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397 5th Avenue

$4,650,000

MLS# RLS20078243 · Park Slope

Listed July 24, 2026 · 111 days on the market

8 Beds 5 Baths 3,828 Sq.Ft.

About This Property

**Prime Park Slope Investment Opportunity: 397 5th Avenue, Brooklyn**

Discover a meticulously maintained, three-story mixed-use building in the bustling retail corridor of 5th Avenue in Park Slope, Brooklyn. This property represents a rare investment opportunity in one of Brooklyn's most desirable neighborhoods.

Situated on a high foot traffic section of 5th Avenue, the building enjoys maximum visibility and accessibility. It is currently fully occupied, featuring a diverse tenant mix. The residential component includes four well-appointed 2-bedroom apartments, each with desirable front and back layouts. The retail space is currently leased for the next 10 years,

In excellent, turnkey condition, the building requires no immediate renovations or repairs, allowing for a seamless transition and continued revenue generation. This exceptional property combines a prime location, stable income, and well-maintained infrastructure, making it a valuable addition to any real estate portfolio. Don’t miss this opportunity to invest in a thriving area with a solid track record of demand and profitability.

Agent's Note

From Curtis Bain. Details about the apartment are drawn from the listing information provided through RLS by Compass.

Five bathrooms and 3,828 square feet make this 1899 building on Fifth Avenue in Park Slope a large property to plan around. Buildings from this period often appeal to buyers who value defined rooms and older construction, and how well the spaces are arranged usually counts for more than the year on the deed.

Central air, wall air conditioning units, central heating, forced-air heat, a wall furnace and natural gas heat are all listed, so there's more than one way to control the temperature. The description also points to front and back layouts in the residential space, which is the part of the plan I'd look at first when you walk it.

Hardwood floors, recessed lighting and a chandelier give the main rooms a consistent base. High ceilings tend to add volume and more ways to furnish a room, though how well a floor plan works still depends on how the rooms connect. The wet bar, built-ins and sound system are useful for anyone who plans to entertain.

Private outdoor space under 60 square feet is listed, which is enough for a few plants or a seat in the open air. A private entrance is also listed.

Washington Park is about 4 minutes away on foot, and the 4 Av-9 St station, served by the F, G and R trains, is about 5 minutes. Foodtown is about a minute away, and Mellow & Melt, a bakery, is about the same. The description says the retail space is leased for the next 10 years, which is worth confirming with your broker or an attorney.

Quick answers+

Does the building have a private entrance?

Yes, it has a private entrance.

Is there private outdoor space?

Yes, there is private outdoor space under 60 square feet.

What heating and cooling does the building have?

Central air, wall air conditioning units, central heating, forced-air heat, a wall furnace and natural gas heat.

Property Features

Home features

  • Central air
  • Wall air conditioning units
  • Central heating
  • Forced-air heat
  • Natural gas heat
  • Wall furnace
  • Hardwood floors
  • Wet bar
  • Built-ins
  • Chandelier
  • High ceilings
  • Recessed lighting
  • Sound system
  • Bar
  • Private entrance
  • Private outdoor space (under 60 sq ft)

Estimate

Monthly Cost & Closing Costs

The rate is a placeholder, not a quote. Enter the one your lender gives you.

$24,111 / month

  • Principal and interest$23,513
  • Property taxes$598

Due at closing

  • Down payment (20%)$930,000
  • NYS “mansion tax” (1.5%)$69,750
  • Mortgage recording tax (1.925%)$71,610

Not included: attorney, title insurance, lender and appraisal fees, board application and move-in fees, flip tax and prepaid items. Estimates only, based on the published New York State rates. Your attorney and lender will confirm the real figures.

About the Building

397 5th Avenue is a 2-story two-family dwelling in Park Slope, completed in 1899 and home to 2 residential units.

The closest subway is 4 Av-9 St (F, G, R), about a 5-minute walk. Washington Skate Park is roughly 3 minutes away on foot.

Compiled from NYC public records and open data.

Year Built
1899
Stories
2
Units
2
Building Type
Two-Family Dwelling

View 397 5th Avenue building profile and all listings →

Location & Nearby

Map

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397 5th Avenue

Subway

  • FGR4 Av-9 StAbout 5 min walk
  • FG7 AvAbout 10 min walk · Accessible
  • RUnion StAbout 13 min walk

Parks

  • Washington Skate ParkAbout 3 min walk
  • Washington ParkAbout 4 min walk

Public schools · Elementary schools

  • The Maurice Sendak Community SchoolAbout 4 min walk
  • P.S. 39 Henry BristowAbout 4 min walk
  • P.S. 321 William PennAbout 9 min walk

Middle schools

  • M.S. 51 William AlexanderAbout 3 min walk
  • New Voices School of Academic & Creative ArtsAbout 18 min walk

High schools

  • Park Slope CollegiateAbout 9 min walk
  • Millennium Brooklyn HSAbout 9 min walk

Walking times are estimates. Schools shown are the nearest public and charter schools and are not zone assignments; a nearby school is not necessarily the one an address is zoned for. Confirm zoning with the NYC Department of Education. Sources: MTA, NYC Parks and NYC Department of City Planning open data.

The Neighborhood

About Park Slope

Brooklyn's premier brownstone neighborhood offering architectural grandeur, top schools, and Prospect Park living.

Walkability

9/10

Public transit

8/10

Schools

10/10

Dining

9/10

Groceries & parks

10/10

Schools in Park Slope

Multiple acclaimed private and public schools combined with strong parent demand make this one of Brooklyn's top education neighborhoods. Nearby Brooklyn Heights adds access to Packer Collegiate and St. Ann's.

Private schools in the area include Berkeley Carroll School, Packer Collegiate Institute, St. Ann's School, Poly Prep Country Day School, Brooklyn Friends School, Saint Saviour Catholic Academy.

Explore Park Slope

Listing Courtesy of Compass

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RLS: Real Estate Board of New York Residential Listing Service

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.