Five-Bedroom
For Sale
$829,900
1338 PARK Place, Brooklyn, NY 11213
Two eat-in kitchens, two full baths, and driveway parking serve this residential property.
Property Size1,815 SF
Price / SF$457.25
Days on Market9
Property Features for 1338 PARK Place
General Information
Standard status
Active
Size
1,815 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,628
Building Details
Building Size
1,815 SF
Year Built
2005
Listing Agency:
ISLAND ADVANTAGE REALTY LLC
Listed By:
Todd Yovino · License #49YO0956714
(516) 819-7800
Source:
Penrealty
Added: Aug 28
Changed: Sep 3
Last Checked: Sep 5 at 4:58AM
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 ISLAND ADVANTAGE REALTY LLC
Investment Insights
Based on property information with market context.
This duplex contains 1,815 square feet with five bedrooms, two full baths, and two eat-in kitchens. Driveway parking is also provided.
Built in 2005, the property is located at 1338 PARK Place in Brooklyn, NY 11213.
Built in 2005, the property is located at 1338 PARK Place in Brooklyn, NY 11213.
Key Highlights
- Five‑bedroom duplex with 1,815 square feet
- Two full baths
- Two eat‑in kitchens
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
$63,564
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
7.66%
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%
$1,271,280
$1.3M
Cap Rate 7%
$908,057
$908.1K
Cap Rate 9%
$706,267
$706.3K
Market Conditions
NOI Build-Up for 1,815 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
$92.6K $51.00/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$90.8K $50.03/SF
− OpEx
−$27.2K −$15.01/SF
NOI
$63.6K $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%
$1,271,280
Cap Rate 7%
$908,057
Cap Rate 9%
$706,267
Alternative Uses
Best Use
Multifamily LT 5
$908.1K
$794.6K – $1.06M
NOI $63,564 @ 7.0% cap · market cap 7.66%
Second Best
Apartment 5plus
$791.6K
$692.6K – $923.5K
NOI $55,410 @ 7.0% cap · market cap 6.68%
Theoretical Best
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $105,197 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,901
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 - Two eat-in kitchens, two full baths, and driveway parking serve this residential property.
Where is this duplex located?
The property is located at 1338 PARK Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $829,900.
What are key features of this property?
This property features: Five‑bedroom duplex with 1,815 square feet; Two full baths; Two eat‑in kitchens
