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585 3rd Street
About This Property
This single-family home is a rare opportunity for those with vision. This estate condition home is ready for a full transformation a true gut-renovation opportunity for buyers who want to create something extraordinary. The extra-wide, picturesque block sets the stage for your dream townhouse. Bring your contractor or architect and imagine the possibilities within this charming structure, rich with original details waiting to be reimagined and revived.
With three generous floors plus an English basement, along with front and back garden spaces, the property provides an exceptional blank canvas. Envision designing 4-6 bedrooms, crafting a gourmet kitchen in the rear parlor beneath soaring ceilings, and adding a back deck with stairs leading to the serene garden. The adjacent formal dining room and expansive living room offer beautiful proportions for entertaining. The English basement, with its separate entrance, provides flexibility for a home office, gym, playroom, or additional living area.
This is your chance to shape the perfect Park Slope retreat. The prime location, just minutes from Prospect Park, the Grand Army Plaza Greenmarket, 7th Avenue's shops and restaurants, subway access to F, G, 2, 3, 4 and so much more.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Nov 21, 2025 | Listed by Compass | $3,750,000 | |
| Listed by Compass | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017