Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    241-243 Utica Ave Brooklyn, NY 11213

    • Retail properties
    • 3,600 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 241-243 Utica Ave

    Property size
    3,600 SF
    Property type
    Retail properties

    Description

    This exceptional retail property, located at 241-243 Utica Avenue in Brooklyn, New York, offers a significant opportunity for businesses seeking a high-visibility location. The entire 3,600 square foot building is currently vacant, presenting a blank canvas for a single tenant or the potential for multiple smaller tenants. Situated in Kings County, zip code 11213, this property benefits from excellent street frontage and high foot traffic. The building's commercial zoning allows for a wide range of retail uses, making it an ideal space for a variety of businesses. The property is ready for immediate occupancy, allowing for a swift and efficient start to operations. With its ample square footage and prime location, this retail space offers unparalleled potential for growth and success. The address is easily accessible, providing convenient access for customers and employees alike. This is a rare opportunity to secure a substantial retail space in a thriving Brooklyn neighborhood. The property's size and location make it an attractive proposition for businesses seeking to establish a strong presence in a busy commercial area. Interested parties are encouraged to inquire promptly to secure this exceptional opportunity. The property is classified as a multi-tenant retail space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9307
    Latitude
    40.6703

    Comparable in this City

    • Value Estimation by Request

      259 Schenectady Ave

      Office space
      259 Schenectady Ave, Brooklyn, NY 11213
      View Details
    • Value Estimation by Request
      0.04 Acres

      1722 Pacific St

      AUTO REPAIR, GARAGE • 0.04 Acres
      1722 Pacific St, Brooklyn, NY 11213-1331
      View Details
    • Value Estimation by Request
      144 SF

      466 Albany Ave, Unit P3

      PARKING GARAGE, PARKING STRUCTURE • 144 SF
      466 Albany Ave, Brooklyn, NY 11213-5396
      View Details
    • Value Estimation by Request
      1,800 SF

      276 Brooklyn Ave

      AUTO REPAIR, GARAGE • 1,800 SF
      276 Brooklyn Ave, Brooklyn, NY 11213-3307
      View Details
    • Value Estimation by Request
      200 SF

      863 Saint Marks Ave, Unit P1

      PARKING LOT • 200 SF
      863 Saint Marks Ave, Brooklyn, NY 11213-1529
      View Details
    • Value Estimation by Request
      163 SF

      866 Eastern Pkwyps22

      PARKING GARAGE, PARKING STRUCTURE • 163 SF
      866 Eastern Pkwyps22, Brooklyn, NY 11213-3510
      View Details

    Similar Nearby for Sale

    • $3,750,000

      Crown Heights Multifamily Investment

      12 Units, Updated, Prime Location
      243 Troy Ave, Brooklyn, NY 11213
      View Details
    • $1,650,000

      Crown Heights Mixed-Use Building

      Mixed-use building with garage near St. John's Park.
      139 Schenectady Ave, Brooklyn, NY 11213
      View Details
    • New
      $1,498,000
      3,135 SF

      Mixed-Use Investment Property, Brooklyn

      Three-story mixed-use property with commercial and residential units.
      229 Utica Ave, Brooklyn, NY 11213
      View Details
    • New
      $2,495,000
      6,000 SF

      Mixed-Use Building in Crown Heights

      Mixed-use building with commercial space and residential units in Brooklyn.
      187 Utica Ave, Brooklyn, NY 11213
      View Details
    • $1,600,000

      Crown Heights Mixed-Use Townhouse

      Mixed-use property with retail and residential units in Brooklyn.
      1419 St Johns Pl, Brooklyn, NY 11213
      View Details
    • $1,680,000

      Mixed-Use Building in Crown Heights

      Mixed-use property with restaurant, retail, and residential units.
      233 Utica Ave, Brooklyn, NY 11213
      View Details

    Similar Nearby for Lease

    • $40 SF/Yr
      4,400 SF

      Crown Heights Office Space

      Prime Brooklyn office, retail space available.
      259 Schenectady Ave, Brooklyn, NY 11213
      View Details
    • $18,000 /Mo
      2,400 SF

      Retail Space on Utica Avenue

      2,400 SF retail space available for rent on Utica Avenue.
      294 Utica Ave, Brooklyn, NY 11213
      View Details
    • Contact for pricing
      1,850 SF

      Brooklyn Retail Space with Backyard

      Retail space in Bed-Stuy with high visibility and backyard.
      1584 Fulton St, Brooklyn, NY 11213
      View Details
    • Contact for pricing
      10,800 SF

      Brooklyn Retail Space For Rent

      New construction retail space ideal for daycare in Brooklyn.
      1539 Dean St, Brooklyn, NY 11213
      View Details
    • Contact for pricing
      500 SF

      Crown Heights Retail Space Available

      Retail space in high-traffic Crown Heights location for rent.
      249 Utica Ave, Brooklyn, NY 11213
      View Details
    • Contact for pricing
      800 SF

      Brooklyn Retail Space For Rent

      Retail space available in Crown Heights neighborhood of Brooklyn.
      1314 Bergen St, Brooklyn, NY 11213
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    241-243 Utica Ave
    Brooklyn, NY 11213
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.