Shay Zach and Shy Galor
EPIC Commercial Realty has been retained on an exclusive basis to broker the sale of 2151-2155 Ocean Avenue, an elevator multi-family building in Midwood/Madison, Brooklyn.
2151-2155 Ocean Avenue is two newly constructed multi-family buildings sitting on the same lot. It consists of 24 apartments, 2 medical offices, 10 parking spots and a laundry unit. 2155 Ocean Avenue is a condo building. Property has 421A tax abatement for each lot that expires in June 2027. There is a $5.9 million loan with Investors Bank at 3.5% with maturity in July 2023 and a 5-year option. The property is ideally located four blocks from the Kings Highway [B, Q] train station. All rents have upside potential; the property is brand new and maintenance free.
Play: Income-producing residential building
Built size: 31,080 square feet (estimated)
Midwood/Madison is a small neighborhood with a suburban feel, bounded by commercial thoroughfares. With large, grassy yards featuring dense trees, sculpted hedges and even topiary, its terrace homes, coupled with their Spanish-tile roofs and stucco exteriors, are truly grand-style residential properties. The neighborhood also includes plenty of less expensive detached single-family homes, most with large floor plates and spacious units. Multi-family properties are mostly scattered along Ocean Avenue and Nostrand Avenue. Stores, church, school and restaurants are within walking distances in the area. The nearest subway station is the [B, Q] trains. Marine Park is just steps away.