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540 Ovington Ave
Brooklyn, NY 11209
Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- Six-Family Apartment Building with One Vacant Unit | Upside with Preferential Rents
- Marble Staircase | Security Camera System | Recent Thorosealing
- Several Recent Building Upgrades
- Two-Car Garage with Third Parking Spot Behind Building
- Deep Lot Measuring 20 Feet x 152.42 Feet?
- No 311 Complaints on Record and No DOB Violations
EXECUTIVE SUMMARY
The Brennan Team of Marcus & Millichap has been exclusively hired to sell 540 Ovington Avenue, a six-family apartment building comprised of five (5) two-bedroom
apartments and one (1) one-bedroom apartment. The property measures 20 feet wide by 85 feet deep, and is located on Ovington Avenue between 5th & 6th Avenues in the
Bay Ridge neighborhood of Brooklyn, New York. Originally built in 1931, the property is zoned R5B and sits on an unusually deep property lot extending 152.42 feet with
a private two-car garage. Additionally, the deep property lot offers at least one more outdoor parking spot right behind the building. The property is well-maintained, with recent upgrades including newly scraped & painted fire escapes, a recently installed security camera system, new Thorosealing in the rear of the building, upgraded parapet, and a newly refurbished vacant 2-bedroom apartment. 540 Ovington is a prime opportunity to acquire a cash-flowing six-family apartment building in good condition. Additionally, all six apartments are paying a preferential rent, offering a new purchaser upside upon tenant vacancy. The subject property is in an excellent location, two blocks from the Bay Ridge Avenue [R] Train Station and half a block from 5th Avenue.
apartments and one (1) one-bedroom apartment. The property measures 20 feet wide by 85 feet deep, and is located on Ovington Avenue between 5th & 6th Avenues in the
Bay Ridge neighborhood of Brooklyn, New York. Originally built in 1931, the property is zoned R5B and sits on an unusually deep property lot extending 152.42 feet with
a private two-car garage. Additionally, the deep property lot offers at least one more outdoor parking spot right behind the building. The property is well-maintained, with recent upgrades including newly scraped & painted fire escapes, a recently installed security camera system, new Thorosealing in the rear of the building, upgraded parapet, and a newly refurbished vacant 2-bedroom apartment. 540 Ovington is a prime opportunity to acquire a cash-flowing six-family apartment building in good condition. Additionally, all six apartments are paying a preferential rent, offering a new purchaser upside upon tenant vacancy. The subject property is in an excellent location, two blocks from the Bay Ridge Avenue [R] Train Station and half a block from 5th Avenue.
PROPERTY FACTS
| Price Per Unit | $311,063 CAD | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.01% | Lot Size | 0.07 AC |
| No. Units | 6 | Building Size | 5,739 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1931 |
| Zoning | R5B - R5 - Medium density district with a height limit of 40 feet | ||
| Price Per Unit | $311,063 CAD |
| Sale Type | Investment |
| Cap Rate | 5.01% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 5,739 SF |
| No. Stories | 3 |
| Year Built | 1931 |
| Zoning | R5B - R5 - Medium density district with a height limit of 40 feet |
AMENITIES
UNIT AMENITIES
- Tile Floors
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Public Transportation
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 6 | - | - |
PROPERTY TAXES
| Parcel Number | 05893-0028 | Improvements Assessment | $751,301 CAD |
| Land Assessment | $12,056 CAD | Total Assessment | $763,358 CAD |
PROPERTY TAXES
Parcel Number
05893-0028
Land Assessment
$12,056 CAD
Improvements Assessment
$751,301 CAD
Total Assessment
$763,358 CAD
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