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

    1614 Neptune Ave Brooklyn, NY 11224-2718

    • Office buildings
    • 3,405 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Jan 11, 2021
    $1,025,000
    Value Estimations
    $1,295,000
    Show details
    Cap Rate Potential
    8%
    Office buildings
    Location Intelligence
    Property ID
    US63-0215528
    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

    • Graffiti Ministries Learning Center / Education Center / Service Establishment
    • This is not my business goggle / Medical Center
    • CASTELAN’S DAUGHTERS TIRE SHOP CORP / Tire Shop
    • Graffiti Christian Mission / Service Establishment / Religious Organization
    • Chino's tire shop / Tire Shop

    Property Details for 1614 Neptune Ave

    Year built
    1928
    Lot size
    0.04 lot acres
    Property size
    3,405 SF
    Zone code
    C8-1
    Property type
    Office buildings
    APN
    07021-0007
    APU
    70210007

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,135,000
      ML approach
      $1,125,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,510,000
      6.5%
      $1,395,000
      7%
      $1,295,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,566,000
      Market price range: $1.23M - $3.11M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,875,000
      Current use
      WAREHOUSE, STORAGE
      $1,705,000
      Change: -9% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9846
    Latitude
    40.5787
    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
    $20,476
    $23,850
    $196,200
    $220,050
    -
    $53,000
    $436,000
    $489,000

    Comparable in this City

    • Value Estimation
      $1,605,000
      4,403 SF

      1906 Mermaid Ave

      PROFESSIONAL BUILDING • 4,403 SF
      1906 Mermaid Ave, Brooklyn, NY 11224-2508
      View Details
    • Value Estimation by Request
      1,712 SF

      2922 Shell Rd

      OFFICE BUILDING (MULTI-STORY) • 1,712 SF
      2922 Shell Rd, Brooklyn, NY 11224-3611
      View Details
    • Value Estimation
      $345,000
      3,405 SF

      1612 Neptune Ave

      OFFICE BUILDING (MULTI-STORY) • 3,405 SF
      1612 Neptune Ave, Brooklyn, NY 11224-2830
      View Details
    • Value Estimation
      $715,000
      8,675 SF

      2906 Shell Rd

      OFFICE BUILDING (MULTI-STORY) • 8,675 SF
      2906 Shell Rd, Brooklyn, NY 11224-3610
      View Details
    • Value Estimation
      $1,115,000
      63,700 SF

      3050 21st St

      OFFICE BUILDING (MULTI-STORY) • 63,700 SF
      3050 21st St, Brooklyn, NY 11224-2103
      View Details
    • Value Estimation
      $345,000
      3,537 SF

      2002 Mermaid Ave

      OFFICE BUILDING (MULTI-STORY) • 3,537 SF
      2002 Mermaid Ave, Brooklyn, NY 11224-2510
      View Details

    Similar Nearby for Sale

    • $2,199,000
      3,360 SF

      Coney Island Commercial Corner Lot

      High-Demand Retail, R7A Zoning, Huge Potential
      1502 Mermaid Ave, Brooklyn, NY 11224
      View Details
    • $2,599,000

      Prime Coney Island Development Land

      3,360 SF Lot, R7A Zoning, High Demand
      1502 Mermaid Ave, Brooklyn, NY 11224
      View Details
    • $1,299,000

      Seagate Detached Three-Family House

      Oversized, detached three-family house in Seagate, a private gated community.
      3817 Oceanic Ave, Brooklyn, NY 11224
      View Details
    • $875,000

      Brooklyn Specialty Property for Sale

      Specialty property available for purchase in Brooklyn, New York.
      3743 Neptune Ave, Brooklyn, NY 11224
      View Details
    • $2,500,000
      2,592 SF

      Coney Island Mixed-Use Investment

      Mixed-use property with warehouse and residential units in Brooklyn.
      2729 West 16Th St, Brooklyn, NY 11224
      View Details
    • New
      $2,200,000
      7,096 SF

      Brooklyn Multifamily Investment Opportunity

      Seven-unit multifamily property in Coney Island, being sold as-is.
      2860-2864 W 16Th St, Brooklyn, NY 11224
      View Details

    Similar Nearby for Lease

    • $22 SF/Yr
      4,600 SF

      Coney Island Industrial Space For Lease

      4,600 SF Industrial Space, Newly Renovated
      2516 Neptune Ave, Brooklyn, NY 11224
      View Details
    • Contact for pricing
      11,789 SF

      Shell Road Office Space Available

      Office space for rent with parking and outdoor terrace.
      2971 Shell Rd, Brooklyn, NY 11224
      View Details
    • Contact for pricing
      21,651 SF

      Prime Brooklyn Medical Office Space

      21,651 SF Medical Office - Available Now
      2857 8Th St, Brooklyn, NY 11224
      View Details
    • $30 SF/Yr
      1,100 SF

      Prime Brooklyn Office Space

      1,100 sq ft Traditional Office
      1612 Neptune Ave, Brooklyn, NY 11224
      View Details
    • Contact for pricing
      800 SF

      Prime Brooklyn Creative Office Space

      800 SF Creative Office Available Now
      1610 Mermaid Ave, Brooklyn, NY 11224
      View Details
    • $30 SF/Yr
      7,500 SF

      Built-Out Office Space Available

      Ground floor office with parking and outdoor area for rent.
      3602 Mermaid Ave, Brooklyn, NY 11224
      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.
    1614 Neptune Ave
    Brooklyn, NY 11224-2718
    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.