1187 Ocean Ave

1 Unit Apartment Building $3,600,000 ($3,600,000/Unit) Brooklyn, NY 11230

INVESTMENT HIGHLIGHTS

  • Development opportunity with a lot size of 4,675 SF, located on Ocean Avenue in Midwood, Brooklyn.
  • Approved plans can be delivered, featuring 17,956 SF of residential buildable space and 4,566 SF of community facility space.
  • Comparable condo sales in the area average $1,000 per square foot, highlighting strong market demand.
  • Zoned R7A, offering 18,700 buildable square feet, with proposed plans for a 25-unit, 60-story elevator multi-family building + community facility.
  • The property is eligible for the 485x tax abatement, offering significant financial incentives for developers.
  • Conveniently located near the B & Q subway lines at the Newkirk Plaza Train Station, ensuring easy access to Manhattan and other parts of Brooklyn.

EXECUTIVE SUMMARY

Asset CRG Advisors has been exclusively retained to market 1187 Ocean Ave, Brooklyn, NY 11230-2001, a development opportunity in the Midwood neighborhood of Brooklyn. The property consists of a 4,675 SF lot, zoned R7A, with 18,700 buildable square feet. The site can be delivered with approved plans for a 25-unit, 60-story elevator multi-family building + community facility, featuring 17,956 SF of residential space and 4,566 SF of community facility space. The property is eligible for the 485x tax abatement and will be delivered vacant, offering a ready-to-develop opportunity. Comparable condo sales in the area are approximately $1,000 per square foot. Located near the B & Q subway lines at the Newkirk Plaza Train Station, the property provides excellent connectivity throughout Brooklyn and beyond.

PROPERTY FACTS

Price $3,600,000
Price Per Unit $3,600,000
Sale Type Investment
Sale Conditions 1031 Exchange
No. Units 1
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.11 AC
Building Size 2,606 SF
No. Stories 3
Year Built 1910

UNIT AMENITIES

  • Air Conditioning
  • Dishwasher
  • Heating
  • Kitchen
  • Hardwood Floors
  • Refrigerator
  • Oven
  • Tub/Shower
  • Freezer
  • Porch

SITE AMENITIES

  • 24 Hour Access
  • Courtyard
  • Tenant Controlled HVAC
  • Trash Pickup - Curbside
  • Walking/Biking Trails
  • Walk-Up
Walk Score®
Very Walkable (76)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (77)

ZONING

Zoning Code R7A (R7A typically produce high lot coverage, 7 & 8 story apartment buildings, blending with existing buildings in many established neigh)
  • Listing ID: 34286012

  • Date on Market: 12/24/2024

  • Last Updated:

  • Address: 1187 Ocean Ave, Brooklyn, NY 11230