, recessed lighting, premium hardware, and wide-plank oak flooring. The residence measures 682 in property size as reported, with photos representing a model unit’s fixtures and finishes.
Building amenities include an elevator, fitness center, bike storage, package receiving, pet-friendly policies, and private parking available for purchase. The property is positioned in Ditmas Park near Prospect Park, transportation, recreation, restaurants, bars, and shops. This sponsor sale has no purchasing restrictions or board application process. Complete offering terms are provided in the sponsor’s offering plan, File No. C870154.
Building amenities include an elevator, fitness center, bike storage, package receiving, pet-friendly policies, and private parking available for purchase. The property is positioned in Ditmas Park near Prospect Park, transportation, recreation, restaurants, bars, and shops. This sponsor sale has no purchasing restrictions or board application process. Complete offering terms are provided in the sponsor’s offering plan, File No. C870154.
Key Highlights
- Renovated 1‑bed, 1‑bath residence in a 1954 cooperative building
- Open layout with north and east exposures
- In‑unit laundry, ample storage, custom cabinetry, and wide‑plank oak floors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,422
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$568,440
$568.4K
Cap Rate 7%
$406,029
$406.0K
Cap Rate 9%
$315,800
$315.8K
Market Conditions
NOI Build-Up for 931 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$52.7K $56.64/SF
− Vacancy
−$1.1K −$1.13/SF
EGI
$51.7K $55.51/SF
− OpEx
−$23.3K −$24.98/SF
NOI
$28.4K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$568,440
Cap Rate 7%
$406,029
Cap Rate 9%
$315,800
Alternative Uses
Best Use
Apartment 5plus
$406.0K
$355.3K – $473.7K
NOI $28,422 @ 7.0% cap · market cap 4.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$770.9K
$674.5K – $899.4K
NOI $53,961 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,740
Businesses Nearby
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Business Placement
Demographics for 11230, NY
91,391
Population
34,269
Households
2.7
Avg Household Size
35
Median Age
44%
College-Educated
82%
High-School Grad
1.8 sq mi
ZIP Area
50,773
Density / Sq Mi
$69,522
Median Household Income
$43,135
Median Earnings
$1,734
Median Rent
$863,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated one-bedroom residence in an elevator co-op with in-unit laundry, fitness amenities, and private parking availability.
Where is this residential income property located?
The property is located at 1111 Ocean Avenue 601 Brooklyn, NY.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Renovated 1‑bed, 1‑bath residence in a 1954 cooperative building; Open layout with north and east exposures; In‑unit laundry, ample storage, custom cabinetry, and wide‑plank oak floors
