Updated Duplex Income
New
For Sale
$2,145,000
744 Park Place 1A, Brooklyn, NY 11216
Renovated duplex residence with private outdoor space, flexible lower-level recreation area, and modern kitchen and bath finishes.
Property Size2,142 SF
Price / SF$1,001
Days on Market7
Property Features for 744 Park Place 1A
General Information
Standard status
Active
Size
2,142 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,428
Amenities
backyard
washer/dryer
Building Details
Building Size
2,142 SF
Year Built
1929
Construction
brick
Listing Agency:
Compass
Listed By:
Jayson Halladay
(917) 753-3716
Source:
Howardhannanyc
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 6 at 9:41AM
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.
Apartment 1A is a 2,142-square-foot duplex within an 8-unit condominium building constructed in 1929. The residence includes three bedrooms, two full bathrooms, a half bath, and a private backyard. Its main level combines living and dining areas with an open kitchen equipped with Cambria quartz work surfaces, extensive cabinetry, and Bertazzoni appliances. The primary suite includes an en-suite bath with Italian marble finishes and a walk-in shower, while the additional full bath has a soaking tub.
The lower level provides a 50-foot recreation room, half bath, laundry area, and access to the backyard. Full-height windows on two sides bring natural light to this level. Multi-zone heating and cooling, designer lighting, and brushed white oak engineered flooring are among the additional improvements. The property is in Crown Heights, one block from restaurants and shops on Franklin Avenue, with access to the 2, 3, 4, 5, and S trains and nearby Brooklyn Botanic Garden, Prospect Park, Grand Army Plaza Greenmarket, and the Public Library.
The lower level provides a 50-foot recreation room, half bath, laundry area, and access to the backyard. Full-height windows on two sides bring natural light to this level. Multi-zone heating and cooling, designer lighting, and brushed white oak engineered flooring are among the additional improvements. The property is in Crown Heights, one block from restaurants and shops on Franklin Avenue, with access to the 2, 3, 4, 5, and S trains and nearby Brooklyn Botanic Garden, Prospect Park, Grand Army Plaza Greenmarket, and the Public Library.
Key Highlights
- 2,142‑square‑foot duplex residence with 3 bedrooms, 2 full baths, and 1 half bath
- Private backyard accessible from both the main level and lower floor
- 50‑foot recreation room with full‑height windows on two sides
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
$65,393
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
3.05%
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%
$1,307,860
$1.3M
Cap Rate 7%
$934,186
$934.2K
Cap Rate 9%
$726,589
$726.6K
Market Conditions
NOI Build-Up for 2,142 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
$121.3K $56.64/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$118.9K $55.51/SF
− OpEx
−$53.5K −$24.98/SF
NOI
$65.4K $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%
$1,307,860
Cap Rate 7%
$934,186
Cap Rate 9%
$726,589
Alternative Uses
Best Use
Apartment 5plus
$934.2K
$817.4K – $1.09M
NOI $65,393 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.77M
$1.55M – $2.07M
NOI $124,150 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,197
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated duplex residence with private outdoor space, flexible lower-level recreation area, and modern kitchen and bath finishes.
Where is this residential income property located?
The property is located at 744 Park Place 1A Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,145,000.
What are key features of this property?
This property features: 2,142‑square‑foot duplex residence with 3 bedrooms, 2 full baths, and 1 half bath; Private backyard accessible from both the main level and lower floor; 50‑foot recreation room with full‑height windows on two sides
