Residential Income Property with
For Sale
$865,000
1138 OCEAN Avenue 8G, Brooklyn, NY 11230
Top-floor two-bedroom residence with multiple private terraces, deeded garage parking, and full-service condominium amenities.
Property Size899 SF
Price / SF$962.18
Days on Market60
Property Features for 1138 OCEAN Avenue 8G
General Information
Standard status
Active
Size
899 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$144
Amenities
private terrace
in-unit washer/dryer
fitness center
resident lounge
playroom
landscaped courtyard
doorman
superintendent
pet-friendly
Building Details
Building Size
899 SF
Year Built
2007
Listing Agency:
Corcoran Group
Listed By:
Laurie M Savino · License #10301220735 (NY)
(718) 309-4054
Source:
Miradorrealestate
Added: Aug 28
Changed: Oct 25
Last Checked: Oct 24 at 11:11PM
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 Corcoran Group
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Investment Insights
Based on property information with market context.
This top-floor two-bedroom residence at The Waterfalls condominium combines an open living and dining area with private outdoor access from each room. A wraparound terrace serves both bedrooms, while a separate terrace extends from the living room. The kitchen includes a prep island, stainless steel appliances, and a dishwasher; a custom closet and in-unit washer/dryer add functional storage and convenience. Multiple exposures bring natural light into the home, and there is no residence above it.
Deeded parking is included in the underground garage. Building amenities include a part-time doorman from 8am-8pm, live-in resident superintendent, fitness center, resident lounge, landscaped courtyard, and playroom. The property is pet-friendly and carries a 421a tax abatement. Q train access is available at Cortelyou Road, Beverley Road, and Newkirk Plaza, with Prospect Park and the Cortelyou Road retail corridor nearby.
Deeded parking is included in the underground garage. Building amenities include a part-time doorman from 8am-8pm, live-in resident superintendent, fitness center, resident lounge, landscaped courtyard, and playroom. The property is pet-friendly and carries a 421a tax abatement. Q train access is available at Cortelyou Road, Beverley Road, and Newkirk Plaza, with Prospect Park and the Cortelyou Road retail corridor nearby.
Key Highlights
- Top‑floor two‑bedroom residence with 899 square feet
- Wraparound terrace serving both bedrooms plus a separate living‑room terrace
- Private outdoor access from every room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,446
Cap Rate
3.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$548,920
$548.9K
Cap Rate 7%
$392,086
$392.1K
Cap Rate 9%
$304,956
$305.0K
Market Conditions
NOI Build-Up for 899 SF
Gross rent
$50.9K $56.64/SF
− Vacancy
−$1.0K −$1.13/SF
EGI
$49.9K $55.51/SF
− OpEx
−$22.5K −$24.98/SF
NOI
$27.4K $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 Rate 5%
$548,920
Cap Rate 7%
$392,086
Cap Rate 9%
$304,956
Alternative Uses
Best Use
Apartment 5plus
$392.1K
$343.1K – $457.4K
NOI $27,446 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$744.4K
$651.3K – $868.4K
NOI $52,106 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
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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 - Top-floor two-bedroom residence with multiple private terraces, deeded garage parking, and full-service condominium amenities.
Where is this residential income property located?
The property is located at 1138 OCEAN Avenue 8G Brooklyn, NY.
What is the asking price?
The asking price for this property is $865,000.
What are key features of this property?
This property features: Top‑floor two‑bedroom residence with 899 square feet; Wraparound terrace serving both bedrooms plus a separate living‑room terrace; Private outdoor access from every room
