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35-Unit Multifamily Building in Bay Ridge

$6,000,000

571 Ovington Avenue, Brooklyn, NY 11209

Active
Last Updated: 09/30/2022

5.24

Cap Rate

314,643

NOI

Details:
Cap Rate:    5.24%
NOI:    $314,643
Pro Forma Cap Rate :    5.55%
Building Size:    27,548 sqft
Lot Area:    8,999 sqft
:    35
Zoning:    R41 / R5B / BR
:    4
Highlights:
  • • 4-story 35-unit multifamily building totaling 35 rent-stabilized units
  • • Located on the north side of Ovington Avenue between 5th and 6th Avenues in Bay Ridge
  • • Totals 27,548 gross sq. ft. and is comprised of four (4) studio apartments, thirty (30) 1-bedrooms and one (1) 3-bedroom
  • • The property is in immaculate condition and incredibly well maintained. The majority of units have been recently renovated
  • • Tenants benefit from the property’s close proximity to several greenspaces such as McKinley Park, Owls Head Park and Leif Ericson Park
  • • 5 minute walk to the Bay Ridge Avenue R train subway station and steps away from both the B63 and B64 bus stops. Also in close proximity to major roadways such as the Gowanus Expressway and Belt Parkway
  • • 571 Ovington Avenue presents investors with an opportunity to acquire a turnkey property in pristine condition and strong in place cash-flow in the very stable Bay Ridge market
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