1074 Park Place

Big, Bold & Beautiful With Extraordinary Income Potential! Welcome to 1074 Park Place, a colossal classic Crown Heights townhouse boasting approximately 6,500 square feet of space. Built in the Colonial Revival style, this 21' foot wide four family townhouse sits on an extra deep 125-foot lot including a rare deep front set back with beautiful plantings. Each spacious floor-through apartment has 9 ft ceilings, original hardwood floors and windows in each room. Three of the units have four bedrooms and one full bathroom while the fourth unit has 4 bedrooms and 2 bathrooms. There is also shared roof and backyard access and a windowed recreation space in the basement as well as a coin operated washer/dryer for the use of all tenants. Dont miss this amazing high-income investment. This sprawling home has tremendous potential. Live in one grand apartment as-is and enjoy the benefits of collecting a considerable rental income each month. Alternatively, based on the conservative projected rent roll of $192,000 annual, 1074 Park achieves a rare 6% cap ratio. At the projected rent roll the property is an investors dream with the opportunity to live rent free or rent out the entire property and generate positive cash flow. Currently in great condition, the property could benefit further from minor updates to the appliances to significantly increase your return. Built around 1905 by Architect A. White Pierce as part of 13 flats extending along the south side of Park Place, the faade features a mixture of coursed brickwork, stone portico flanked by Tuscan pilasters topped by a gable on foliated brackets and decorative dentils and recessed panels. 1074 Park Place is set on one of the prettiest garden blocks in Crown heights. Nestled between Brooklyn and Kingston Avenues, it sits across the street from bucolic Brower Park, a special urban oasis for those lucky enough to live in the neighborhood. The area offers the best of Brooklyn dining and shopping along Kingston Avenue with such local favorites as Basil, Bouef&Bun and Jennys Diner. A ten-minute walk to bustling Nostrand Avenue to get Lulas bagels or OTacos. Property is currently occupied with tenants each on a month-to-month lease. Delivered vacant! Mechanicals are all in great condition. Quick access to trains, an easy five minute stroll to the 3 at Eastern Parkway where you can reach downtown Manhattan in 25 minutes or less.