398 Park Place is a historic 4 story, 3 family townhouse on one of Prospect Heights’ most beloved tree-lined streets. This home is over 3400 square feet and sits on one of the neighborhood’s coveted 131′ lots. It is configured as an owner’s garden, parlor, and cellar triplex with two high-income floor through rentals above it. The owner’s unit has a gracious parlor floor with high ceilings and original details including moldings, mantle, stained glass, and floors. The new kitchen has a huge stone island and direct access to a large, 22′ deck with steps down the landscaped and lush, south facing backyard. The bedrooms are large with en-suite baths, and the cellar level has been excavated and renovated into a bright and airy family room/ kids playroom/gym with high ceilings and natural light. The owner’s unit has central AC, washer/dryer, and updated mechanicals.
Above the owner’s triplex are two approximately 850 square foot floor-through apartments which could easily command a combined $5500-$6000 per month, the equivalent of a $1.3 Mil mortgage payment with today’s low-interest rates. Both are in lovely condition with original details, and the kitchens are located in the middle, ideal for potential layout changes.
As an alternative to being a home for an end-user, this property could be an excellent income property if the all three units were rented out. The combined income would be approximately $13,500/month ($162K per year), yielding a very good cap rate and some of the most certain value appreciation anywhere.
Park Place is one of the most beautiful streets in Brownstone Brooklyn. This home greets you with wonderful curb appeal and ornate original façade details. Your new home is in very close to incredible dining on Vanderbilt and Flatbush Avenues (Olmstead, Chuko, Fausto, Sweet Chick and more), Prospect Park, express trains (Q, B,2,3,4 trains), excellent schools, shopping, and the Grand Army Plaza Farmer’s Market.
This home offers a superb alternative to buying a new condo with income to cover a sizeable mortgage, room to grow into, tremendous outdoor space, and Brooklyn’s best amenities right at your fingertips. Welcome home!
