Renovated Two-Family
For Sale
$1,595,000
1423 Park Place, Brooklyn, NY 11213
Legally configured for two families, the property is currently arranged as a single-family residence.
Property Size3,090 SF
Price / SF$516.18
Days on Market380
Property Features for 1423 Park Place
General Information
Standard status
Active
Size
3,090 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,160
Building Details
Building Size
3,090 SF
Year Built
1910
Listing Agency:
Compass
Listed By:
ERIC M SIDMAN
(917) 497-0519
Source:
Penrealty
Added: Sep 11, 2025
Changed: Sep 23
Last Checked: Sep 24 at 6:02PM
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 3,090-square-foot townhouse, built in 1910, is legally configured as a two-family property while currently operating as a single-family residence. The building occupies a 20-by-50 footprint and sits on a 127-foot lot in Crown Heights.
Recent work includes roof replacement, plumbing and electrical updates, structural beam reinforcement, new flooring, and renovated bathrooms. The completed improvements were carried out under closed permits. Located at 1423 Park Place in Brooklyn, the property combines an updated building envelope with a flexible residential configuration.
Recent work includes roof replacement, plumbing and electrical updates, structural beam reinforcement, new flooring, and renovated bathrooms. The completed improvements were carried out under closed permits. Located at 1423 Park Place in Brooklyn, the property combines an updated building envelope with a flexible residential configuration.
Key Highlights
- Legal two‑family property currently configured as a single‑family residence
- 3,090 square feet on a 127‑foot lot
- 20‑by‑50 building footprint
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
$108,217
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
6.78%
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%
$2,164,340
$2.2M
Cap Rate 7%
$1,545,957
$1.5M
Cap Rate 9%
$1,202,411
$1.2M
Market Conditions
NOI Build-Up for 3,090 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
$157.6K $51.00/SF
− Vacancy
−$3.0K −$0.97/SF
EGI
$154.6K $50.03/SF
− OpEx
−$46.4K −$15.01/SF
NOI
$108.2K $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%
$2,164,340
Cap Rate 7%
$1,545,957
Cap Rate 9%
$1,202,411
Alternative Uses
Best Use
Multifamily LT 5
$1.55M
$1.35M – $1.80M
NOI $108,217 @ 7.0% cap · market cap 6.78%
Second Best
Apartment 5plus
$1.35M
$1.18M – $1.57M
NOI $94,334 @ 7.0% cap · market cap 5.91%
Theoretical Best
Specialty Retail
$2.56M
$2.24M – $2.98M
NOI $179,096 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,491
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Legally configured for two families, the property is currently arranged as a single-family residence.
Where is this duplex located?
The property is located at 1423 Park Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Legal two‑family property currently configured as a single‑family residence; 3,090 square feet on a 127‑foot lot; 20‑by‑50 building footprint
