Historic Two-Family
New
For Sale
$2,750,000
868 PROSPECT Pl, Brooklyn, NY 11216
A preserved historic residence offers flexible single-household or two-family use, with a second kitchen and a south-facing backyard.
Property Size4,028 SF
Price / SF$687.50
Days on Market3
Property Features for 868 PROSPECT Pl
General Information
Standard status
Active
Size
4,028 SF
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,904
Building Details
Building Size
4,028 SF
Year Built
1925
Buildings
1
Units
2
Construction
Renaissance Revival
Tenancy
Single
Listing Agency:
Corcoran Group
Listed By:
Deborah Lee Rieders · License #30RI0955004 (NY)
(917) 494-2503
Source:
Elliman
Added: Nov 3
Changed: Nov 4
Last Checked: Nov 4 at 1:50PM
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
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Investment Insights
Based on property information with market context.
This Crown Heights duplex spans more than 4,000 SF and retains period features including a limestone-and-brick facade, carved colonnades, mahogany interior details, original millwork, tiled mantels, and inlaid wood floors. The layout includes a triple parlor, four bedrooms, multiple full bathrooms, and a garden-level kitchen and dining room. A second kitchen remains on the upper floor, supporting the property’s two-family configuration, while the current owners use it as a single-family home. Renovated bathrooms and a remodeled kitchen add updated elements, and the garden level opens to a south-facing backyard.
The property is in the Crown Heights historic district, between Nostrand and New York Avenues. A, 2, and 3 subway service is nearby. The surrounding area includes the Brooklyn Children’s Museum, Brooklyn Museum, Brooklyn Botanic Garden, and Brooklyn Public Library, as well as Brower Park and Prospect Park. The residence has a Walk Score of 87, Bike Score of 88, and Transit Score of 100.
The property is in the Crown Heights historic district, between Nostrand and New York Avenues. A, 2, and 3 subway service is nearby. The surrounding area includes the Brooklyn Children’s Museum, Brooklyn Museum, Brooklyn Botanic Garden, and Brooklyn Public Library, as well as Brower Park and Prospect Park. The residence has a Walk Score of 87, Bike Score of 88, and Transit Score of 100.
Key Highlights
- More than 4,000 SF in a two‑family duplex configuration
- Second kitchen remains on an upper floor; current use is single‑family
- Period features include carved limestone details, original millwork, tiled mantels, and inlaid wood floors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$140,087
Cap Rate
5.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,801,740
$2.8M
Cap Rate 7%
$2,001,243
$2.0M
Cap Rate 9%
$1,556,522
$1.6M
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$204.0K $51.00/SF
− Vacancy
−$3.9K −$0.97/SF
EGI
$200.1K $50.03/SF
− OpEx
−$60.0K −$15.01/SF
NOI
$140.1K $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 Rate 5%
$2,801,740
Cap Rate 7%
$2,001,243
Cap Rate 9%
$1,556,522
Alternative Uses
Best Use
Multifamily LT 5
$2.00M
$1.75M – $2.33M
NOI $140,087 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$1.74M
$1.53M – $2.04M
NOI $122,116 @ 7.0% cap · market cap 4.44%
Theoretical Best
Specialty Retail
$3.31M
$2.90M – $3.86M
NOI $231,840 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,726
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - A preserved historic residence offers flexible single-household or two-family use, with a second kitchen and a south-facing backyard.
Where is this duplex located?
The property is located at 868 PROSPECT Pl Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: More than 4,000 SF in a two‑family duplex configuration; Second kitchen remains on an upper floor; current use is single‑family; Period features include carved limestone details, original millwork, tiled mantels, and inlaid wood floors
