Renovated Two-Bedroom Residential Income
For Sale
$600,000
1494 OCEAN Avenue 2K, Brooklyn, NY 11230
Bright condominium residence with updated interiors, flexible room placement, and shared building amenities.
Property Size864 SF
Price / SF$694.44
Days on Market60
Property Features for 1494 OCEAN Avenue 2K
General Information
Standard status
Active
Size
864 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
restored lobby
common laundry room
common courtyard
resident superintendent
Building Details
Building Size
864 SF
Year Built
1922
Listing Agency:
Douglas Elliman Real Estate
(516) 238-3520
Listed By:
Jason Abrishami · License #10301216796
(516) 238-3520
Source:
Howardhannanyc
Added: Jun 18
Changed: Aug 13
Last Checked: Aug 15 at 11:51AM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
This renovated condominium residence at 1494 Ocean Avenue, Unit 2K, provides 864 square feet with two bedrooms and one bathroom. Positioned one flight above the lobby in a 1922 pre-war building, the home combines high ceilings, hardwood floors, abundant windows, and eastern and southern exposures. The layout includes a gallery entry, open living and dining areas, and a kitchen with white cabinetry, marble counters, stainless steel appliances, and an island. The bedrooms sit at opposite ends of the residence, while the windowed bathroom includes marble finishes.
Midwood Hall Condominium offers a restored lobby, common laundry room, common courtyard, and resident superintendent. The property is near the Avenue J Q train, Ocean Avenue, Touro University, Brooklyn College, and neighborhood shopping and dining. The Brooklyn, NY 11230 address places the residence within an established residential setting.
Midwood Hall Condominium offers a restored lobby, common laundry room, common courtyard, and resident superintendent. The property is near the Avenue J Q train, Ocean Avenue, Touro University, Brooklyn College, and neighborhood shopping and dining. The Brooklyn, NY 11230 address places the residence within an established residential setting.
Key Highlights
- 864‑square‑foot condominium residence with two bedrooms and one bathroom
- Renovated kitchen with marble countertops, stainless steel appliances, white cabinetry, and island
- Eastern and southern exposures, high ceilings, hardwood floors, and plentiful windows
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
$26,377
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
4.40%
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%
$527,540
$527.5K
Cap Rate 7%
$376,814
$376.8K
Cap Rate 9%
$293,078
$293.1K
Market Conditions
NOI Build-Up for 864 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
$48.9K $56.64/SF
− Vacancy
−$979 −$1.13/SF
EGI
$48.0K $55.51/SF
− OpEx
−$21.6K −$24.98/SF
NOI
$26.4K $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%
$527,540
Cap Rate 7%
$376,814
Cap Rate 9%
$293,078
Alternative Uses
Best Use
Apartment 5plus
$376.8K
$329.7K – $439.6K
NOI $26,377 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$715.4K
$626.0K – $834.6K
NOI $50,077 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,455
Businesses Nearby
Explore this area
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Bright condominium residence with updated interiors, flexible room placement, and shared building amenities.
Where is this residential income property located?
The property is located at 1494 OCEAN Avenue 2K Brooklyn, NY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 864‑square‑foot condominium residence with two bedrooms and one bathroom; Renovated kitchen with marble countertops, stainless steel appliances, white cabinetry, and island; Eastern and southern exposures, high ceilings, hardwood floors, and plentiful windows
