571 Ocean Pky
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571 Ocean Pky
30 Unit Apartment Building $15,388,000 ($512,933/Unit) 5.73% Cap Rate Brooklyn, NY 11218
Investment Highlights
- Calling All Investors, Developers & End-Users!!! Brand New 100% Occupied 30 Unit Mixed-Use Building In Kensington For Sale!!!
- The Property Is Located In The Heart Of Kensington In Between Church Ave. & Foster Ave. Only Minutes From Prospect Park Lake!!!
- The Building Was Built In 2023!!!
- The Building Features Excellent Signage, Great Exposure, (1) Medical Office, 18 Parking Spaces, High 10’ Ceilings, Strong R7A Zoning, Elevator, +++!!!
- Neighbors Include UPS, Kia, The Home Depot, Target, Costco, NYU Langone, ShopRite, T.J. Maxx, Walgreens, CVS, Extra Space Storage, Staples, +++!!!
- This Property Offers HUGE Upside Potential!!!
Executive Summary
Calling All Investors, Developers & End-Users!!! Brand New 30 Unit Mixed-Use Building In Kensington For Sale!!! The Building Features Excellent Signage, Great Exposure, (1) Medical Office, 18 Parking Spaces, High 10’ Ceilings, Strong R7A Zoning, Elevator, Motion Sensor Lights, Sprinklers, All New LED Lighting, 3 Phase Power, CAC, +++!!! The Property Is Located In The Heart Of Kensington In Between Church Ave. & Foster Ave. Only Minutes From Prospect Park Lake!!! Neighbors Include UPS, Kia, The Home Depot, Target, Costco, NYU Langone, ShopRite, T.J. Maxx, Walgreens, CVS, Extra Space Storage, Staples, Planet Fitness, Blink Fitness, Taco Bell, McDonald’s, Meineke Car Care, Aldi +++!!! The Building Was Built In 2023!!! This Property Offers HUGE Upside Potential!!! This Could Make A Great Addition To Your Investment Portfolio Or Be The Next Home For Your Business!!!
Income:
Medical Office: $30,000 Ann.
Unit 1A: $42,240 Ann.
Unit 2A: $29,355 Ann.
Unit 2B: $34,440 Ann.
Unit 2C: $34,440 Ann.
Unit 2D: $29,412 Ann.
Unit 3A: $35,559 Ann.
Unit 3B: $35,473.20 Ann.
Unit 3C: $29,412 Ann.
Unit 3D: $29,426.16 Ann.
Unit 4A: $29,355 Ann.
Unit 4B: $28,500 Ann.
Unit 4C: $35,473.20 Ann.
Unit 4D: $35,552.28 Ann.
Unit 5A: $35,569.56 Ann.
Unit 5B: $29,412 Ann.
Unit 5C: $28,500 Ann.
Unit 5D: $35,552.28 Ann.
Unit 6A: $29,412 Ann.
Unit 6B: $34,200 Ann.
Unit 6C: $36,153 Ann.
Unit 6D: $37,487.88 Ann.
Unit 7A: $37,044 Ann.
Unit 7B: $36,731.04 Ann.
Unit 7C: $36,820.44 Ann.
Unit 7D: $37,044 Ann.
Unit 8A: $35,485.56 Ann.
Unit 8B: $36,396 Ann.
Unit 8C: $37,487.88 Ann.
Unit 8D: $35,485.56 Ann.
Gross Income: $1,017,419.04 Ann.
Expenses:
Utilities: $21,823 Ann.
Maintenance & Repairs: $5,113 Ann.
Management: $3,200 Ann.
Insurance: $12,053 Ann.
Taxes: $7,533 Ann.
Total Expenses: $49,722 Ann.
Net Operating Income (NOI): $967,697.04 Ann.
Income:
Medical Office: $30,000 Ann.
Unit 1A: $42,240 Ann.
Unit 2A: $29,355 Ann.
Unit 2B: $34,440 Ann.
Unit 2C: $34,440 Ann.
Unit 2D: $29,412 Ann.
Unit 3A: $35,559 Ann.
Unit 3B: $35,473.20 Ann.
Unit 3C: $29,412 Ann.
Unit 3D: $29,426.16 Ann.
Unit 4A: $29,355 Ann.
Unit 4B: $28,500 Ann.
Unit 4C: $35,473.20 Ann.
Unit 4D: $35,552.28 Ann.
Unit 5A: $35,569.56 Ann.
Unit 5B: $29,412 Ann.
Unit 5C: $28,500 Ann.
Unit 5D: $35,552.28 Ann.
Unit 6A: $29,412 Ann.
Unit 6B: $34,200 Ann.
Unit 6C: $36,153 Ann.
Unit 6D: $37,487.88 Ann.
Unit 7A: $37,044 Ann.
Unit 7B: $36,731.04 Ann.
Unit 7C: $36,820.44 Ann.
Unit 7D: $37,044 Ann.
Unit 8A: $35,485.56 Ann.
Unit 8B: $36,396 Ann.
Unit 8C: $37,487.88 Ann.
Unit 8D: $35,485.56 Ann.
Gross Income: $1,017,419.04 Ann.
Expenses:
Utilities: $21,823 Ann.
Maintenance & Repairs: $5,113 Ann.
Management: $3,200 Ann.
Insurance: $12,053 Ann.
Taxes: $7,533 Ann.
Total Expenses: $49,722 Ann.
Net Operating Income (NOI): $967,697.04 Ann.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$1,017,419
|
$41.48
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$1,017,419
|
$41.48
|
| Taxes |
$7,533
|
$0.31
|
| Operating Expenses |
$42,189
|
$1.72
|
| Total Expenses |
$49,722
|
$2.03
|
| Net Operating Income |
$967,697
|
$39.45
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $1,017,419 |
| Annual Per SF | $41.48 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $1,017,419 |
| Annual Per SF | $41.48 |
| Taxes | |
|---|---|
| Annual | $7,533 |
| Annual Per SF | $0.31 |
| Operating Expenses | |
|---|---|
| Annual | $42,189 |
| Annual Per SF | $1.72 |
| Total Expenses | |
|---|---|
| Annual | $49,722 |
| Annual Per SF | $2.03 |
| Net Operating Income | |
|---|---|
| Annual | $967,697 |
| Annual Per SF | $39.45 |
Property Facts
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Kitchen
- High Speed Internet Access
Site Amenities
- 24 Hour Access
- Controlled Access
- Fenced Lot
- Fitness Center
- Laundry Facilities
- Security System
- Wheelchair Accessible
- Storage Space
- Bicycle Storage
- Elevator
- Pet Washing Station
- Sundeck
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 30 | - | 625 - 780 |
Walk Score ®
Very Walkable (82)
Transit Score ®
Rider's Paradise (95)
Bike Score ®
Very Bikeable (85)
PROPERTY TAXES
| Parcel Number | 05400-0072 | Total Assessment | $1,935,450 (2024) |
| Land Assessment | $239,400 (2024) | Annual Taxes | $7,533 ($0.31/SF) |
| Improvements Assessment | $1,696,050 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
05400-0072
Land Assessment
$239,400 (2024)
Improvements Assessment
$1,696,050 (2024)
Total Assessment
$1,935,450 (2024)
Annual Taxes
$7,533 ($0.31/SF)
Tax Year
2023
zoning
| Zoning Code | R7A |
| R7A |
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