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
    Property profile & analytics

    622 Ocean Ave Brooklyn, NY 11226

    • Office buildings
    • 4,218 SF
    • 0.14 lot acres
    For Sale
    View listing
    $6,250,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3037997
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

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

    Property Details for 622 Ocean Ave

    Year built
    1910
    Lot size
    0.14 lot acres
    Property size
    4,218 SF
    Zone code
    R7A
    Property type
    Office buildings
    APN
    05100-0072
    APU
    51000072

    Description

    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.

    Value Estimations

    Powered by Realmo proprietary methodology Last update: July 3, 2025

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9609
    Latitude
    40.6476
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $34,604
    $267,300
    $59,400
    $326,700
    -
    $594,000
    $132,000
    $726,000

    Comparable in this City

    • Value Estimation by Request
      30,196 SF

      885 Flatbush Ave, Unit 891

      OFFICE BUILDING (MULTI-STORY) • 30,196 SF
      885 Flatbush Ave, Brooklyn, NY 11226-4017
      View Details
    • Value Estimation by Request
      18,240 SF

      711 Parkside Ave

      PROFESSIONAL BUILDING • 18,240 SF
      711 Parkside Ave, Brooklyn, NY 11226-1507
      View Details
    • Value Estimation
      $15,890,000
      23,373 SF

      646 Parkside Ave

      OFFICE BUILDING (MULTI-STORY) • 23,373 SF
      646 Parkside Ave, Brooklyn, NY 11226-1506
      View Details
    • Value Estimation by Request
      2,590 SF

      2726 Church Ave

      PROFESSIONAL BUILDING • 2,590 SF
      2726 Church Ave, Brooklyn, NY 11226-4105
      View Details
    • Value Estimation
      $300,000
      6,250 SF

      315 Clarkson Ave

      PROFESSIONAL BUILDING • 6,250 SF
      315 Clarkson Ave, Brooklyn, NY 11226-2203
      View Details
    • Value Estimation
      $7,905,000
      15,330 SF

      1072 Flatbush Ave

      OFFICE BUILDING (MULTI-STORY) • 15,330 SF
      1072 Flatbush Ave, Brooklyn, NY 11226
      View Details

    Similar Nearby for Sale

    • $4,000,000
      2,750 SF

      Brooklyn Prime Office Investment

      High-yield, fully vacant 10-unit building.
      1193 Rogers Ave, Brooklyn, NY 11226
      View Details
    • $1,899,000
      4,200 SF

      Mixed-Use Building Near Prospect Park

      Three-story mixed-use building near Prospect Park and Botanical Garden.
      772 Flatbush Ave, Brooklyn, NY 11226
      View Details
    • $3,195,000
      5,908 SF

      Multifamily For Sale

      Multifamily For Sale
      2819 Clarendon Rd, Brooklyn, NY 11226
      View Details
    • $15,500,000
      11,828 SF

      2-story Mixed Use Property For Sale

      2-story Mixed Use Property For Sale
      2281 Church Avenue, Brooklyn, NY 11226
      View Details
    • $2,790,000
      2,000 SF

      Prime Brooklyn Mixed-Use Building

      Six-unit multifamily, 2,000 sq ft, excellent investment.
      239 28Th St, Brooklyn, NY 11226
      View Details
    • $1,500,000

      Nostrand Ave Mixed-Use Investment

      Prime Brooklyn Mixed-Use, High Potential
      1736 Nostrand Ave, Brooklyn, NY 11226
      View Details

    Similar Nearby for Lease

    • $69,600
      1,600 SF

      Church Ave Executive Office Suite

      Prime Kings County Office Space Available
      2014 Church Ave, Brooklyn, NY 11226
      View Details
    • Contact for pricing
      858 SF

      Brooklyn Office Space for Lease

      Office space available near transportation in Brooklyn.
      2000-2014 Church Ave, Brooklyn, NY 11226
      View Details
    • Contact for pricing
      3,000 SF

      Brooklyn Office Space For Rent

      3,000 sq ft office space available immediately in Brooklyn.
      2211-2229 Church Ave, Brooklyn, NY 11226
      View Details
    • Contact for pricing
      2,637 SF

      New Retail, Medical, Office Space

      New construction retail, medical, and office spaces for rent.
      2708 Snyder Ave, Brooklyn, NY 11226
      View Details
    • $45 SF/Yr
      9,871 SF

      Prime Brooklyn Office Space

      Rogers Ave Retail/Office Opportunity
      1020 Rogers Ave, Brooklyn, NY 11226
      View Details
    • Contact for pricing
      180,000 SF

      Prime Bedford Ave Redevelopment Opportunity

      180,000 SF Retail/Office Space, 4 Suites Available
      2360 Bedford Ave, Brooklyn, NY 11226
      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.
    622 Ocean Ave
    Brooklyn, NY 11226
    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.

    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
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.