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

    1494 Ocean Ave, Unit 1L Brooklyn, NY 11230

    • Office Properties & Spaces
    • 644 SF
    For Sale
    View listing
    $498,000
    Value Estimations
    Cap Rate Potential
    7.4%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US63-1563241
    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

    • Fields of Beads Inc. / Jewelry Store
    • Law Office of Maaria Mahmood / Immigration Attorney
    • UrgentRX Pharmacy / Pharmacy
    • United Nations Pentecostal Church, New York / Pentecostal Church
    • Rising Star Companion / Home Health Care Service

    Property Details for 1494 Ocean Ave

    Year built
    1922
    Property size
    644 SF
    Zone code
    R7A
    Property type
    Office Properties & Spaces
    APN
    06721-1006
    APU
    67211006

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $315,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $390,000
      6.5%
      $360,000
      7%
      $335,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $386,000
      Market price range: $215k - $396k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $280,000
      Current use
      AUTO REPAIR, GARAGE
      $510,000
      Change: +83% Conversion: Difficult
      RETAIL STORES
      $495,000
      Change: +77% Conversion: Easy
      OFFICE BUILDING
      $355,000
      Change: +27% Conversion: Easy
      WAREHOUSE, STORAGE
      $325,000
      Change: +15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9568
    Latitude
    40.6254
    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
    $4,329
    $7,859
    $33,746
    $41,605
    -
    $17,465
    $74,992
    $92,457

    Comparable in this City

    • Value Estimation
      $14,055,000
      3,404 SF

      1590 19th St, Unit 2

      CONDOMINIUM OFFICES • 3,404 SF
      1590 19th St, Brooklyn, NY 11230-7204
      View Details
    • Value Estimation
      $300,000
      1,278 SF

      1673 Ocean Ave, Unit C1

      OFFICE (GENERAL) • 1,278 SF
      1673 Ocean Ave, Brooklyn, NY 11230-5053
      View Details
    • Value Estimation
      $400,000
      3,212 SF

      1916 Ocean Ave, Unit MO

      CONDOMINIUM OFFICES • 3,212 SF
      1916 Ocean Ave, Brooklyn, NY 11230-3438
      View Details
    • Value Estimation
      $580,000
      15,260 SF

      1122 Chestnut Ave, Unit 1

      CONDOMINIUM OFFICES • 15,260 SF
      1122 Chestnut Ave, Brooklyn, NY 11230-5844
      View Details
    • Value Estimation
      $330,000
      2,208 SF

      1329 17th Stc1

      OFFICE (GENERAL) • 2,208 SF
      1329 17th Stc1, Brooklyn, NY 11230-6052
      View Details
    • Value Estimation
      $535,000
      9,432 SF

      1101 Ave M Munit1

      CONDOMINIUM OFFICES • 9,432 SF
      1101 Ave M Munit1, Brooklyn, NY 11230
      View Details

    Similar Nearby for Sale

    • $1,180,000
      1,300 SF

      Midwood Industrial Space For Sale

      1,300 SF Warehouse, Restaurant Potential
      1202 Mcdonald Ave, Brooklyn, NY 11230
      View Details
    • $550,000
      1,800 SF

      Midwood Office Building For Sale

      1,800 SF Office, Prime Location
      983 12Th St, Brooklyn, NY 11230
      View Details
    • $6,900,000
      18,600 SF

      Medical Office Building For Sale

      Move-in ready medical office building suitable for end-user or investment.
      1917 Ocean Ave, Brooklyn, NY 11230
      View Details
    • $250,000

      Commercial Condo For Sale

      Ground floor and basement duplex condo, great investment opportunity.
      1389 East 18Th St, Brooklyn, NY 11230
      View Details
    • $550,000
      1,800 SF

      Brooklyn Office/Community Facility For Sale

      New 1,800 SF office/community facility in Midwood area.
      983 East 12Th St, Brooklyn, NY 11230
      View Details
    • $5,900,000
      10,000 SF

      Midwood School Building - $5.9M

      10,000 SF Private School, Excellent Location
      1458 14Th St, Brooklyn, NY 11230
      View Details

    Similar Nearby for Lease

    • $50 SF/Yr
      475 SF

      Prime Brooklyn Office Space

      Renovated Office, 475 sq ft, Kings County
      1581 Mcdonald Ave, Brooklyn, NY 11230
      View Details
    • $28 SF/Yr
      1,200 SF

      Prime Kensington Office Space

      New Construction, 1200 sq ft Office
      623 H Ave, Brooklyn, NY 11230
      View Details
    • Contact for pricing
      15,000 SF

      Midwood Executive Office Building

      15,000 SF, New, Four-Story Office
      1504 Avenue L, Brooklyn, NY 11230
      View Details
    • $63 SF/Yr
      475 SF

      Brooklyn Office Space for Lease

      Renovated Office, 475 sq ft, Kings County
      1581 Mcdonald Ave, Brooklyn, NY 11230
      View Details
    • $384 /Mo
      6,000 SF

      Prime Brooklyn Office/Warehouse

      6,000 SF, Single Tenant Available
      1261 Coney Island Ave, Brooklyn, NY 11230
      View Details
    • $45 SF/Yr
      400 SF

      Avenue J Office Space Available

      400 sq ft office, prime location.
      1217 Avenue J, Brooklyn, NY 11230
      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.
    1494 Ocean Ave, Unit 1L
    Brooklyn, NY 11230
    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.
    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.