$5,500,000
Updated 4 years ago
Off Market

687 Franklin Ave

Crown Heights, Brooklyn | Saint Marks Ave & Prospect Place

40 Rooms20 Beds14 Baths9,720 Square FeetIncome Property

$5,500,000
floors / apts4 / 14
Lot Size27'x100'
ZoneR7A
Building TypeLow-Rise
RE Taxes$69,053
Price Per SF
$566

Building Amenities

  • Voice Intercom
  • Garage

Property Description for 687 Franklin Ave

We are excited to announce a once in a lifetime opportunity to own a piece of iconic Brooklyn. Welcome to 685 Franklin Avenue; this picture worthy and eye catching corner building sits on a 2790 corner lot located only 6 blocks from Prospect Park. Perfectly situated on one of the most desirable intersections where Prospect Place meets Franklin Avenue.

Fantastic investment opportunity features 14 rent stabilized units with 1 commercial space. Meticulously maintained building with most units recently updated. This solid investment brings $26,993.15 in monthly rent roll.

2 Studios
6 One Bedrooms
6 Two Bedrooms
1 Garage
1 Commercial space with 10 year lease

Capital improvements include recently updated roof and electric/gas meters/water heaters in 2021

AMAZING 4.32%CAP

Short distance to the 2,3,4,5,A,C,& S trains, 25 minutes from NYC. Walk to Brooklyn Prospect Park, Botanic Garden & Downtown Brooklyn.

Listing History for 687 Franklin Ave

Now
11/02/2022
POM by Sebastian Lopera
Corcoran
08/05/2022
New Agency by Sebastian Lopera
Corcoran

Building Details for 687 Franklin Ave

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1910
Floors/Apts4/14
Learn More About the Building

Transit and Citi Bike

Subway

Park Pl
0.08 miles
Franklin Av-Medgar Evers College
0.32 miles
Botanic Garden
0.37 miles
Franklin Av
0.38 miles
Nostrand Av
0.47 miles

Railroad

Nostrand AvenueLong Island Rail Road
0.48 miles

Citi Bike

Franklin Ave & St Marks Ave
0.05 miles
Park Pl & Franklin Ave
0.07 miles

Contact Agent

Contact Agent

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: 85835TH