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    622 Ocean Ave Brooklyn, NY 11226

    Sponsored
    For Sale
    $6,250,000

    Brooklyn Land: Prime Residential Potential

    Property size:
    4,218 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    Exceptional development opportunity awaits at 622 Ocean Avenue, Brooklyn, NY 11226. This 6,250 sq ft lot (50 ft x 125 ft) is zoned R7A, allowing for medium-density residential development. The property boasts a 46 ft ground elevation, providing a stable foundation for construction. With a 4.0 FAR under the Quality Housing Program, the buildable area could reach up to 25,000 sq ft, presenting significant potential for a multi-unit residential building or a mixed-use project. The location in a thriving residential district offers both community charm and urban convenience. This prime site is ideal for developers seeking to create a vibrant, high-value residential project that meets the needs of the growing community. The asking price is $6,250,000. The existing structure on the property is 4,218 square feet. This presents a unique opportunity to either renovate or demolish and build anew. The R7A zoning allows for flexibility in design, catering to modern urban living demands. Don't miss this chance to capitalize on this exceptional development opportunity in a sought-after Brooklyn location.

    Property Features for 622 Ocean Ave

    General Information

    Property type
    Land
    Square Feet
    4,218 SF

    HighLights

    • 6,250 sq ft R7A‑zoned lot in Brooklyn, NY.
    • 46 ft ground elevation provides a stable building foundation.
    • 4.0 FAR under the Quality Housing Program allows for up to 25,000 sq ft of buildable area.
    • Existing 4,218 sq ft structure offers renovation or demolition options.
    • $6,250,000 asking price.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dr. Theodore R. ... Internist T. Jean-Francois Internist Ocean Family Care ... Family Service Center Herard Wilfred MD Pulmonologist Dr. Gladys Laroche, ... Doctor

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    NY
    State
    New York
    Longitude
    -73.9608945
    Latitude
    40.6476434

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    FAQs

    What type of property is this?
    Land - Brooklyn Land: Prime Residential Potential
    Where is this land located?
    The property is located at 622 Ocean Ave Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $6,250,000.
    What are key features of this property?
    This property features: 6,250 sq ft R7A-zoned lot in Brooklyn, NY.; 46 ft ground elevation provides a stable building foundation.; 4.0 FAR under the Quality Housing Program allows for up to 25,000 sq ft of buildable area.
    Request Owner's contact information
    622 Ocean Ave Brooklyn, NY 11226
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    Brooklyn, NY 11226
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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.

    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
    622 Ocean Ave Brooklyn, NY 11226
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