2-Family Brownstone with
For Sale
$1,349,000
Pending
1190 Park Place, Brooklyn, NY 11213
Spacious two-family brownstone with three above-grade full floors, a basement, and an extra-deep lot for a large backyard.
Property Size2,922 SF
Lot Size0.06 Acres
Days on Market57
Property Features for 1190 Park Place
General Information
Standard status
Pending
Size
2,922 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,022
Building Details
Building Size
2,922 SF
Year Built
1901
Stories
3
Listing Agency:
Coldwell Banker LaBarca
Listed By:
Robin Snyder
(718) 646-3600
Source:
Penrealty
Added: Jul 8
Changed: Aug 28
Last Checked: Sep 2 at 1:20AM
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 Coldwell Banker LaBarca
Investment Insights
Based on property information with market context.
This solid two-family Crown Heights brownstone offers more space than the typical area layout, with three full floors above ground plus a basement. The property includes a functional layout and retains plenty of original historic detail. A newer hot water heater is in place, and the home has been straightforwardly maintained.
Set on an extra-deep 19' x 127.75' lot, the home provides an unusually spacious backyard. The property is located for convenient access to public transportation, with the 3 and 4 subway lines minutes away and B45 and B46 bus routes nearby. Local shopping and dining are close, and the Brooklyn Children’s Museum and Brooklyn Public Library are also accessible.
With approximately 2,922 square feet, this is a practical live-with-income or investment canvas for buyers looking to customize using the home’s existing layout and historic character.
Set on an extra-deep 19' x 127.75' lot, the home provides an unusually spacious backyard. The property is located for convenient access to public transportation, with the 3 and 4 subway lines minutes away and B45 and B46 bus routes nearby. Local shopping and dining are close, and the Brooklyn Children’s Museum and Brooklyn Public Library are also accessible.
With approximately 2,922 square feet, this is a practical live-with-income or investment canvas for buyers looking to customize using the home’s existing layout and historic character.
Key Highlights
- Spacious 2‑family Crown Heights brownstone built in 1901 with three above‑grade full floors plus a basement
- Approx. 2,922 sq ft total living area for a larger‑than‑typical two‑family layout
- Extra‑deep 19' x 127.75' lot with an unusually spacious backyard
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
$102,333
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
7.59%
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%
$2,046,660
$2.0M
Cap Rate 7%
$1,461,900
$1.5M
Cap Rate 9%
$1,137,033
$1.1M
Market Conditions
NOI Build-Up for 2,922 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
$149.0K $51.00/SF
− Vacancy
−$2.8K −$0.97/SF
EGI
$146.2K $50.03/SF
− OpEx
−$43.9K −$15.01/SF
NOI
$102.3K $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%
$2,046,660
Cap Rate 7%
$1,461,900
Cap Rate 9%
$1,137,033
Alternative Uses
Best Use
Multifamily LT 5
$1.46M
$1.28M – $1.71M
NOI $102,333 @ 7.0% cap · market cap 7.59%
Second Best
Apartment 5plus
$1.27M
$1.12M – $1.49M
NOI $89,206 @ 7.0% cap · market cap 6.61%
Theoretical Best
Specialty Retail
$2.42M
$2.12M – $2.82M
NOI $169,359 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
5,152
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
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 - Spacious two-family brownstone with three above-grade full floors, a basement, and an extra-deep lot for a large backyard.
Where is this duplex located?
The property is located at 1190 Park Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,349,000.
What are key features of this property?
This property features: Spacious 2‑family Crown Heights brownstone built in 1901 with three above‑grade full floors plus a basement; Approx. 2,922 sq ft total living area for a larger‑than‑typical two‑family layout; Extra‑deep 19' x 127.75' lot with an unusually spacious backyard
