738 Ocean View Ave
Mixed Use | 6.83% CAP | 20,910 SqFt
Marketing description
738 Ocean View Avenue, Brooklyn, NY 11235
GFI Realty Services is pleased to present 738 Ocean View Avenue, a fully occupied 4-story, 20,910 SF walk-up apartment building located in the vibrant Brighton Beach neighborhood of Brooklyn. The asset comprises 18 rent-stabilized apartments and a ground-floor commercial space, offering immediate cash flow with long-term upside through unit upgrades. Situated steps from the boardwalk, retail corridors, and B/Q subway lines, this is an excellent opportunity for investors seeking stable income in a high-demand, transit-rich location.
Investment highlights
Stabilized Mixed-Use Asset
The property features a fully occupied mix of 18 residential apartments and a ground-floor commercial space, offering stable in-place income across both asset classes. The commercial tenant provides additional diversification to the income stream.
Rent-Stabilized with Free Market Exposure
Out of the 18 residential units, 17 are rent stabilized and 1 is free market, allowing for long-term income stability along with potential rent growth as units naturally turn over.
Value-Add Opportunity
Select units have already been upgraded with modern finishes and stainless steel appliances. Investors can increase overall rent roll by renovating remaining apartments in line with market standards and legal rent guidelines.
Prime Brighton Beach Location
Located just a block from the Brighton Beach Boardwalk and Atlantic Ocean, and within walking distance to both Brighton Beach Avenue and Coney Island Avenue retail corridors, the building enjoys strong tenant demand and neighborhood appeal.
Excellent Transit Access
Easy access to the B and Q subway lines provides direct connectivity to Downtown Brooklyn and Manhattan, enhancing tenant retention and lease-up velocity.
Zoning & Overbuilt Advantage
Zoned R6 with a maximum FAR of 2.43, while the property is built to an FAR of 3.72, indicating it's significantly overbuilt. This protects the existing structure’s scale and value.
Delivered Free & Clear
The asset will be delivered free and clear of any existing debt, offering flexibility for various acquisition and financing strategies.
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