816 Ocean Ave Brooklyn, NY 11226
- Apartment buildings
- 32,385 SF
- 0.14 lot acres
Current Use by Public Records
- 816 Ocean LLC / Property Management Company
Property Details for 816 Ocean Ave
- Year built
- 1941
- Lot size
- 0.14 lot acres
- Property size
- 32,385 SF
- Zone code
- R7A
- Property type
- Apartment buildings
- APN
- 05162-0020
- APU
- 51620020
Description
This exceptional value-add multifamily investment opportunity encompasses eight buildings totaling 387 residential units, situated in the desirable Prospect Park South neighborhood of Brooklyn, NY. The portfolio boasts approximately 411,892 gross square feet across a combined lot size of 117,409 square feet. The buildings, ranging from four to forty stories, are zoned R7A & R7-1, offering significant potential for future development and revenue growth. A recent 610 amendment to the existing regulatory agreement unlocks substantial opportunities for increased income. The property benefits from an Article XI tax abatement with a 1% GRT extending until March 31, 2050. Convenient access to public transportation is a key advantage, with multiple subway (B & Q lines) and bus (B35) routes nearby. The unit mix is diverse, including 33 studios, 154 one-bedrooms, 121 two-bedrooms, 56 three-bedrooms, 14 four-bedrooms, and 9 five-bedrooms. The portfolio includes accretive assumable long-term debt, featuring a $66 million senior mortgage at a 4.20% interest rate and a $7.3 million subordinate mortgage at a 3.49% interest rate, both maturing in 2041. The properties are strategically located within a half-mile radius, simplifying management and maximizing operational efficiency. This is a rare chance to acquire a substantial, well-positioned multifamily portfolio in a thriving Brooklyn neighborhood. The addresses included are 816, 682, 672, and 666 Ocean Avenue, 280 East 21st Street, 95 and 91 East 18th Street, and 221 Linden Boulevard, all in Brooklyn, NY 11226.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $8,305,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $9,235,000
- 6.5%
- $7,955,000
- 7%
- $8,515,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $9,210,000
- Geo Method
- $7,020,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $8,450,000
- Retail
- $7,980,000
- Mixed-Use
- $7,890,000
- Hospitality
- $7,780,000
- Educational
- $8,145,000
- Residential Income
- $6,985,000
- Energy
- $7,155,000
- Income-Based Land
- $9,550,000
- Food Service
- $9,625,000
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.96
- Latitude
- 40.6426
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
