Residential Income Property with
New
For Sale
$1,995,000
744 Park Place 1B, Brooklyn, NY 11216
Updated three-bedroom residence with private outdoor space, dedicated storage, and a chef-oriented kitchen.
Property Size2,000 SF
Price / SF$997.50
Days on Market5
Property Features for 744 Park Place 1B
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,236
Amenities
private rooftop outdoor space
in-unit washer/dryer
multi-zoned heating and cooling
designer lighting
brushed white oak engineered flooring
storage unit
Building Details
Building Size
2,000 SF
Year Built
1929
Listing Agency:
Compass
Listed By:
Jayson Halladay
(917) 753-3716
Source:
Carlinwright
Added: Sep 2
Changed: Sep 4
Last Checked: Sep 5 at 6:32AM
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.
Residence 3A is a 1,233-square-foot, three-bedroom, two-bath home within an 8-unit building constructed in 1929. The apartment combines an open living and dining layout with a renovated kitchen featuring Cambria quartz work surfaces, extensive cabinetry, Bertazzoni appliances, an integrated refrigerator, induction cooking, and a vented hood. The primary suite includes an en-suite bath with Italian marble finishes and a walk-in shower, while the second bath has a soaking tub. In-unit laundry, multi-zone heating and cooling, designer lighting, and engineered white oak flooring complete the interior.
Private outdoor space measures 273 square feet and includes city views. The residence also comes with a 55-square-foot basement storage unit. The building has a brick exterior with carved stone detailing and is positioned one block from restaurants and shops along Franklin Avenue. Access to the 2, 3, 4, 5, and S trains, Brooklyn Botanic Garden, the Public Library, Grand Army Plaza Greenmarket, and Prospect Park adds to the surrounding amenities.
Private outdoor space measures 273 square feet and includes city views. The residence also comes with a 55-square-foot basement storage unit. The building has a brick exterior with carved stone detailing and is positioned one block from restaurants and shops along Franklin Avenue. Access to the 2, 3, 4, 5, and S trains, Brooklyn Botanic Garden, the Public Library, Grand Army Plaza Greenmarket, and Prospect Park adds to the surrounding amenities.
Key Highlights
- 1,233‑square‑foot three‑bedroom, two‑bath residence
- 273‑square‑foot private rooftop outdoor area with city views
- 55‑square‑foot dedicated basement storage unit
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
$61,058
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
3.06%
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%
$1,221,160
$1.2M
Cap Rate 7%
$872,257
$872.3K
Cap Rate 9%
$678,422
$678.4K
Market Conditions
NOI Build-Up for 2,000 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
$113.3K $56.64/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$111.0K $55.51/SF
− OpEx
−$50.0K −$24.98/SF
NOI
$61.1K $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%
$1,221,160
Cap Rate 7%
$872,257
Cap Rate 9%
$678,422
Alternative Uses
Best Use
Apartment 5plus
$872.3K
$763.2K – $1.02M
NOI $61,058 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.66M
$1.45M – $1.93M
NOI $115,920 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
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 - Updated three-bedroom residence with private outdoor space, dedicated storage, and a chef-oriented kitchen.
Where is this residential income property located?
The property is located at 744 Park Place 1B Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 1,233‑square‑foot three‑bedroom, two‑bath residence; 273‑square‑foot private rooftop outdoor area with city views; 55‑square‑foot dedicated basement storage unit
