8-Unit Apartment
916 PROSPECT Pl, Brooklyn, NY 11213
For Sale
$3,750,000
The two-building residential property combines free-market and rent-stabilized apartments with a shared basement and utilities.
Property Size9,000 SF
Days on Market8
Property Features for 916 PROSPECT Pl
General Information
Standard status
Size
Property subtype
Additional Details
Asking Price
Utilities to Site
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Buildings
Units
Listing Agency:
Williamsburg
Listed By:
Amar Jehs · License NY #10401305529
(347) 415-8722
Source:
Elliman
Added: Nov 6
Last Checked: Nov 12 at 8:35AM
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 Williamsburg
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Investment Insights
Based on property information with market context.
This 8-unit apartment property comprises two separate buildings at 914–916 Prospect Place, offered together as a combined multi-parcel sale. The buildings share a basement and utilities. The unit mix includes six free-market apartments and two rent-stabilized apartments. Building area is 9,000 SF, with a stated maximum buildable area of 12,441 SF; the lot measures 25 feet by 127.5 feet. The buildings date to 1905.
The property is in Crown Heights, near Prospect Park, the Brooklyn Botanic Garden, and the Brooklyn Museum. The source also reports a Walk Score of 87, a Bike Score of 88, and a Transit Score of 100.
The property is in Crown Heights, near Prospect Park, the Brooklyn Botanic Garden, and the Brooklyn Museum. The source also reports a Walk Score of 87, a Bike Score of 88, and a Transit Score of 100.
Key Highlights
- Eight residential units: six free‑market and two rent‑stabilized
- Two separate buildings at 914–916 Prospect Place, sold together as a combined multi‑parcel property
- 9,000 SF building area; stated maximum buildable area of 12,441 SF
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$274,761
Cap Rate
7.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,495,220
$5.5M
Cap Rate 7%
$3,925,157
$3.9M
Cap Rate 9%
$3,052,900
$3.1M
Market Conditions
NOI Build-Up for 9,000 SF
Gross rent
$509.8K $56.64/SF
− Vacancy
−$10.2K −$1.13/SF
EGI
$499.6K $55.51/SF
− OpEx
−$224.8K −$24.98/SF
NOI
$274.8K $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 Rate 5%
$5,495,220
Cap Rate 7%
$3,925,157
Cap Rate 9%
$3,052,900
Alternative Uses
Best Use
Apartment 5plus
$3.93M
$3.43M – $4.58M
NOI $274,761 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.45M
$6.52M – $8.69M
NOI $521,640 @ 7.0% cap · market cap 13.91%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,726
Businesses Nearby
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Business Placement
Demographics for 11213, NY
67,217
Population
29,186
Households
2.3
Avg Household Size
34
Median Age
34%
College-Educated
84%
High-School Grad
1.1 sq mi
ZIP Area
61,106
Density / Sq Mi
$62,040
Median Household Income
$43,736
Median Earnings
$1,607
Median Rent
$1,184,400
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Brooklyn, NY
Properties on Market for Apartment buildings in Brooklyn
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The two-building residential property combines free-market and rent-stabilized apartments with a shared basement and utilities.
Where is this apartment building located?
The property is located at 916 PROSPECT Pl 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: Eight residential units: six free‑market and two rent‑stabilized; Two separate buildings at 914–916 Prospect Place, sold together as a combined multi‑parcel property; 9,000 SF building area; stated maximum buildable area of 12,441 SF
