Restored Four-Story Multifamily
For Sale
$2,895,000
1137 Park Place, Brooklyn, NY 11213
Fully restored limestone four-story townhouse with a private fenced backyard and flexible duplex or triplex potential.
Property Size3,288 SF
Price / SF$880.47
Days on Market59
Property Features for 1137 Park Place
General Information
Standard status
Active
Size
3,288 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,877
Building Details
Building Size
3,288 SF
Year Built
1901
Buildings
1
Stories
4
Construction
limestone
Listing Agency:
R New York
Listed By:
Tatyana Salvatore
(917) 344-0205
Source:
Miradorrealestate
Added: Jul 26
Changed: Sep 21
Last Checked: Sep 21 at 7:51AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of R New York
Investment Insights
Based on property information with market context.
1137 Park Pl is a fully renovated, restored four-story limestone townhouse built in 1901 in Crown Heights. The home has been gut-renovated while preserving original architectural details, including soaring ceilings, original moldings, museum-grade pocket doors, hand-carved fireplace mantels, parquet flooring, and stained glass windows. The layout is designed to support flexible use, including the possibility of a multi-story owner’s triplex, a classic duplex, or an income-producing configuration using the garden level.
The residence features six bedrooms and five bathrooms and sits on an unprecedented 127-Foot-Deep-Lot, with an approximate 20-foot-wide townhouse footprint. Parlor-level access opens to a private, beautifully fenced backyard garden oasis. Upstairs, the primary suite includes a skylight, dual-sink vanity, deep soaking tub, and an oversized double shower. A fully finished, tiled basement recreation level includes a stylized arched layout, a full wet bar, and a dedicated full bath.
For additional convenience, the configured unit space includes a private entrance, mini-split AC system, and its own washer/dryer. Transit access is strong with the express 2, 3, 4, 5, and C trains at nearby Crown Hts-Utica Av and Kingston-Throop Ave Stations, and the area scores include a 98 transit score.
The residence features six bedrooms and five bathrooms and sits on an unprecedented 127-Foot-Deep-Lot, with an approximate 20-foot-wide townhouse footprint. Parlor-level access opens to a private, beautifully fenced backyard garden oasis. Upstairs, the primary suite includes a skylight, dual-sink vanity, deep soaking tub, and an oversized double shower. A fully finished, tiled basement recreation level includes a stylized arched layout, a full wet bar, and a dedicated full bath.
For additional convenience, the configured unit space includes a private entrance, mini-split AC system, and its own washer/dryer. Transit access is strong with the express 2, 3, 4, 5, and C trains at nearby Crown Hts-Utica Av and Kingston-Throop Ave Stations, and the area scores include a 98 transit score.
Key Highlights
- Built in 1901 and fully restored with original limestone‑era architectural details
- Four‑story townhouse with six bedrooms and five bathrooms
- Approximate 20‑foot‑wide townhouse footprint
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
$115,151
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
3.98%
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%
$2,303,020
$2.3M
Cap Rate 7%
$1,645,014
$1.6M
Cap Rate 9%
$1,279,456
$1.3M
Market Conditions
NOI Build-Up for 3,288 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
$167.7K $51.00/SF
− Vacancy
−$3.2K −$0.97/SF
EGI
$164.5K $50.03/SF
− OpEx
−$49.4K −$15.01/SF
NOI
$115.2K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,303,020
Cap Rate 7%
$1,645,014
Cap Rate 9%
$1,279,456
Alternative Uses
Best Use
Multifamily LT 5
$1.65M
$1.44M – $1.92M
NOI $115,151 @ 7.0% cap · market cap 3.98%
Second Best
Apartment 5plus
$1.43M
$1.25M – $1.67M
NOI $100,379 @ 7.0% cap · market cap 3.47%
Theoretical Best
Specialty Retail
$2.72M
$2.38M – $3.18M
NOI $190,572 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
6,194
Businesses Nearby
Explore this area
Business Placement
Demographics for 11213, NY
67,217
Population
29,186
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
61,106
Density / Sq Mi
$62,040
Median Household Income
$43,736
Median Earnings
$1,607
Median Rent
$1,184,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Fully restored limestone four-story townhouse with a private fenced backyard and flexible duplex or triplex potential.
Where is this multifamily property located?
The property is located at 1137 Park Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,895,000.
What are key features of this property?
This property features: Built in 1901 and fully restored with original limestone‑era architectural details; Four‑story townhouse with six bedrooms and five bathrooms; Approximate 20‑foot‑wide townhouse footprint
