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    457 Park Pl Brooklyn, NY 11238

    Sponsored
    For Sale
    $3,350,000

    10-Unit Multifamily, High ROI

    Property size:
    8,360 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    395
    This exceptional 10-unit apartment building at 457 Park Place in Brooklyn's desirable Prospect Heights neighborhood presents a compelling investment opportunity. Offered at $3,350,000, this Class A property boasts 8,360 square feet and a strong 6.60% cap rate, generating a net operating income (NOI) of $221,500. Currently operating at 100% occupancy, the building comprises four free-market units and six rent-stabilized units, with two rent-stabilized units already commanding market-rate rents. Built in 1907, this four-story building sits on a 3,930 square foot lot and is zoned R6A. The property features a fully finished basement with potential for expansion, including the possibility of creating a duplex apartment, additional storage, bike storage, or a tenant common area. Two of the larger three-bedroom units on the first and second floors currently have below-market rents, offering significant upside potential. The remaining rent-stabilized units provide a substantial buffer for future rent increases. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a prime Brooklyn location. The price per unit is $335,000, and the price per square foot is $400.72.

    Property Features for 457 Park Pl

    General Information

    Property type
    Multifamily properties
    Square Feet
    8,360 SF
    Class
    A

    Building Details

    Year Built
    1907
    Buildings
    1
    Stories
    4
    Units
    10

    HighLights

    • Exceptional 10‑unit apartment building in Prospect Heights, Brooklyn.
    • Offered at $3,350,000 with a 6.60% cap rate and $221,500 NOI.
    • 8,360 square feet on a 3,930 square foot lot, zoned R6A.
    • Currently 100% occupied with a mix of free‑market and rent‑stabilized units.
    • Features a finished basement with expansion potential.
    • Significant upside potential from below‑market rents in two units.
    Property Profile Location Intelligence

    Current Use by Public Records

    Platinum jumbies stilt ... Event Planner

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9624782
    Latitude
    40.675601

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    FAQs

    What type of property is this?
    Multifamily property - 10-Unit Multifamily, High ROI
    Where is this multifamily property located?
    The property is located at 457 Park Pl Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $3,350,000.
    What are key features of this property?
    This property features: Exceptional 10-unit apartment building in Prospect Heights, Brooklyn.; Offered at $3,350,000 with a 6.60% cap rate and $221,500 NOI.; 8,360 square feet on a 3,930 square foot lot, zoned R6A.
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    457 Park Pl Brooklyn, NY 11238
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