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510 Ocean Ave 33 Unit Apartment Building $6,595,000 ($199,848/Unit) 9.61% Cap Rate Brooklyn, NY 11226
INVESTMENT HIGHLIGHTS
- Mixed-use elevator building in prime Prospect Park area
- Ground-floor commercial space occupied by long-standing neighborhood pharmacy
- Heavy daytime foot traffic along Ocean Avenue
- Strong in-place cash flow with 9.5% cap rate
- Immediate yield with long-term upside potential
EXECUTIVE SUMMARY
510 Ocean Avenue presents a rare opportunity to acquire a mixed-use elevator building in the heart of Brooklyn, just steps from Prospect Park and multiple transit options. The property consists of ground-floor commercial space with residential units above and is offered at an attractive basis with strong in-place cash flow.
The building is offered for sale at $6,595,000, representing a 9.5% cap rate and approximately $220 per square foot. Current gross income is $941,009.68, with a stabilized NOI of approximately $633,980, assuming a conservative 3% vacancy rate.
Located in a high-barrier-to-entry Brooklyn submarket with excellent walkability and transit access, 510 Ocean Avenue offers investors immediate yield, long-term income stability, and future upside through rent growth and operational efficiencies.
The building is offered for sale at $6,595,000, representing a 9.5% cap rate and approximately $220 per square foot. Current gross income is $941,009.68, with a stabilized NOI of approximately $633,980, assuming a conservative 3% vacancy rate.
Located in a high-barrier-to-entry Brooklyn submarket with excellent walkability and transit access, 510 Ocean Avenue offers investors immediate yield, long-term income stability, and future upside through rent growth and operational efficiencies.
PROPERTY FACTS
| Price | $6,595,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $199,848 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.16 AC |
| Cap Rate | 9.61% | Building Size | 29,999 SF |
| No. Units | 33 | No. Stories | 6 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | ||
| Zoning | R7A | ||
| Price | $6,595,000 |
| Price Per Unit | $199,848 |
| Sale Type | Investment |
| Cap Rate | 9.61% |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 29,999 SF |
| No. Stories | 6 |
| Year Built | 1926 |
| Zoning | R7A |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 33 | - | - |
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 05080-0068 | Improvements Assessment | $1,227,150 |
| Land Assessment | $278,100 | Total Assessment | $1,505,250 |
PROPERTY TAXES
Parcel Number
05080-0068
Land Assessment
$278,100
Improvements Assessment
$1,227,150
Total Assessment
$1,505,250
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510 Ocean Ave
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