Park Slope Historic Carriage
For Sale
$3,750,000
Pending
860 Union St, Brooklyn, NY 11215
Unique two-family residence or single-family conversion opportunity in prime location.
Property Size3,894 SF
Lot Size0.06 Acres
Days on Market168
Property Features for 860 Union St
General Information
Standard status
Pending
Size
3,894 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$24,181
Building Details
Building Size
3,894 SF
Stories
2
Listing Agency:
RE/MAX Real Estates Professionals
(718) 532-2000
Listed By:
Vito Angelo · License #BEA5721
(718) 532-2000
Source:
Elliman
Added: Mar 12
Changed: Aug 11
Last Checked: Aug 25 at 7:32AM
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 RE/MAX Real Estates Professionals
Investment Insights
Based on property information with market context.
Located in the Park Slope neighborhood of Brooklyn, New York City, this building was originally constructed as the Victorian Gothic carriage house of the Maxwell mansion, which existed sometime between 1875 and 1896, before being demolished in 1922. In 1923, the 25-foot wide carriage house received a new facade designed by Caughey & Evans. As one of the few remaining carriage houses in Park Slope, it is considered a local attraction. Situated within the Park Slope Historic District, it is located minutes from the park. The building is currently configured as a two-family residence, each unit featuring 3 ensuite bedrooms, a formal living room, a formal dining room, and a kitchen. The property contains original woodwork and crafted details, including mantle fireplaces, built-in China cabinets, parquet floors, stained glass, and tall ceilings. The property is located in prime Park Slope, surrounded by amenities in one of Brooklyn’s most desirable neighborhoods. The property could also be converted into a single-family mansion.
Key Highlights
- Rare 25' wide carriage house in Park Slope Historic District.
- Potential for conversion to a single‑family mansion.
- Original architectural details: mantle fireplaces, built‑in China cabinets, parquet floors, stained glass, tall ceilings.
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
$136,374
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
3.64%
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%
$2,727,480
$2.7M
Cap Rate 7%
$1,948,200
$1.9M
Cap Rate 9%
$1,515,267
$1.5M
Market Conditions
NOI Build-Up for 3,894 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
$198.6K $51.00/SF
− Vacancy
−$3.8K −$0.97/SF
EGI
$194.8K $50.03/SF
− OpEx
−$58.4K −$15.01/SF
NOI
$136.4K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
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%
$2,727,480
Cap Rate 7%
$1,948,200
Cap Rate 9%
$1,515,267
Alternative Uses
Best Use
Multifamily LT 5
$1.95M
$1.70M – $2.27M
NOI $136,374 @ 7.0% cap · market cap 3.64%
Second Best
Apartment 5plus
$1.70M
$1.49M – $1.98M
NOI $118,880 @ 7.0% cap · market cap 3.17%
Theoretical Best
Specialty Retail
$3.22M
$2.82M – $3.76M
NOI $225,696 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,488
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Unique two-family residence or single-family conversion opportunity in prime location.
Where is this duplex located?
The property is located at 860 Union St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: Rare 25' wide carriage house in Park Slope Historic District.; Potential for conversion to a single‑family mansion.; Original architectural details: mantle fireplaces, built‑in China cabinets, parquet floors, stained glass, tall ceilings.
