1914-1932 Church Ave 86 Unit Apartment Building $20,862,000 CAD ($242,581 CAD/Unit) 7.70% Cap Rate Brooklyn, NY 11226

Meridian Investment Sales is pleased to present for sale 522 Ocean Avenue aka 1914-1932 Church Avenue, a six-story, pre-war apartment building built in 1927 and located in Prospect Park South, Brooklyn. This ±78,889 SF Property features 86 apartments, 11 ground-floor retail units occupied by nine tenants and an income producing rooftop antenna.
The residential landscaped entrance on Ocean Avenue leads into an expansive lobby with original details and two S/S elevators. The Property features exceptionally strong retail that is 100% leased and situated along a proven stretch of the Church Avenue retail corridor known for its longstanding independent stores, national chains, local delis, fresh produce stands and other neighborhood amenities.
522 Ocean Avenue has been meticulously maintained throughout its long-term ownership since 1988. In addition, this building features $258,830 of annual preferential rent upside which may be realized upon unit turnover.
Tenants benefit from the Property's proximity to the Church Avenue [B/Q] and Nostrand Avenue [2/5], providing direct service to Downtown Brooklyn and Manhattan. The property also sits just minutes from Prospect Park and its extensive outdoor and recreational amenities.
With its scale, corner retail presence, and dense Flatbush trade area, 522 Ocean Avenue represents a unique opportunity to acquire a cash-flowing mixed-use asset with preferential rent upside.