423 Ocean Parkway

Investment Highlights:

Meridian Investment Sales are pleased to offer for sale 423 Ocean Parkway, an eight-story plus cellar and basement elevator mixed-use building at the convergence of Flatbush and Midwood neighborhoods of Brooklyn. The mixed-use rental is currently configured as two condominium units: a commercial unit with 2,904 SF in the cellar and 3,612 SF in the basement and a residential condominium with 17,736 SF comprised of 14 units. Ownership recently replaced the roof resulting in MCI allowances from tenants and recently completed façade work. The roof has a 20-year warranty and the MCI was approved as of July 7, 2021, for $97,175. With a landscaped garden at the entrance and units replete with stainless steel appliances, in-unit washer/dryer, oversized windows allowing for excellent natural light, and several units with private outdoor space, 423 Ocean Parkway presents investors a rare opportunity to purchase a cash-flowing asset within a durable market. The asset is well
suited for young adults and families and with large unit sizes featuring one two-bedroom unit and 13 three-bedroom units, there is constant demand for luxury product. Tenants enjoy being within walking distance of the world-renowned Prospect Park and just minutes to the F train at Ditmas Avenue. With a recently executed 10-year lease for the community facility space as of August 2021, 423 Ocean Parkway presents investors with the rare opportunity to acquire a recently constructed asset in a booming neighborhood of Brooklyn.