Last updated on Jul 24, 2026

397 Fifth Avenue

Fully occupied mixed-use building in prime Park Slope featuring four residential units and established retail tenant. Turnkey investment offering 5.2% cap rate with stable income and no immediate capital requirements. Currently, 1 apartment is for sale.

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All Apartments For Sale (1) $1,215 Avg. price/ft²

Apt.
Quick view: 6 photos

8 beds

5 baths

3,828 ft²

$1,215

$4,650,000 $1,215 /ft²

Jul 24, 2026

4 days

Overview of 397 Fifth Avenue

397 Fifth Avenue is a well-maintained, three-story mixed-use building located in the vibrant retail corridor of Park Slope, Brooklyn. This property offers a rare investment opportunity in a highly sought-after neighborhood, characterized by its high foot traffic and visibility. Currently fully occupied, the building features a diverse tenant mix, including four residential 2-bedroom rental units with desirable layouts, and a retail space leased to the popular Flatiron Steakhouse - Park Slope, ensuring a steady income stream.

The property boasts a strong financial profile, with a projected 5.2% cap rate based on actual rent rolls, making it an attractive option for investors seeking stability and growth. In excellent, turnkey condition, the building requires no immediate renovations, allowing for a seamless transition and continued revenue generation. Its combination of a prime location, stable income, and well-maintained infrastructure enhances its value as a solid addition to any real estate portfolio.

Investors will appreciate the robust demand and profitability of the area, making this an exceptional opportunity to acquire a property in a thriving market. With its strategic positioning and reliable income, 397 Fifth Avenue stands out as a noteworthy investment in Brooklyn's dynamic real estate landscape.

Doorman

None

Type

Condo

Year Built

1899

Apartments

Floors

Neighborhood

Park Slope (Brooklyn)

Min Down

20%

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at 4th Ave 0.18 miles

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The pros and cons of buying a multi-family dwelling + NYC properties on the market now Saturday, February 22, 2025

Alternate Address

397 5 Avenue

The Elisa

between Seventh Avenue & Eighth Avenue

Chelsea

An inimitable lifestyle cultivated by Isay Weinfeld. European elegance at the intersection of the West Village, Meatpacking, & Chelsea. Premium location | 1H 2024 occupancy

3 beds starting at $5,295,000
4 beds starting at $10,995,000

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RLS IDX Data display by CityRealty.com, LLC. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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 and for no listing shall the number of bedrooms listed be considered a legal conclusion.

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An equal housing opportunity

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397 Fifth Avenue

All Apartments For Sale

Overview of 397 Fifth Avenue

Maps &3D Aerial Views

Pricing Comparison of Similar Buildings

Editorial Coverage

Alternate Address

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Market Data

Market Insight

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