2008 Ocean AveBrooklyn, NY 11230

Property Details for 2008 Ocean Ave

Year built

2012

Lot size

0.15 AC

Property size (Sq ft)

3,502 SF

Zone code

R7A

Property type

Office properties

APN

06766-1101

APU

67661101

Description

This exceptional investment opportunity presents a 3,502 square foot, state-of-the-art medical facility located at 2008 Ocean Avenue in Brooklyn, NY, 11230. The property, built in 2012, boasts 12 exam rooms and 4 bathrooms, equipped with central AC and heat, and an elevator. A significant advantage is the existing 5-year lease with a reputable medical center (Medwell Women's Medical Services), guaranteeing a monthly income of $6,000, with a 5-year renewal option and a 3% rent increase every two years. Tenant pays maintenance, and tax abatement is still in effect. The property includes one deeded parking space and is situated within a mixed-use building with 17 residential units. Its prime location offers convenient access to public transportation, including a nearby bus stop and subway lines (B & Q lines within 3 blocks). Numerous national retailers, such as Chase, Starbucks, Walgreens, Bank of America, CVS, and Dunkin', are in the immediate vicinity. The property sits on a 5,000 square foot lot and features ceiling heights ranging from 8-10 feet and 11-15 feet. The asking price is $1,030,000, with a net operating income (NOI) of $68,000 and a cap rate of 0.07%. This presents a strong, stable investment with significant potential for long-term growth.

• CAP approach

  CAP return

  Valuation

  6%

  $578,985

  6.5%

  $534,448

  7%

  $496,273

• Comparable approach

  Method

  Valuation

  Relative Method

  $457,571

  Geo Method

  $457,571

• Alternative Use

  Use

  Valuation

  Residential

  $662,715

  Hospitality

  $607,044

  Educational

  $505,053

  Medical

  $522,423

  Retail

  $785,638

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6129

Longitude

-73.9544

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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