Renovated Brick
For Sale
$1,111,000
1871 Prospect Place, Brooklyn, NY 11233
Residential, Brooklyn, NY
Property Size3,000 SF
Lot Size0.06 Acres
Price / SF$370.33
Days on Market191
Property Features for 1871 Prospect Place
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 5, Bathroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 1
Interior features
Refrigerator, Stove
Basement
Full, Finished
Subdivision
Crown Heights
Standard status
Active
Size
3,000 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
4178
Amenities
hardwood floors
high ceilings
skylight
yard
stainless steel appliances
finished basement
Building Details
Year built
1899
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Exit All Seasons Realty
Listed By:
Adebanjo Anthony Olatunji
(718) 345-4545
Added: Mar 25
Changed: Sep 15
Last Checked: Oct 1 at 5:06PM
MLS# 499982
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,000-square-foot brick duplex, built in 1899, contains two three-bedroom apartments with open living and dining areas, kitchens equipped with stainless steel appliances, and hardwood flooring. High ceilings, substantial storage, and abundant natural light are featured throughout, with a skylight adding daylight to the upper level. The property also includes a finished basement with an additional bathroom and two separate entrances.
Set on a 0.0587-acre lot in Brooklyn, the property has an extra-spacious yard and a flat roof. The R6-zoned residence offers access to public transportation, while the existing layout provides two distinct apartment levels and additional lower-level space.
Set on a 0.0587-acre lot in Brooklyn, the property has an extra-spacious yard and a flat roof. The R6-zoned residence offers access to public transportation, while the existing layout provides two distinct apartment levels and additional lower-level space.
Key Highlights
- 3,000 square feet on a 0.0587‑acre lot
- Two three‑bedroom apartments with open living and dining areas
- Finished basement with an additional bathroom and two separate entrances
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
$91,587
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
8.24%
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%
$1,831,740
$1.8M
Cap Rate 7%
$1,308,386
$1.3M
Cap Rate 9%
$1,017,633
$1.0M
Market Conditions
NOI Build-Up for 3,000 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
$169.9K $56.64/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$166.5K $55.51/SF
− OpEx
−$74.9K −$24.98/SF
NOI
$91.6K $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%
$1,831,740
Cap Rate 7%
$1,308,386
Cap Rate 9%
$1,017,633
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,065 @ 7.0% cap · market cap 9.46%
Second Best
Apartment 5plus
$1.31M
$1.14M – $1.53M
NOI $91,587 @ 7.0% cap · market cap 8.24%
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 15.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,787
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
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 - Two three-bedroom apartments feature open living and dining areas, stainless steel appliances, hardwood floors, and a finished basement.
Where is this duplex located?
The property is located at 1871 Prospect Place Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,111,000.
What are key features of this property?
This property features: 3,000 square feet on a 0.0587‑acre lot; Two three‑bedroom apartments with open living and dining areas; Finished basement with an additional bathroom and two separate entrances
