The Forray Team at The Corcoran Group is pleased to exclusively represent 2057 Ocean Avenue, a rent stabilized six-unit multifamily masonry building offering strong cash flow, and an attractive entry point into one of Brooklyn's most established residential neighborhoods. Located in the heart of Midwood, this income-producing property presents a compelling opportunity for investors seeking immediate yield with attractive price point. At the asking price of $999,999.00, the opportunity of an attractive 10.20% CAP Rate is unheard of it in this market.
Constructed in 1925, the building contains approximately 4,400SF above grade in addition to 1,500SF full height basement. The building size is 25 x 75FT sitting on a 25 ft × 110FT Lot totaling approx. 2,750 Lot SF. Zoned R7A, the asset benefits from an as-built FAR of approximately 1.75 and an allowable FAR of 4.0, providing an estimated 6,200SF of additional buildable area and a total potential buildable area of approximately 11,000SF creating meaningful future long-term redevelopment/expansion opportunities. Annual RE taxes are currently $24,047 with Tax Class 2A.
The layout consist of six (6) residential apartments, each consisting of a two-bedroom, one bathroom layout. Several units are occupied by a non-profit entity providing stable/consistent income. Current gross annual revenue is $159,383.
Ideally situated along Ocean Avenue, the property enjoys convenient access to neighborhood shopping, dining, community centers, and public transportation. Residents benefit from proximity to the B and Q at Kings Highway subway station (0.3 miles), providing direct connectivity to Manhattan and throughout Brooklyn. Midwood continues to attract tenants seeking a balance of neighborhood character, accessibility, and value, supporting strong long-term rental demand.