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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1583 40th St Brooklyn, NY 11218-2798

    • Retail residential properties
    • 2,880 SF
    • 0.03 lot acres
    OFF-MARKET
    Value Estimations
    $1,015,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3417876
    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

    • Pinas Yikras Congregation / Church / Mosque
    • AK Partners Group Inc / Big Box & Wholesale Store
    • Fly Elite Inc. / Travel Agency

    Property Details for 1583 40th St

    Year built
    1930
    Lot size
    0.03 lot acres
    Property size
    2,880 SF
    Zone code
    R6
    Property type
    Retail residential properties
    APN
    05365-0044
    APU
    53650044

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,310,000
      Current use
      OFFICE BUILDING
      $1,585,000
      Change: +21% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,445,000
      Change: +10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9803
    Latitude
    40.6363
    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
    $19,599
    $61,650
    $127,800
    $189,450
    -
    $137,000
    $284,000
    $421,000

    Comparable in this City

    • Value Estimation
      $940,000
      2,850 SF

      3919 13th Ave

      STORE/OFFICE (MIXED USE) • 2,850 SF
      3919 13th Ave, Brooklyn, NY 11218-3605
      View Details
    • Value Estimation
      $945,000
      2,850 SF

      3917 13th Ave

      STORE/OFFICE (MIXED USE) • 2,850 SF
      3917 13th Ave, Brooklyn, NY 11218-3605
      View Details
    • Value Estimation
      $945,000
      3,200 SF

      790 Mcdonald Ave

      STORES & APARTMENTS • 3,200 SF
      790 Mcdonald Ave, Brooklyn, NY 11218-5606
      View Details
    • Value Estimation
      $28,640,000
      393,092 SF

      11 Ocean Pkwy

      STORES & APARTMENTS • 393,092 SF
      11 Ocean Pkwy, Brooklyn, NY 11218-1885
      View Details
    • Value Estimation
      $825,000
      3,000 SF

      210 Cortelyou Rd

      STORES & APARTMENTS • 3,000 SF
      210 Cortelyou Rd, Brooklyn, NY 11218-4512
      View Details
    • Value Estimation
      $1,675,000
      12,262 SF

      424 9th St

      STORES & APARTMENTS • 12,262 SF
      424 9th St, Brooklyn, NY 11218-5210
      View Details

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      17,300 SF

      Fort Hamilton Parkway Corner Building

      Mixed-use assemblage near subway with retail and residential units.
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    • $2,490,000
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      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use property in Kensington with commercial and residential units.
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      New 100% Occupied 30 Unit Mixed-Use Building For Sale

      New 100% Occupied 30 Unit Mixed-Use Building For Sale
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    • $1,499,000
      1,000 SF

      Ditmas Ave Multifamily Investment

      Prime Brooklyn Mixed-Use Building
      203 Ditmas Ave, Brooklyn, NY 11218
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    • $6,250,000
      18,192 SF

      Mixed-Use Buildings in Kensington, Brooklyn

      Two mixed-use buildings with commercial and residential units near train.
      751 Mcdonald Ave, Brooklyn, NY 11218
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    • $6,700,000
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    Similar Nearby for Lease

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      2,300 SF

      Ocean Parkway Office Space for Lease

      Prime Brooklyn Office, 2300 sq ft, Single Tenant
      265 Ocean Pkwy, Brooklyn, NY 11218
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      Retail Space Near Prospect Park

      Retail space with high visibility near Prospect Park South.
      39 Turner Pl, Brooklyn, NY 11218
      View Details
    • $3,850 /Mo
      750 SF

      Commercial Condo For Lease

      750 SF commercial condo in new building, constructed in 2021.
      571 Ocean Pkwy, Brooklyn, NY 11218
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    • $7,300 /Mo
      1,200 SF

      Retail Space with Basement/Backyard

      Retail space featuring a basement, backyard, and central HVAC.
      84 Church Ave, Brooklyn, NY 11218
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    • Contact for pricing
      1,992 SF

      Brooklyn Retail Space For Rent

      Retail space available for rent in Brooklyn, ready to move.
      4013 13Th Ave, Brooklyn, NY 11218
      View Details
    • Contact for pricing
      2,800 SF

      Brooklyn Office/Retail Space Available

      Ground-floor and second-floor office/retail space for lease in Brooklyn.
      501 Ditmas Ave, Brooklyn, NY 11218
      View Details
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    Brooklyn, NY 11218-2798
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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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