Renovated Brick Duplex with Finished
For Sale
$1,111,000
1871 Prospect Place, Brooklyn, NY 11233
MULTI_FAMILY - Brooklyn, NY
Property Size3,000 SF
Lot Size0.06 Acres
Price / SF$370.33
Days on Market142
Property Features for 1871 Prospect Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 6, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 5, Bathroom 3, Bedroom 2, Bedroom 1, Bedroom 4
Interior features
Refrigerator, Stove
Basement
Full, Finished
Subdivision
Crown Heights
Standard status
Active
Size
3,000 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
4178
Amenities
yard
skylight
solid hardwood floors
high ceiling
stainless steel appliances
finished basement
open floor plan
Building Details
Year built
1899
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Exit All Seasons Realty
(718) 345-4545
Listed By:
Adebanjo Anthony Olatunji
(718) 345-4545
Added: Mar 25
Changed: Aug 3
Last Checked: Aug 13 at 1:06PM
MLS# 499982
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated brick duplex built in 1899, offering two large three-bedroom apartments, each with open dining and living space. Hardwood floors, high ceilings, and ample in-apartment storage are featured, with bright natural light supported by a top-floor skylight. The kitchens include stainless steel appliances, and each unit has stylish bathrooms.
The property also includes a full, beautifully finished basement with an additional bathroom and two separate entrances. A spacious yard adds outdoor space for entertaining or gardening.
Set on a 0.0587-acre lot, the property totals 3,000 square feet and is constructed with brick, under a flat roof. The home provides excellent access to public transportation for commuting.
The property also includes a full, beautifully finished basement with an additional bathroom and two separate entrances. A spacious yard adds outdoor space for entertaining or gardening.
Set on a 0.0587-acre lot, the property totals 3,000 square feet and is constructed with brick, under a flat roof. The home provides excellent access to public transportation for commuting.
Key Highlights
- 0.0587‑acre lot with a total area of 3,000 SF
- R6 zoning
- Built in 1899 with brick construction and a flat roof
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$91,587
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,831,740
$1.8M
Cap Rate 7%
$1,308,386
$1.3M
Cap Rate 9%
$1,017,633
$1.0M
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$169.9K $56.64/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$166.5K $55.51/SF
− OpEx
−$74.9K −$24.98/SF
NOI
$91.6K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,831,740
Cap Rate 7%
$1,308,386
Cap Rate 9%
$1,017,633
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,065 @ 7.0% cap · market cap 9.46%
Second Best
Apartment 5plus
$1.31M
$1.14M – $1.53M
NOI $91,587 @ 7.0% cap · market cap 8.24%
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,787
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated brick duplex on R6 zoned lot with two three-bedroom apartments and a finished basement with two entrances.
Where is this duplex located?
The property is located at 1871 Prospect Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,111,000.
What are key features of this property?
This property features: 0.0587‑acre lot with a total area of 3,000 SF; R6 zoning; Built in 1899 with brick construction and a flat roof
