Add Listing
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

    1198 Pacific St Brooklyn, NY 11216-3063

    • Apartment buildings
    • 55,200 SF
    • 0.25 lot acres
    OFF-MARKET
    Last Sale
    Jan 04, 2024
    $13,623,036
    Value Estimations
    $13,625,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5928040
    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

    • Zak, Emma, and Lohis / Apartment Building

    Property Details for 1198 Pacific St

    Year built
    1905
    Lot size
    0.25 lot acres
    Property size
    55,200 SF
    Zone code
    R6A
    Property type
    Apartment buildings
    APN
    01206-0005
    APU
    12060005

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $13,625,000
      ML approach
      $13,625,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,937,000
      Market price range: $10.9M - $30.6M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $20,070,000
      Current use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9524
    Latitude
    40.6776
    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
    $8,045
    $64,350
    $570,150
    $634,500
    -
    $143,000
    $1,267,000
    $1,410,000

    Comparable in this City

    • Value Estimation
      $2,625,000
      101,350 SF

      1515 Bedford Ave

      APARTMENT HOUSE (5+ UNITS) • 101,350 SF
      1515 Bedford Ave, Brooklyn, NY 11216-4101
      View Details
    • Value Estimation
      $14,325,000
      82,008 SF

      110 New York Ave

      APARTMENT HOUSE (5+ UNITS) • 82,008 SF
      110 New York Ave, Brooklyn, NY 11216-3488
      View Details
    • Value Estimation
      $2,910,000
      12,900 SF

      1268 Pacific St

      APARTMENT HOUSE (5+ UNITS) • 12,900 SF
      1268 Pacific St, Brooklyn, NY 11216-3160
      View Details
    • Value Estimation
      $7,950,000
      45,264 SF

      1296-1298 Pacific St, Unit 76

      APARTMENT HOUSE (5+ UNITS) • 45,264 SF
      1296-1298 Pacific St, Brooklyn, NY 11216
      View Details
    • Value Estimation
      $5,305,000
      28,540 SF

      435 Gates Ave, Unit 445

      APARTMENT HOUSE (5+ UNITS) • 28,540 SF
      435 Gates Ave, Brooklyn, NY 11216-1457
      View Details
    • Value Estimation
      $2,350,000
      10,984 SF

      1387 Dean St

      APARTMENT HOUSE (5+ UNITS) • 10,984 SF
      1387 Dean St, Brooklyn, NY 11216-3453
      View Details

    Similar Nearby for Sale

    • $550,000

      Brooklyn Multifamily Property for Sale

      Multifamily property available in Brooklyn, New York.
      465 Eastern Pkwy, Brooklyn, NY 11216
      View Details
    • $2,499,999
      Pending

      Prime Brooklyn Corner Property

      Exceptional corner property in Bedford-Stuyvesant with development potential.
      293 Putnam Ave, Brooklyn, NY 11216
      View Details
    • $1,500,000
      3,900 SF

      Bed-Stuy 6-Unit Apartment Building

      Value-add multifamily investment opportunity
      289A Monroe St, Brooklyn, NY 11216
      View Details
    • $2,300,000

      Crown Heights Multifamily Investment Property

      Income-producing 5-6 family building in Brooklyn's Crown Heights.
      689 Lincoln 4A, Brooklyn, NY 11216
      View Details
    • $3,625,000
      0.05 Acres

      Renovated Townhouse in Bedford-Stuyvesant

      Renovated 5-bedroom townhouse in vibrant Bedford-Stuyvesant, Brooklyn.
      308 Clifton Pl, Brooklyn, NY 11216
      View Details
    • Contact for pricing

      Bedford Stuyvesant Condo with Balcony

      One-bedroom condo with private balcony in vibrant Bedford Stuyvesant.
      1142 Bedford Ave, Brooklyn, NY 11216
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Madison Street Apartment with Exposed Brick

      Three-bedroom apartment with modern fixtures and ample closet space.
      242 Madison St, New York City, NY 11216
      View Details
    • $3,200 /Mo

      Charming Garden Apartment in Stuyvesant Heights

      Newly constructed one-bedroom apartment with private terrace and backyard.
      267 Macon St Gdn, Brooklyn, NY 11216
      View Details
    • Contact for pricing
      500 SF

      Retail Space for Lease

      Retail space available, suitable for juice bar, cafe, or office.
      1192 Dean St, Brooklyn, NY 11216
      View Details
    • $50 SF/Yr
      1,200 SF

      Nostrand Ave Retail Space

      Prime Brooklyn Retail, 1200 SF, Backyard
      450 Nostrand Ave, Brooklyn, NY 11216
      View Details
    • Contact for pricing
      1,420 SF

      Prime Retail Space in Brooklyn

      Dual-level retail space in luxury condominium with high visibility.
      315 Gates Ave, Brooklyn, NY 11216
      View Details
    • Contact for pricing
      550 SF

      Newly Built Retail Space

      New 550 sqft retail space with ADA bathroom.
      488 Marcus Garvey Blvd, Brooklyn, NY 11216
      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.
    1198 Pacific St
    Brooklyn, NY 11216-3063
    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.
    Sign Up Successful!
    You now have access to more from Realmo!