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    1505 Neptune Ave Brooklyn, NY 11224-2725
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    Property profile & analytics

    1505 Neptune Ave, Brooklyn, NY 11224-2725

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    • Investment properties
    • 1,817 SF
    • 0.03 lot acres
    Off-Market
    Property ID
    US63-0819069
    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.
    Value Estimations
    $555,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • 2 brothers tire shop / (Bike/Boat/Book/etc) Store / Auto Parts Store
    • Well Done Cleaning Angency LLC / Hardware & Home Improvement
    • 2 brothers Auto Repair / (Bike/Boat/Book/etc) Store / Auto Parts Store

    Property Details for 1505 Neptune Ave

    Year built
    1910
    Lot size
    0.03 lot acres
    Zone code
    M1-2
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    06996-0099
    APU
    69960099

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 7, 2025 — Lesley Fk Louie Lesley Fk Louie Deed · related —
    Jun 30, 2017 $700,000 Lesley F K Louie 2600 Holdings LLC Grant Deed $300k · Marc Alssid
    May 31, 2017 — 2600 Holdings LLC — Deed · related $300k · Marc & Ruth Alssid
    Oct 4, 2016 — 2600 Holdings LLC — Deed · related $300k · Marc & Ruth Alssid
    Aug 1, 2016 — 2600 Holdings LLC 2400 Holdings LLC Grant Deed —
    Dec 15, 2015 $350,000 2400 Holdings LLC Bonura,george F Grant Deed —
    Nov 1, 2013 — George F Bonura Bonura Jack & B K Trust Quit Claim Deed —
    May 18, 2004 — Barbara K Bonura Bonura,barbara & Jack Quit Claim Deed · related —
    Nov 25, 1998 — Ev Lc Bonura,jack & Barbara Grant Deed · related —
    — — 2600 Holdings LLC — Deed Of Trust · related $300k · Marc & Ruth Alssid
    — — 2600 Holdings LLC — Loan Modification · related $300k · Marc & Ruth Alssid

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $610,000
      Market price range: $211k - $614k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $430,000
      Current use
      WAREHOUSE, STORAGE
      $910,000
      Change: +113% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9834
    Latitude
    40.5794
    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
    $10,877
    $23,850
    $110,250
    $134,100
    -
    $53,000
    $245,000
    $298,000

    Comparable in this City

    • Value Estimation
      $785,000
      2,520 SF

      1013-1015 Surf Ave

      STORE/OFFICE (MIXED USE)
      1013-1015 Surf Ave, Brooklyn, NY 11224
      View Details
    • Value Estimation
      $2,140,000
      7,756 SF

      2809 Mermaid Ave

      STORE/OFFICE (MIXED USE)
      2809 Mermaid Ave, Brooklyn, NY 11224
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    • Value Estimation
      $5,345,000
      22,000 SF

      2911 15th St

      STORE/OFFICE (MIXED USE)
      2911 15th St, Brooklyn, NY 11224-2603
      View Details
    • Value Estimation
      $3,990,000
      14,717 SF

      1223 Surf Ave, Unit 1231

      STORE/OFFICE (MIXED USE)
      1223 Surf Ave, Brooklyn, NY 11224-2815
      View Details
    • Value Estimation
      $5,025,000
      21,156 SF

      608 Sheepshead Bay Rd

      STORE/OFFICE (MIXED USE)
      608 Sheepshead Bay Rd, Brooklyn, NY 11224-3621
      View Details
    • Value Estimation
      $4,095,000
      16,912 SF

      3018 Stillwell Ave

      STORE/OFFICE (MIXED USE)
      3018 Stillwell Ave, Brooklyn, NY 11224-2809
      View Details

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      3,246 SF

      Mixed-Use Building in Coney Island

      Mixed-use building with one store and four apartments in Brooklyn.
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      Prime Coney Island Land Opportunity

      Land for sale in prime Coney Island location.
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      Mixed-Use Property in Flatbush, Brooklyn

      Mixed-use property with event space and residential units in Brooklyn.
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      15,986 SF

      Brooklyn Mixed-Use Investment Property

      Recently constructed mixed-use building in Coney Island with tax benefits.
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    • Contact for pricing
      41,082 SF

      Brooklyn Mixed-Use Land Available

      Mixed-use land for sale in Brooklyn, New York.
      1516-1520 Mermaid Ave, Brooklyn, NY 11224
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    Similar Nearby for Lease

    • Contact for pricing
      2,000 SF

      Coney Island Retail Space Available

      Retail space in high-traffic Coney Island/Seagate area.
      2750 W 33Rd St, Brooklyn, NY 11224
      View Details
    • Contact for pricing
      500 SF

      Brooklyn Office Space For Rent

      Office space in elevator building, close to subway lines.
      1906 Mermaid Ave, Brooklyn, NY 11224
      View Details
    • Contact for pricing
      1,500 SF

      Retail Space in Brooklyn Available

      Retail space for rent at 2412 Mermaid Ave, Brooklyn.
      2412 Mermaid Ave, Brooklyn, NY 11224
      View Details
    • Contact for pricing
      6,000 SF

      Brooklyn Warehouse with High Visibility

      6,000 SF warehouse with high ceilings and great exposure.
      2761 Stillwell Ave, Brooklyn, NY 11224
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    • Contact for pricing
      1,419 SF

      Retail Space in Vibrant Neighborhood

      Retail space available in a high-traffic, growing residential area.
      1515 Surf Ave, Brooklyn, NY 11224
      View Details
    • Contact for pricing
      10,914 SF

      Brooklyn Retail Space For Rent

      Retail space available for rent in Brooklyn, New York.
      3001-3021 Mermaid Ave, Brooklyn, NY 11224
      View Details
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    Brooklyn, NY 11224-2725
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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.

    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
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