Two-Family Brownstone Income
877 PARK Pl Brooklyn, NY 11216
877 PARK Pl, Brooklyn, NY, 11216
$2,750,000
For Sale
$2,750,000
Legal two-family home divided into two duplexes, set on an extra-long lot with a full basement and period interiors.
Property Size4,000 SF
Price / SF$687.50
Days on Market72
Property Features for 877 PARK Pl
General Information
- Standard status
- Active
- Size
- 4,000 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1915
Listing agency
(917) 494-2503
Listed by
Deborah Lee Rieders · License #30RI0955004 (NY)
(917) 494-2503
Source
Elliman
Added: May 12 Updated: Jul 21 at 6:06PM Checked: Jul 22 at 10:11AM
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 Deborah Lee Rieders
Investment Insights
Based on property information with market context.
A legal two-family brownstone income property currently divided into two sizable duplexes. The home spans four wide and deep floors plus a full basement, positioned on an extra-long 113' lot. Period architecture and interior finishes are a central feature, including bay windows across all four floors, stained-glass elements, plaster medallions and moldings, mahogany wainscoting, picture/base/ceiling moldings, hand-carved mantles, and pocket doors. The property includes three full and windowed bathrooms, plus a large dry cellar for storage or recreation use. Kitchens have been upgraded, along with the boiler and roof.
The layout provides a garden-and-parlor level apartment totaling 2,300 SF with 3–4 bedrooms, and an upper two-floor duplex totaling 1,700 SF with a 4-bedroom configuration. The garden and parlor together offer an outdoor setting described as professionally landscaped, with a pergola, hardscaping, and perennial plantings.
The home sits on Park Place near the crossroads of Crown Heights and Prospect Heights, with nearby cultural and park amenities referenced in the remarks, and Express subway service noted at Eastern Parkway and Nostrand.
The layout provides a garden-and-parlor level apartment totaling 2,300 SF with 3–4 bedrooms, and an upper two-floor duplex totaling 1,700 SF with a 4-bedroom configuration. The garden and parlor together offer an outdoor setting described as professionally landscaped, with a pergola, hardscaping, and perennial plantings.
The home sits on Park Place near the crossroads of Crown Heights and Prospect Heights, with nearby cultural and park amenities referenced in the remarks, and Express subway service noted at Eastern Parkway and Nostrand.
Key Highlights
- Built in 1915, this Neo‑Romanesque townhouse spans almost 4,000 SF with four floors plus a full basement on an extra‑long 113' lot.
- Legal 2‑family currently divided into two sizable duplexes: garden/parlor level has a 2,300 SF 3‑4 bedroom unit.
- Upper two floors offer a 1,700 SF 4‑bedroom duplex, providing flexibility for an owner triplex with a separate garden rental.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $204.0k | $51.00 |
| − Vacancy | −$3.9k | −$0.97 |
| EGI | $200.1k | $50.03 |
| − OpEx | −$60.0k | −$15.01 |
| NOI | $140.1k | $35.02 |
4,000 SF · lease $51.00/SF/yr · vacancy 1.90% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Legal two-family home divided into two duplexes, set on an extra-long lot with a full basement and period interiors.
Where is this duplex located?
The property is located at 877 PARK 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: Built in 1915, this Neo‑Romanesque townhouse spans almost 4,000 SF with four floors plus a full basement on an extra‑long 113' lot.; Legal 2‑family currently divided into two sizable duplexes: garden/parlor level has a 2,300 SF 3‑4 bedroom unit.; Upper two floors offer a 1,700 SF 4‑bedroom duplex, providing flexibility for an owner triplex with a separate garden rental.
