457 Park Pl Brooklyn, NY 11238
- Apartment buildings
- 8,360 SF
- 0.09 lot acres
Current Use by Public Records
- Platinum jumbies stilt walkers / Event Planner
Property Details for 457 Park Pl
- Year built
- 1907
- Lot size
- 0.09 lot acres
- Property size
- 8,360 SF
- Zone code
- R6A
- Property type
- Apartment buildings
- APN
- 01162-0086
- APU
- 11620086
Description
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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,525,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,995,000
- 6.5%
- $1,850,000
- 7%
- $1,835,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,825,000
- Geo Method
- $1,925,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,660,000
- Retail
- $1,705,000
- Mixed-Use
- $1,710,000
- Hospitality
- $1,875,000
- Educational
- $1,755,000
- Residential Income
- $1,830,000
- Energy
- $1,540,000
- Income-Based Land
- $1,655,000
- Food Service
- $1,835,000
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9624
- Latitude
- 40.6757
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
