597 Park Place
Marcus & Millichap is pleased to offer the Exclusive Listing of 597 Park Place, between Franklin Avenue and Classon Avenue. The subject property is a four-story apartment building located in the Prospect Heights section of Brooklyn, New York. The property is built 25 feet by 60 feet and rests on an extended 25 foot by 131 foot lot. The property is zoned R6. (Block:1163, Lot: 76).
597 Park Place is situated in one of the most highly-desired locations for investment in Brooklyn at this time on the border of Prospect Heights Proper and the burgeoning Franklin Avenue commercial corridor. The property is being offered at an attractive price point of $266 per square foot in a location where free-market apartment building and townhouses have sold well in excess of $500 per square foot. The current rent roll is approximately 50 percent of market-rate value, affording a new owner significant long-term income and value appreciation. The property is heated by a gas boiler and the building is in excellent overall condition for a primarily rent-stabilized apartment building.