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

    1659-1661 55th St Brooklyn, NY 11204

    • Investment properties
    • 4,467 SF
    • 0.07 lot acres
    OFF-MARKET
    Last Sale
    Jul 31, 2024
    $2,100,000
    Value Estimations
    $2,100,000
    Show details
    Cap Rate Potential
    7.7%
    Investment properties
    Location Intelligence
    Property ID
    US63-0848199
    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

    • Investment properties

    Property Details for 1659-1661 55th St

    Year built
    1930
    Lot size
    0.07 lot acres
    Property size
    4,467 SF
    Zone code
    R5
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    05485-0064
    APU
    54850064

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,100,000
      ML approach
      $2,100,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,705,000
      6.5%
      $2,495,000
      7%
      $2,315,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,786,000
      Market price range: $1.79M - $2.83M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,235,000
      Current use
      RETAIL STORES
      $3,440,000
      Change: +54% Conversion: Easy
      OFFICE BUILDING
      $2,460,000
      Change: +10% Conversion: Easy
      WAREHOUSE, STORAGE
      $2,240,000
      Change: +0% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9874
    Latitude
    40.6269
    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
    $12,781
    $30,060
    $105,180
    $135,240
    -
    $501,000
    $1,753,000
    $2,254,000

    Comparable in this City

    • Value Estimation
      $695,000
      2,268 SF

      6910 Bay Pkwy

      OFFICE/RESIDENTIAL (MIXED USE) • 2,268 SF
      6910 Bay Pkwy, Brooklyn, NY 11204-5508
      View Details
    • Value Estimation
      $1,080,000
      3,700 SF

      1694 64th St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,700 SF
      1694 64th St, Brooklyn, NY 11204-2715
      View Details
    • Value Estimation
      $1,175,000
      4,028 SF

      1711 65th St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,028 SF
      1711 65th St, Brooklyn, NY 11204-3737
      View Details
    • Value Estimation
      $805,000
      2,720 SF

      2249 65th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,720 SF
      2249 65th St, Brooklyn, NY 11204-4001
      View Details
    • Value Estimation
      $850,000
      2,840 SF

      2500 65th St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,840 SF
      2500 65th St, Brooklyn, NY 11204-3527
      View Details
    • Value Estimation
      $960,000
      3,240 SF

      1983 52nd St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,240 SF
      1983 52nd St, Brooklyn, NY 11204-1732
      View Details

    Similar Nearby for Sale

    • $1,780,000
      2,268 SF

      Mixed-Use Property on Bay Parkway

      Detached mixed-use property with office, residence, and private driveway.
      6910 Bay Pkwy, Brooklyn, NY 11204
      View Details
    • $1,125,000
      2,240 SF

      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use property in Brooklyn with R5B zoning.
      159 Avenue O, Brooklyn, NY 11204
      View Details
    • $1,895,000
      Pending

      Bensonhurst Mixed-Use Corner Property

      Mixed-use property with residential units and retail stores.
      154 Avenue O, Brooklyn, NY 11204
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    • $1,125,000
      0.05 Acres

      Brooklyn Mixed-Use Development Opportunity

      Mixed-use property with development potential in Brooklyn, New York.
      161 Avenue O, Brooklyn, NY 11204
      View Details
    • $2,000,000
      0.05 Acres

      Gravesend Mixed-Use Investment Property

      Five-family building with one store in Gravesend, Brooklyn.
      22 Avenue O, Brooklyn, NY 11204
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    • $5,999,000
      15,800 SF

      Brooklyn Mixed-Use Investment Opportunity

      Three mixed-use buildings with established businesses in a desirable Brooklyn neighborhood.
      6119 20Th Ave, Brooklyn, NY 11204
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr
      2,300 SF

      Bay Parkway Office Space for Lease

      Spacious Brooklyn Office, Single Tenant
      7206 Bay Pkwy, Brooklyn, NY 11204
      View Details
    • Contact for pricing
      1,600 SF

      Renovated Office Space Available

      Move-in ready office space with included amenities in Brooklyn.
      5621 20Th Ave, Brooklyn, NY 11204
      View Details
    • $40 SF/Yr
      5,719 SF

      Bay Parkway Medical Office Space

      Brooklyn Medical Office, 2 Suites Available
      6701 Bay Pkwy, Brooklyn, NY 11204
      View Details
    • Contact for pricing
      800 SF

      Prime Brooklyn Medical Office Space

      800 SF Vacant Medical Office in Brooklyn
      1080 Mcdonald Ave, Brooklyn, NY 11204
      View Details
    • $900 /Mo
      120 SF

      Brooklyn Office Space For Rent

      120 sq ft office space in Brooklyn, all utilities included.
      7405 18Th Ave, Brooklyn, NY 11204
      View Details
    • $480 /Mo
      3,000 SF

      Prime Brooklyn Commercial Space

      3,000 SF Office/Retail Space in prime location
      4906 20Th Ave, Brooklyn, NY 11204
      View Details
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    Brooklyn, NY 11204
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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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