Legal 2F Brownstone with Unfinished
For Sale
$2,400,000
Pending
695 Park Pl, Brooklyn, NY 11216
Legal 2F, three-story brownstone with 7 bedrooms, 3 bathrooms, and a full unfinished basement for customization.
Property Size2,940 SF
Days on Market72
Property Features for 695 Park Pl
General Information
Standard status
Pending
Size
2,940 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$5,243
Building Details
Building Size
2,940 SF
Year Built
1901
Stories
3
Units
2
Listing Agency:
Keller Williams Village Square Realty
(201) 220-6354
Listed By:
Cynthia Rivera
(201) 220-6354
Source:
Elliman
Added: Jun 22
Changed: Aug 27
Last Checked: Aug 31 at 7:47PM
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 Keller Williams Village Square Realty
Investment Insights
Based on property information with market context.
This legal 2F brownstone is configured across three stories and offers 7 bedrooms and 3 bathrooms. A full unfinished basement provides a blank canvas for future buildout or storage, and the home retains much of its original character and charm, creating a renovation-focused opportunity for buyers and end-users.
Set on a tree-lined block in Brooklyn near the Crown Heights/Prospect Heights border, the property is positioned for convenient everyday access. The surrounding area is described as close to parks, transportation, shopping, and dining, supported by very walkable and transit-forward mobility scores, including a 91 Walk Score and a 100 Transit Score.
For tenants and owner-occupants, the legal 2F structure supports flexible living or rental use within the same building. For buyers planning a hands-on approach, the combination of generous interior space, a full basement ready for customization, and the existing multi-story layout can help accommodate different design and operating priorities without starting from scratch.
Set on a tree-lined block in Brooklyn near the Crown Heights/Prospect Heights border, the property is positioned for convenient everyday access. The surrounding area is described as close to parks, transportation, shopping, and dining, supported by very walkable and transit-forward mobility scores, including a 91 Walk Score and a 100 Transit Score.
For tenants and owner-occupants, the legal 2F structure supports flexible living or rental use within the same building. For buyers planning a hands-on approach, the combination of generous interior space, a full basement ready for customization, and the existing multi-story layout can help accommodate different design and operating priorities without starting from scratch.
Key Highlights
- 1901 legal 2F three‑story brownstone with 7 bedrooms and 3 bathrooms
- Full unfinished basement provides space for customization
- Flexible layout with 2‑family designation (legal 2F)
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
$102,964
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
4.29%
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%
$2,059,280
$2.1M
Cap Rate 7%
$1,470,914
$1.5M
Cap Rate 9%
$1,144,044
$1.1M
Market Conditions
NOI Build-Up for 2,940 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
$149.9K $51.00/SF
− Vacancy
−$2.8K −$0.97/SF
EGI
$147.1K $50.03/SF
− OpEx
−$44.1K −$15.01/SF
NOI
$103.0K $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%
$2,059,280
Cap Rate 7%
$1,470,914
Cap Rate 9%
$1,144,044
Alternative Uses
Best Use
Multifamily LT 5
$1.47M
$1.29M – $1.72M
NOI $102,964 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$1.28M
$1.12M – $1.50M
NOI $89,755 @ 7.0% cap · market cap 3.74%
Theoretical Best
Specialty Retail
$2.43M
$2.13M – $2.84M
NOI $170,402 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,197
Businesses Nearby
Explore this area
Business Placement
Demographics for 11216, NY
61,251
Population
28,825
Households
2.1
Avg Household Size
34
Median Age
56%
College-Educated
91%
High-School Grad
1.0 sq mi
ZIP Area
61,251
Density / Sq Mi
$95,000
Median Household Income
$61,389
Median Earnings
$2,180
Median Rent
$1,398,400
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 - Legal 2F, three-story brownstone with 7 bedrooms, 3 bathrooms, and a full unfinished basement for customization.
Where is this duplex located?
The property is located at 695 Park Pl Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 1901 legal 2F three‑story brownstone with 7 bedrooms and 3 bathrooms; Full unfinished basement provides space for customization; Flexible layout with 2‑family designation (legal 2F)
