Listing Notes
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.
Price in context
Cheaper than 29% of the 24 homes listed nearby right now, which run $1,380,000 to $3,499,000.
See all 24 nearby listings
| Address | Asking | Size |
|---|---|---|
| 1346 Pacific St Unit 1A | $1,380,000 | 2 bd · 3 ba |
| 701 Prospect Pl Unit 403 | $1,450,000 | 2 bd · 2 ba |
| 701 Prospect Pl Unit 601 | $1,450,000 | 2 bd · 2 ba |
| 701 Prospect Pl Unit 203 | $1,495,000 | 2 bd · 2 ba |
| 736 Prospect Pl Unit Garden | $1,499,999 | 2 bd · 3 ba |
| 1136 Bergen St | $1,500,000 | Studio |
| 897 Lincoln Pl | $1,500,000 | 6 bd · 3 ba |
| 288 New York Ave | $1,550,000 | 8 bd · 8 ba |
| 1334 Pacific St | $1,650,000 | 6 bd |
| 669 Saint Marks Ave Apt 2B | $1,799,000 | 3 bd · 3 ba |
| 116 Brooklyn Ave | $1,895,000 | 5 bd · 3 ba |
| 1330 Dean St | $2,150,000 | 6 bd · 3 ba |
| 881 St Johns Pl | $2,250,000 | 12 bd · 12 ba |
| 954 Park Pl | $2,385,000 | 4 bd · 3 ba |
| 972A Saint Johns Pl | $2,475,000 | 4 bd · 5 ba |
| 972A Saint Johns Pl | $2,475,000 | 4 bd · 5 ba |
| 80 Rogers Ave | $2,499,000 | 5 bd · 3 ba |
| 1312 Union St | $2,595,000 | 4 bd · 2 ba |
| 1136 Dean St | $2,650,000 | 8 bd · 5 ba |
| 1191 Dean St | $2,899,000 | Studio |
| 984 Lincoln Pl | $3,100,000 | 8 bd · 3 ba |
| 970 Park Pl | $3,495,000 | 5 bd · 5 ba |
| 970 Park Pl | $3,495,000 | 5 bd |
| 866 Prospect Pl | $3,499,000 | 7 bd · 4 ba |
Where it is
For sale Coming soon Recently sold— zoom out for more