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    121 Park Ave Brooklyn, NY 11205

    Sponsored
    For Sale
    $3,200,000

    19' wide, 2-story building, great investment potential.

    Property size:
    2,676 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional mixed-use property at 121 Park Avenue in Brooklyn, NY, presents a compelling investment opportunity. The 2,676 square foot building, constructed in 1920, is currently 100% occupied by Park Avenue Funeral Home and features a unique blend of commercial and residential space. The ground floor comprises a front office, a chapel with attractive carpeting and 12-foot ceilings, and storage space. The lower level includes a lounge area, two half-bathrooms, and access to a backyard. Upstairs, a one-bedroom apartment boasts hardwood floors, a skylight in the kitchen, and abundant natural light. The apartment features a front bedroom, a dining room, a living room, a full kitchen, and a bathroom. The building's 19-foot wide frontage and R6 zoning offer significant redevelopment potential. With 1,885 square feet of available air rights, an investor could add two additional floors, transforming the property into a four-family mixed-use building. The current tenant, Park Avenue Funeral Home, occupies the commercial space, providing a stable income stream. The lot size is 1,805 square feet. This well-maintained property, with its exposed brick interior and attractive brick façade, is situated in Kings County, New York, 11205. The asking price is $3,200,000, translating to $1,195.81 per square foot. This presents a rare chance to acquire a valuable asset in a desirable Brooklyn location.

    Property Features for 121 Park Ave

    General Information

    Property type
    Mixed-use properties
    Square Feet
    2,676 SF
    Class
    B

    Building Details

    Year Built
    1920
    Buildings
    1
    Stories
    2
    Units
    1

    HighLights

    • Exceptional mixed‑use investment opportunity in Brooklyn, NY.
    • 2,676 SF building, 100% occupied by Park Avenue Funeral Home, providing stable income.
    • Features ground floor commercial space (office, chapel, storage), lower level lounge/bathrooms, and upper level one‑bedroom apartment.
    • 19‑foot frontage, R6 zoning, and 1,885 SF air rights allow for significant redevelopment potential (add two floors, create four‑family mixed‑use).
    • Asking price: $3,200,000 ($1,195.81/SF).
    Property Profile Location Intelligence

    Current Use by Public Records

    Park Avenue Funeral ... Funeral Home Power Plus Electric ... Contractor

    Suggested Use

    Restaurant Law Firm Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Grocery Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9749299
    Latitude
    40.6964292

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    FAQs

    What type of property is this?
    Mixed-use property - 19' wide, 2-story building, great investment potential.
    Where is this mixed-use property located?
    The property is located at 121 Park Ave Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $3,200,000.
    What are key features of this property?
    This property features: Exceptional mixed-use investment opportunity in Brooklyn, NY.; 2,676 SF building, 100% occupied by Park Avenue Funeral Home, providing stable income.; Features ground floor commercial space (office, chapel, storage), lower level lounge/bathrooms, and upper level one-bedroom apartment.
    Request Owner's contact information
    121 Park Ave Brooklyn, NY 11205
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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.

    More about this property
    121 Park Ave Brooklyn, NY 11205
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