$675,000
Updated 11 years ago
Sold

1564 Prospect Place

Crown Heights, Brooklyn | Buffalo Ave & Ralph Ave

4,040 Square FeetRental Property

$675,000
floors / apts3 / 6
Lot Size25'x127'
ZoneR6
Building TypeTownhouse
RE Taxes$5,897
Price Per SF
$167

This property was sold for $650,000 on 11/19/12.

Building Amenities

  • Voice Intercom

Property Description for 1564 Prospect Place

This lender-owned apartment building features six 3BR units which will be delivered fully vacant. The three front units have been renovated while the back three units are in need of a gut renovation. These large apartments have exceptional light and air due to legal side windows and have renovated rents projected at $1450 per month. This opportunity presents a significant return with poten¬tial to exceed a 10% capitalization rate upon occupancy. The property is well located on a tree lined block equidistant to both Eastern Parkway and Fulton Street with subway access to Manhattan in 20 minutes via the A, C, 3 and 4 lines. The nearby Utica Avenue retail corridor is conveniently located two blocks away offering a variety of retail options. Depending on price, lender will consider issuing financing for two years at 7%- amortizing over 25 years - with no prepayment penalties and 75% loan-to value.

Listing History for 1564 Prospect Place

Now
11/26/2012
$650,000
Sold and Closed by Michael Amirkhanian
Cushman & Wakefield
09/06/2012
Contract Signed by Michael Amirkhanian
Cushman & Wakefield

Building Details for 1564 Prospect Place

OwnershipRental Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePost-War
AccessWalk-up
Year Built2006
Floors/Apts3/6
Learn More About the Building

Transit and Citi Bike

Subway

Ralph Av
0.48 miles

Citi Bike

Park Pl & Buffalo Ave
0.05 miles
Bergen St & Buffalo Ave
0.16 miles

Contact Agents

Contact Agents

Michael Amirkhanian
Cushman & Wakefield
Robert Moore
Cushman & Wakefield

Crown Heights | Brooklyn

Quick Profile

Originally known as Crown Hill by the Lenape Indians that lived there, Crown Heights has evolved into a diverse neighborhood, occupied primarily by Hasidic Jews and one of the largest Caribbean populations to be found anywhere outside of the West Indies. 

Head over to Nostrand Avenue, one of the main West Indian commercial areas in the neighborhood, which is lined with stores that have been in those exact same places for generations, providing their goods and services to area residents. Kingston Avenue has similar commercial activities that support the Jewish community, and Franklin Avenue shows the most signs of change and gentrification, with an ever-expanding mix of yoga studios, coffee shops, and organic grocery stores that serve the influx of young professionals. No matter which of these areas you visit, you will find an interesting mix of businesses that you wouldn’t normally picture as existing side-by-side. It is all part of the cultural diversity of Crown Heights.

The neighborhood is bisected, from east to west, by Eastern Parkway, which is a beautiful, 3-mile-long boulevard lined with mature trees. This leafy oasis was designed by Frederick Law Olmsted, famed designer of Central Park, the Biltmore Estate in North Carolina, and the U. S. Capitol in Washington, D. C.

You will find a mix of low-rise apartment buildings, large middle-class elevator buildings, brownstones, and some luxury buildings. Century-old architecture stands next to modern residential developments in a visually interesting mix of styles, much as the diversity of the residents exists. People who would not normally meet and mix are forging new pathways to cultural understanding by working, living, and playing together in the same neighborhood.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 44072TH