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

    188 Freeman St Brooklyn, NY 11222-1403

    • Investment properties
    • 5,084 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Apr 02, 2025
    Value Estimations
    $1,645,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0795027
    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 188 Freeman St

    Year built
    1931
    Lot size
    0.06 lot acres
    Property size
    5,084 SF
    Zone code
    R6B
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    02513-0015
    APU
    25130015

    Description

    This exceptional 600-square-foot retail space is ideally situated at 188 Freeman Street in the vibrant Greenpoint neighborhood of Brooklyn, New York. Located in Kings County, this single-tenant property offers a unique opportunity for a discerning business owner. The property is classified as both retail and multi-family, suggesting potential for mixed-use development or adaptable space. The address is within a high-end residential block, ensuring high foot traffic and visibility for your business. The property's convenient location in the 11222 zip code provides easy access to public transportation and a thriving community. This is a rare chance to establish a presence in a sought-after area known for its upscale residential character and burgeoning commercial scene. The property's single-tenant occupancy simplifies management and allows for customized lease terms. The 600 square feet provides ample space for a variety of retail concepts, from boutiques to cafes. This property presents a compelling investment opportunity in a rapidly growing market. Serious inquiries are encouraged to explore the potential of this unique retail space in the heart of Greenpoint. The property's precise configuration and potential uses should be verified independently.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9539
    Latitude
    40.7343
    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
    $20,977
    $41,400
    $432,720
    $474,120
    -
    $92,000
    $961,600
    $1,053,600

    Comparable in this City

    • Value Estimation
      $2,385,000
      5,700 SF

      134 Norman Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,700 SF
      134 Norman Ave, Brooklyn, NY 11222-2940
      View Details
    • Value Estimation
      $1,830,000
      4,275 SF

      132 Franklin St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,275 SF
      132 Franklin St, Brooklyn, NY 11222-2026
      View Details
    • Value Estimation
      $1,360,000
      3,150 SF

      150 Franklin St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,150 SF
      150 Franklin St, Brooklyn, NY 11222-2043
      View Details
    • Value Estimation
      $13,155,000
      43,120 SF

      1164 Manhattan Ave, Unit 1174

      OFFICE/RESIDENTIAL (MIXED USE) • 43,120 SF
      1164 Manhattan Ave, Brooklyn, NY 11222-7248
      View Details
    • Value Estimation
      $1,285,000
      3,920 SF

      730 Manhattan Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,920 SF
      730 Manhattan Ave, Brooklyn, NY 11222-7430
      View Details
    • Value Estimation
      $2,310,000
      5,500 SF

      1021 Manhattan Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 5,500 SF
      1021 Manhattan Ave, Brooklyn, NY 11222-6555
      View Details

    Similar Nearby for Sale

    • $4,300,000
      6,500 SF

      Greenpoint Waterfront Vacant Multi-Family Building

      6,500 SF vacant building near East River and Williamsburg border.
      53 Franklin St, Brooklyn, NY 11222
      View Details
    • $995,000
      Pending

      Greenpoint Multifamily Investment Opportunity

      Two R6B-zoned lots in Greenpoint, Brooklyn, with development potential.
      636 Humboldt St, Brooklyn, NY 11222
      View Details
    • $2,150,000
      4,500 SF

      Renovated Greenpoint Multifamily Investment Property

      Renovated 6-family building in prime Greenpoint, Brooklyn. Two vacant units.
      46 Sutton St, Brooklyn, NY 11222
      View Details
    • $3,400,000

      Mixed-Use Building Across McGolrick Park

      Mixed-use building in Greenpoint, Brooklyn, with repositioning opportunity.
      221 Nassau Ave, Brooklyn, NY 11222
      View Details
    • $850,000
      800 SF

      Greenpoint Mixed-Use Condo with Patio

      Modern, sunlit condo with high ceilings and private outdoor patio.
      231 Norman Ave, Brooklyn, NY 11222
      View Details
    • $4,500,000
      Pending

      Greenpoint Mixed-Use Investment Opportunity

      Income-producing mixed-use property in prime Greenpoint location.
      688 Manhattan Ave, Brooklyn, NY 11222
      View Details

    Similar Nearby for Lease

    • $3,650 /Mo
      2,490 SF

      Brooklyn Commercial Space with Parking

      2,490 SF parking and storage space for lease.
      99 Kingsland Ave, Brooklyn, NY 11222
      View Details
    • Contact for pricing
      7,500 SF

      Greenpoint Flex Space Available

      7,500 SF flex space with 2,500 SF office space.
      120 Clay St, Brooklyn, NY 11222
      View Details
    • Contact for pricing

      Greenpoint Duplex with Private Yard

      Spacious 4-bedroom duplex with private yard in prime Greenpoint.
      105 Russell St, Brooklyn, NY 11222
      View Details
    • Contact for pricing
      4,500 SF

      Renovated Retail or Restaurant Space

      4,500 SF renovated space suitable for retail or restaurant.
      246 Franklin St, Brooklyn, NY 11222
      View Details
    • Contact for pricing
      2,163 SF

      Greenpoint Industrial Office Space

      7,500 SF Ground Floor Office - $25/SF
      252 Norman Ave, Brooklyn, NY 11222
      View Details
    • Contact for pricing
      2,087 SF

      Brooklyn Retail Space For Rent

      Retail space available for rent in Brooklyn, New York.
      14-18 Franklin St, Brooklyn, NY 11222
      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.
    188 Freeman St
    Brooklyn, NY 11222-1403
    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.