Park Slope Multifamily Limestone
For Sale
$8,000,000
176 Prospect Park West, Brooklyn, NY 11215
Nine-unit multifamily building in historic Park Slope with original details.
Property Size14,200 SF
Lot Size0.09 Acres
Price / SF$563.38
Days on Market206
Property Features for 176 Prospect Park West
General Information
Standard status
Active
Size
14,200 SF
Lot size
0.09 Acres
Property subtype
Multi Family
Building Details
Building Size
14,200 SF
Year Built
1902
Stories
4
Listing Agency:
Century 21 Block & Lot R.E
Listed By:
Ali Tom · License #AT7155
(718) 768-4500
Source:
Elliman
Added: Mar 10
Changed: Sep 24
Last Checked: Oct 1 at 12:17PM
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 Century 21 Block & Lot R.E
Investment Insights
Based on property information with market context.
Located on a tree-lined street in the historic Park Slope neighborhood, this landmark nine-unit multifamily limestone building at 176 Prospect Park West features 14,200 square feet of total living space. The four-story walkup building includes a full basement and nine apartments, each with four bedrooms and one bathroom, and approximately 1,400 square feet. The property sits on a 41-foot by 98-foot lot with a 41-foot by 85-foot building size and R7A zoning. The well-maintained building is almost fully occupied and features a spacious backyard, many original details, and a full unfinished basement with windows and yard access. It also has a new gas boiler and a new roof. The location provides access to Prospect Park, the F train, Prospect Heights, and Gowanus.
Key Highlights
- Landmark 9‑unit multi‑family limestone building in Historic Park Slope.
- Boasting 14,200 sqft of total living space with nine 4‑bedroom\/1‑bathroom apartments (approx. 1,400 sqft each).
- Located directly across from Prospect Park.
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
$433,511
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
5.42%
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%
$8,670,220
$8.7M
Cap Rate 7%
$6,193,014
$6.2M
Cap Rate 9%
$4,816,789
$4.8M
Market Conditions
NOI Build-Up for 14,200 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
$804.3K $56.64/SF
− Vacancy
−$16.1K −$1.13/SF
EGI
$788.2K $55.51/SF
− OpEx
−$354.7K −$24.98/SF
NOI
$433.5K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$8,670,220
Cap Rate 7%
$6,193,014
Cap Rate 9%
$4,816,789
Alternative Uses
Best Use
Apartment 5plus
$6.19M
$5.42M – $7.23M
NOI $433,511 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.76M
$10.29M – $13.72M
NOI $823,032 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,427
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
Median Home Value
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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?
Apartment building - Nine-unit multifamily building in historic Park Slope with original details.
Where is this apartment building located?
The property is located at 176 Prospect Park West Brooklyn, NY.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: Landmark 9‑unit multi‑family limestone building in Historic Park Slope.; Boasting 14,200 sqft of total living space with nine 4‑bedroom\/1‑bathroom apartments (approx. 1,400 sqft each).; Located directly across from Prospect Park.
