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Multifamily

84 1st Pl

84 1st Pl, Brooklyn, NY 11231

Listing Price: $5,950,000

Cap Rate
5.20%
Number of Units
5
GRM
15.74
Price/Unit
$1,190,000
Price/Gross SF
$918.21
Gross SF
6,480

Investment Overview

Marcus & Millichap is pleased to exclusively bring to market 84 1st Place in the Carroll Gardens neighborhood of Brooklyn, NY. 84 1st Place is for sale for the 1st time in over 50 years and has been meticulously maintained for their entire ownership. Located on 1st Place between Court and Clinton Street, the Property presents an extremely rare opportunity to purchase a fully vacant 5 family building on one of the best blocks in all of Brooklyn.



The Property is built 18’ x 71’ on all five floors plus additional SF in the usable basement and is situated on a 18’ x 100’ lot zoned R6A. 84 1st Place presents investors and owner-users alike the opportunity to create a massive single family townhome, live plus income, and/or convert the property into luxury condominiums.



In an area where demand continues to surge and pricing continuing to move past many of the elite Manhattan neighborhoods, 84 1st Place provides a blank canvas to create the ideal home(s). Condominiums and townhomes in the area have consistently surpassed $1,800 PSF in the immediate area with residential rentals achieving $85 PSF or better. The “Place” blocks have proven to be the most coveted blocks to live on in the neighborhood especially given the beautiful brownstone lined streets along with extremely rare feature of not only having a rear yard, but also containing a sizeable front yard. Ideally situated 1 block from the F&G train entrance and a 5 minute walk from internationally acclaimed eateries like Lucali & F&F Pizzeria.



With an asking price at $929 PSF, the Property presents a low price basis allowing an investor to generate substantial profits in a potential condominium or single family conversion. A true trophy asset with a stunning limestone façade, 84 1st Place will not stay on the market long.



Please reach out to Michael Salvatico at 718-475-4358 to schedule a tour and/or to discuss further. Agents and co-broking are welcome.



Highlights:



Vacant 5 Family Brownstone in Carroll Gardens
Located on 1st Place between Clinton & Court Street
One of the Best Residential Blocks in all of Brooklyn
1st Sale in over 50 Years | Meticulously Maintained
Built 18’ x 71’ | 6,400 Gross SF Above Grade | Additional Usable SF in Basement
Large Front & Rear Yards providing owners/tenants coveted outdoor space
Condos in the Area consistently selling for north of $1,800 PSF
Luxury Rentals in the Area leasing for north of $85 PSF
1 Block from the F/G Train entrance on 2nd Place and Smith Street
Extremely Low Tax Bill | $12,841 Annually | Tax Class Protected (2A)

Investment Highlights

  • Vacant 5 Family Limestone in Carroll Gardens
  • Located on 1st Place between Clinton & Court Street
  • One of the Best Residential Blocks in all of Brooklyn

Exclusively Listed By

Multifamily

84 1st Pl

Listing Price: $5,950,000

Cap Rate
5.20%
Number of Units
5
GRM
15.74
Price/Unit
$1,190,000
Price/Gross SF
$918.21
Gross SF
6,480

Investment Highlights

  • Vacant 5 Family Limestone in Carroll Gardens
  • Located on 1st Place between Clinton & Court Street
  • One of the Best Residential Blocks in all of Brooklyn

Investment Overview

Marcus & Millichap is pleased to exclusively bring to market 84 1st Place in the Carroll Gardens neighborhood of Brooklyn, NY. 84 1st Place is for sale for the 1st time in over 50 years and has been meticulously maintained for their entire ownership. Located on 1st Place between Court and Clinton Street, the Property presents an extremely rare opportunity to purchase a fully vacant 5 family building on one of the best blocks in all of Brooklyn. The Property is built 18’ x 71’ on all five floors plus additional SF in the usable basement and is situated on a 18’ x 100’ lot zoned R6A. 84 1st Place presents investors and owner-users alike the opportunity to create a massive single family townhome, live plus income, and/or convert the property into luxury condominiums. In an area where demand continues to surge and pricing continuing to move past many of the elite Manhattan neighborhoods, 84 1st Place provides a blank canvas to create the ideal home(s). Condominiums and townhomes in the area have consistently surpassed $1,800 PSF in the immediate area with residential rentals achieving $85 PSF or better. The “Place” blocks have proven to be the most coveted blocks to live on in the neighborhood especially given the beautiful brownstone lined streets along with extremely rare feature of not only having a rear yard, but also containing a sizeable front yard. Ideally situated 1 block from the F&G train entrance and a 5 minute walk from internationally acclaimed eateries like Lucali & F&F Pizzeria. With an asking price at $929 PSF, the Property presents a low price basis allowing an investor to generate substantial profits in a potential condominium or single family conversion. A true trophy asset with a stunning limestone façade, 84 1st Place will not stay on the market long. Please reach out to Michael Salvatico at 718-475-4358 to schedule a tour and/or to discuss further. Agents and co-broking are welcome. Highlights: Vacant 5 Family Brownstone in Carroll Gardens Located on 1st Place between Clinton & Court Street One of the Best Residential Blocks in all of Brooklyn 1st Sale in over 50 Years | Meticulously Maintained Built 18’ x 71’ | 6,400 Gross SF Above Grade | Additional Usable SF in Basement Large Front & Rear Yards providing owners/tenants coveted outdoor space Condos in the Area consistently selling for north of $1,800 PSF Luxury Rentals in the Area leasing for north of $85 PSF 1 Block from the F/G Train entrance on 2nd Place and Smith Street Extremely Low Tax Bill | $12,841 Annually | Tax Class Protected (2A)

Exclusively Listed By

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