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MLS#965803
STATUSActive
PROPERTY TYPEMulti Unit - Multiple
Property Description
Exceptional investment opportunity in the heart of Crown Heights. 897 Park Place presents a rare chance to acquire a multifamily asset with strong upside potential in one of Brooklyn's most consistently appreciating neighborhoods. Positioned on a desirable residential block, the lot measures 28.83' x 130.58', with building dimensions of 23' x 75'. Basement ceiling measures 7ft. and parlor level measures 10.2 ft. Possible condo conversion opportunity. Please conduct due diligence and consult with Architect.The property offers multiple value-add strategies through renovation, repositioning, rental optimization, or long-term hold. The building spans five levels. There is space to park a vehicle in the front yard (subject to DOB approval), plus an unattached side exposure that allows for additional natural light along one side of the building. A rear extension was previously added, expanding the total square footage and increasing the functional area within the property.The asset benefits from excellent transit accessibility, located near the 2/3/4/5 subway lines, the A/C trains, and just minutes to Franklin Avenue. It is surrounded by a plethora of restaurants, bars, coffee shops, laundry facilities, and neighborhood amenities, and is a short walk to Prospect Park, Brooklyn Botanic Garden, and the Brooklyn Museum.With comparable properties demonstrating strong resale and rental performance, this property offers both income potential and long-term growth. Perfect for seasoned investors, 1031 exchange buyers, developers, or owner-occupants looking to add value through thoughtful design and renovation to capitalize on Brooklyn's ongoing market strength.
Property Features
Property Type: Multi Unit - Multiple
Basement: Yes
Basement: Full
Cooling: None
Heating: Natural Gas, Other
Lot Size: 0.09 Acres
Taxes: $6,958
Year Built: 1915
Amenities
Other
Feature Descriptions
Building Area Total: 7292
Cap Rate: 11710
Days on Site: 128
Exterior: Brownstone
On Market Date: 2026-02-27
Parcel Number: 01234-0051
Parking Features: Carport
Rental Term: Monthly
Sewer: Public Sewer
Units: 8
Utilities: Electricity Connected
Water: Public
Listed By / Shown By
Listing By
Agency Name: Attias Property Group Inc
Agency Phone: 646-644-5487
Shown By
Agency Title: Joyce Realty
Agency Phone: (800-275-5692)
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Estimated Payment
$ 6,872.92 per month $5,563.92 Principal & Interest $579.83 Property Tax $729.17 Homeowner's InsuranceChange Payment Information
Corporate Headquarters
7 E Central Ave, Unit 15, Pearl River, NY 10965Phone: 800-ASK-JOYCE (800-275-5692)
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897 Park Place | MLS# 965803
This multi-family property located at 897 Park Place, Brooklyn, NY 11216 is currently listed for sale with an asking price of $2,499,999. Search Brooklyn real estate on www.joycerealty.com today.