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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: 32
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: Coldwell Banker Choice Properties
Agency Phone: 833-88-CHOICE (2-4642)
Estimate Your Payment
Estimated Payment
$ 6,872.92 per month $5,563.92 Principal & Interest $579.83 Property Tax $729.17 Homeowner's InsuranceChange Payment Information
Broker Headquarters, 621 Columbia St. Suite 800, Cohoes, NY 12047
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Based on information submitted to the MLS GRID. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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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.coldwellbankerchoice.com today.