Historic Brownstone
New
For Sale
$4,199,000
119 Fort Greene Pl, Brooklyn, NY 11217
Garden apartment and upper triplex retain original architectural details with direct access to outdoor space.
Property Size3,780 SF
Days on Market2
Property Features for 119 Fort Greene Pl
General Information
Standard status
Active
Size
3,780 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,000
Amenities
stoop
marble mantels
mahogany stairways
inlaid floors
historic entry way doors
carved wood cornice
floor to ceiling windows
sliding parlor doors
deck
garden
slate patio
skylight
washer/drier
walk-in closets
roof access
Building Details
Building Size
3,780 SF
Year Built
1880
Buildings
1
Stories
4
Units
2
Construction
Italianate
Listing Agency:
Compass
Listed By:
Kathleen Perkins
(917) 721-7072
Source:
Elliman
Added: Sep 11
Last Checked: Sep 11 at 2:37PM
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 Compass
Investment Insights
Based on property information with market context.
This 1880 Italianate brownstone is configured as a garden-level one-bedroom apartment beneath an upper triplex with five bedrooms, an office, and multiple full bathrooms. The parlor level includes a double living room, kitchen in the rear extension, pantry, powder room, deck, and stairs leading to the garden. Original features include marble mantels, mahogany stairways, inlaid floors, historic entry doors, ornate parlor doors, and a carved wood cornice. The partially finished basement provides storage, mechanical space, a work-from-home office, and a recreation room. Mechanical systems are in good condition, with forced-air heat, a water heater, and 220 electrical service.
The home occupies a 21-foot-wide lot on a tree-lined, landmarked Fort Greene block between Fulton Street and Hanson Place. The garden extends more than 40 feet and includes a slate patio and two large trees. The property has a Certificate of Occupancy and will be delivered vacant. Walk Score and Transit Score are both 100, while Bike Score is 91.
The home occupies a 21-foot-wide lot on a tree-lined, landmarked Fort Greene block between Fulton Street and Hanson Place. The garden extends more than 40 feet and includes a slate patio and two large trees. The property has a Certificate of Occupancy and will be delivered vacant. Walk Score and Transit Score are both 100, while Bike Score is 91.
Key Highlights
- 1880 Italianate brownstone with original mantels, mahogany stairways, inlaid floors, doors, and carved wood cornice
- 21‑foot‑wide property on a landmarked Fort Greene block
- Garden‑level one‑bedroom apartment with patio and upper triplex configuration
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
$132,382
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
3.15%
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%
$2,647,640
$2.6M
Cap Rate 7%
$1,891,171
$1.9M
Cap Rate 9%
$1,470,911
$1.5M
Market Conditions
NOI Build-Up for 3,780 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
$192.8K $51.00/SF
− Vacancy
−$3.7K −$0.97/SF
EGI
$189.1K $50.03/SF
− OpEx
−$56.7K −$15.01/SF
NOI
$132.4K $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%
$2,647,640
Cap Rate 7%
$1,891,171
Cap Rate 9%
$1,470,911
Alternative Uses
Best Use
Multifamily LT 5
$1.89M
$1.65M – $2.21M
NOI $132,382 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$1.65M
$1.44M – $1.92M
NOI $115,399 @ 7.0% cap · market cap 2.75%
Theoretical Best
Specialty Retail
$3.13M
$2.74M – $3.65M
NOI $219,089 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
9,911
Businesses Nearby
Explore this area
Business Placement
Demographics for 11217, NY
42,417
Population
21,590
Households
2
Avg Household Size
36
Median Age
73%
College-Educated
93%
High-School Grad
0.7 sq mi
ZIP Area
60,596
Density / Sq Mi
$158,314
Median Household Income
$95,067
Median Earnings
$2,800
Median Rent
$1,614,200
Median Home Value
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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?
Duplex - Garden apartment and upper triplex retain original architectural details with direct access to outdoor space.
Where is this duplex located?
The property is located at 119 Fort Greene Pl Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,199,000.
What are key features of this property?
This property features: 1880 Italianate brownstone with original mantels, mahogany stairways, inlaid floors, doors, and carved wood cornice; 21‑foot‑wide property on a landmarked Fort Greene block; Garden‑level one‑bedroom apartment with patio and upper triplex configuration
