Two-Bedroom Residential Income
New
For Sale
$650,000
749 Park Place 3R, Brooklyn, NY 11216
Contemporary residence with separated bedrooms, custom cabinetry, and stone kitchen countertops.
Property Size601 SF
Price / SF$1,081
Days on Market7
Property Features for 749 Park Place 3R
General Information
Standard status
Active
Size
601 SF
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,536
Building Details
Building Size
601 SF
Year Built
2016
Listing Agency:
Corcoran Group
(862) 823-2674
Listed By:
Daniel Cohen · License #10401261296
(862) 823-2674
Source:
Carlinwright
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 10:41AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Unit 3R is a two-bedroom, one-bath residential property completed in 2016. The interior includes an open living and dining area, a modern kitchen with custom cabinetry and stone countertops, and bedrooms positioned apart from the primary living spaces. The bathroom features a soaking tub, glass enclosure, vertically stacked tile, and brass fixtures. Wide-plank flooring, recessed lighting, and oversized windows are also part of the interior finish package.
The property is located in Crown Heights at 749 Park Place in Brooklyn. Bien Cuit, Chavela’s, Prospect Park, and a range of neighborhood restaurants, cafés, bars, and shops are nearby. Transit access includes the S, 2, 3, 4, and 5 trains, connecting the area with Brooklyn and Manhattan.
The property is located in Crown Heights at 749 Park Place in Brooklyn. Bien Cuit, Chavela’s, Prospect Park, and a range of neighborhood restaurants, cafés, bars, and shops are nearby. Transit access includes the S, 2, 3, 4, and 5 trains, connecting the area with Brooklyn and Manhattan.
Key Highlights
- Two‑bedroom, one‑bath unit at 749 Park Place 3R
- Completed in 2016
- Open living and dining area with oversized windows
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
$18,348
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
2.82%
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%
$366,960
$367.0K
Cap Rate 7%
$262,114
$262.1K
Cap Rate 9%
$203,867
$203.9K
Market Conditions
NOI Build-Up for 601 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
$34.0K $56.64/SF
− Vacancy
−$681 −$1.13/SF
EGI
$33.4K $55.51/SF
− OpEx
−$15.0K −$24.98/SF
NOI
$18.3K $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%
$366,960
Cap Rate 7%
$262,114
Cap Rate 9%
$203,867
Alternative Uses
Best Use
Apartment 5plus
$262.1K
$229.4K – $305.8K
NOI $18,348 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$497.6K
$435.4K – $580.6K
NOI $34,834 @ 7.0% cap · market cap 5.36%
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
6,503
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 - Contemporary residence with separated bedrooms, custom cabinetry, and stone kitchen countertops.
Where is this residential income property located?
The property is located at 749 Park Place 3R Brooklyn, NY.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath unit at 749 Park Place 3R; Completed in 2016; Open living and dining area with oversized windows
