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    1470 Ocean Ave Brooklyn, NY 11230

    Sponsored
    For Sale
    $3,994,990

    Brooklyn Multifamily Redevelopment

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional redevelopment opportunity in Brooklyn, NY, presents two three-story multi-family buildings totaling six units on a spacious 50x125 foot lot. Located on Ocean Avenue off Avenue J, the property boasts R7A zoning, allowing for transformative development, and includes an additional 6,000 square feet of air rights. The existing buildings, situated on a lot with a private driveway and garage, offer immediate income potential while the R7A zoning unlocks significant upside through new construction or substantial renovations. The asking price is $3,994,990, representing a compelling investment in a prime Brooklyn location with exceptional development potential and significant value appreciation prospects. This package deal includes the land and buildings, along with the valuable air rights, creating a rare opportunity to acquire a premier residential development site in a highly desirable area. The property's size and zoning regulations provide flexibility for a variety of development scenarios, catering to the growing demand for luxury living in this vibrant Brooklyn neighborhood. This is a unique chance to capitalize on the strong real estate market and create a high-value residential project.

    Property Features for 1470 Ocean Ave

    General Information

    Property type
    Multifamily properties

    Building Details

    Buildings
    2
    Stories
    3
    Units
    6

    HighLights

    • Prime Brooklyn location on Ocean Avenue off Avenue J.
    • Exceptional redevelopment opportunity with R7A zoning and 6,000 sq ft air rights.
    • Six‑unit multi‑family property on a 50x125 ft lot with private driveway and garage.
    • $3,994,990 asking price offering significant value appreciation potential.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.956445311565
    Latitude
    40.62608158073

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    FAQs

    What type of property is this?
    Multifamily property - Brooklyn Multifamily Redevelopment
    Where is this multifamily property located?
    The property is located at 1470 Ocean Ave Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $3,994,990.
    What are key features of this property?
    This property features: Prime Brooklyn location on Ocean Avenue off Avenue J.; Exceptional redevelopment opportunity with R7A zoning and 6,000 sq ft air rights.; Six-unit multi-family property on a 50x125 ft lot with private driveway and garage.
    Request Owner's contact information
    1470 Ocean Ave Brooklyn, NY 11230
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    Brooklyn, NY 11230
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1470 Ocean Ave Brooklyn, NY 11230
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