Two-Family Brownstone Income
For Sale
$2,750,000
Pending
877 PARK Pl, Brooklyn, NY 11216
Legal two-family home divided into two duplexes, set on an extra-long lot with a full basement and period interiors.
Property Size4,000 SF
Days on Market95
Property Features for 877 PARK Pl
General Information
Standard status
Pending
Size
4,000 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,432
Building Details
Building Size
4,000 SF
Year Built
1915
Stories
4
Units
2
Construction
Neo-Romanesque
Listing Agency:
Corcoran Group
(917) 494-2503
Listed By:
Deborah Lee Rieders · License #10301221109 (NY)
(917) 494-2503
Source:
Elliman
Added: May 12
Changed: Aug 8
Last Checked: Aug 13 at 10:00AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
A legal two-family brownstone income property currently divided into two sizable duplexes. The home spans four wide and deep floors plus a full basement, positioned on an extra-long 113' lot. Period architecture and interior finishes are a central feature, including bay windows across all four floors, stained-glass elements, plaster medallions and moldings, mahogany wainscoting, picture/base/ceiling moldings, hand-carved mantles, and pocket doors. The property includes three full and windowed bathrooms, plus a large dry cellar for storage or recreation use. Kitchens have been upgraded, along with the boiler and roof.
The layout provides a garden-and-parlor level apartment totaling 2,300 SF with 3–4 bedrooms, and an upper two-floor duplex totaling 1,700 SF with a 4-bedroom configuration. The garden and parlor together offer an outdoor setting described as professionally landscaped, with a pergola, hardscaping, and perennial plantings.
The home sits on Park Place near the crossroads of Crown Heights and Prospect Heights, with nearby cultural and park amenities referenced in the remarks, and Express subway service noted at Eastern Parkway and Nostrand.
The layout provides a garden-and-parlor level apartment totaling 2,300 SF with 3–4 bedrooms, and an upper two-floor duplex totaling 1,700 SF with a 4-bedroom configuration. The garden and parlor together offer an outdoor setting described as professionally landscaped, with a pergola, hardscaping, and perennial plantings.
The home sits on Park Place near the crossroads of Crown Heights and Prospect Heights, with nearby cultural and park amenities referenced in the remarks, and Express subway service noted at Eastern Parkway and Nostrand.
Key Highlights
- Built in 1915, this Neo‑Romanesque townhouse spans almost 4,000 SF with four floors plus a full basement on an extra‑long 113' lot.
- Legal 2‑family currently divided into two sizable duplexes: garden/parlor level has a 2,300 SF 3‑4 bedroom unit.
- Upper two floors offer a 1,700 SF 4‑bedroom duplex, providing flexibility for an owner triplex with a separate garden rental.
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
$140,087
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
5.09%
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%
$2,801,740
$2.8M
Cap Rate 7%
$2,001,243
$2.0M
Cap Rate 9%
$1,556,522
$1.6M
Market Conditions
NOI Build-Up for 4,000 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
$204.0K $51.00/SF
− Vacancy
−$3.9K −$0.97/SF
EGI
$200.1K $50.03/SF
− OpEx
−$60.0K −$15.01/SF
NOI
$140.1K $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%
$2,801,740
Cap Rate 7%
$2,001,243
Cap Rate 9%
$1,556,522
Alternative Uses
Best Use
Multifamily LT 5
$2.00M
$1.75M – $2.33M
NOI $140,087 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$1.74M
$1.53M – $2.04M
NOI $122,116 @ 7.0% cap · market cap 4.44%
Theoretical Best
Specialty Retail
$3.31M
$2.90M – $3.86M
NOI $231,840 @ 7.0% cap · market cap 8.43%
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
6,726
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 two-family home divided into two duplexes, set on an extra-long lot with a full basement and period interiors.
Where is this duplex located?
The property is located at 877 PARK Pl Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Built in 1915, this Neo‑Romanesque townhouse spans almost 4,000 SF with four floors plus a full basement on an extra‑long 113' lot.; Legal 2‑family currently divided into two sizable duplexes: garden/parlor level has a 2,300 SF 3‑4 bedroom unit.; Upper two floors offer a 1,700 SF 4‑bedroom duplex, providing flexibility for an owner triplex with a separate garden rental.
