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    Three-Unit Building with Spacious Apartments Title is generated by Realmo AI

    166 Atkins Ave, Brooklyn, NY 11208

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    Three-story building featuring well-kept apartments with great sunlight.

    Type:Multifamily
    Property size:
    2,760 SF
    Price / SF:
    $452/SF
    Added:
    Apr 24, 2024
    Days on Market:
    774
    Last Refresh:
    May 12 at 11:02 pm

    Property Features for 166 Atkins Ave

    General Information

    Standard status
    Active
    Size
    2,760 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1910

    We can help!

    Listing Contact
    Kervin Vales

    Listing agent Kervin Vales License #109918089

    Listing office Brown Harris Stevens

    Listing date Apr 24, 2024

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Brown Harris Stevens

    HighLights

    • Three‑unit building: Ideal for investors or owner‑occupiers seeking rental income.
    • Spacious apartments: All units feature large bedrooms capable of accommodating queen‑size beds.
    • High ceilings: Second and third‑floor units boast impressive 12' ceilings, while the ground floor has 9' ceilings.
    • Apartments are in good condition with well‑maintained common areas.
    • All units benefit from ample sunlight.
    • Ground floor and second‑floor apartments have access to the backyard.

    Overview

    This is a 20-foot wide, three-story building containing three units. The ground floor apartment is a two-bedroom floor-through with a large front room, a central full kitchen and living/dining area, and a rear bedroom. A full bathroom is located to the side. This unit provides access to the backyard and houses the gas boiler and water heater room. The three gas meters and two electric meters are located on this floor. The unit features 9-foot ceilings and receives ample sunlight. The second floor apartment includes three bedrooms, with one at the front and two at the back. The full kitchen and living/dining area are centrally located, and the full bathroom is to the side. This apartment has backyard access via the back staircase, 12-foot ceilings, and is in good condition with great sunlight. The third-floor apartment has four bedrooms, two at the front and two at the back. The full kitchen and living/dining area are in the middle, with the full bathroom to the side. This unit also features 12-foot ceilings, good sunlight, and is in good condition. The living/dining area includes two large skylights. The apartments are in good condition with nice wood floors. The bedrooms are large and spacious, accommodating a queen-size bed. The common areas are well-kept, featuring a beautiful staircase and a great layout. The property size is 2760 square feet.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $119.2k $43.20
    − Vacancy −$4.5k −$1.64
    EGI $114.7k $41.56
    − OpEx −$51.6k −$18.70
    NOI $63.1k $22.86
    2,760 SF · lease $43.20/SF/yr · vacancy 3.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $901.2K
    $788.6K – $1.05M (±1% cap)
    NOI $63,086 @ 7.0% cap · market cap 5.05%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $1.69M
    $1.48M – $1.97M (±1% cap)
    NOI $118,215 @ 7.0% cap · market cap 9.46%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.87941
    Latitude
    40.675068

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    FAQs

    What type of property is this?
    Apartment building - Three-story building featuring well-kept apartments with great sunlight.
    Where is this apartment building located?
    The property is located at 166 Atkins Ave Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Three‑unit building: Ideal for investors or owner‑occupiers seeking rental income.; Spacious apartments: All units feature large bedrooms capable of accommodating queen‑size beds.; High ceilings: Second and third‑floor units boast impressive 12' ceilings, while the ground floor has 9' ceilings.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Kervin Vales
    Real Estate License ID: 109918089
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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