Investment Overview

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.