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    2231 Ralph Ave Brooklyn, NY 11234
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    Property profile & analytics

    2231 Ralph Ave Brooklyn, NY 11234

    View on Map
    • Super regional malls
    • 46,562 SF
    • 1.90 lot acres
    For Lease
    $1,205,000
    View Listing →
    Retail Space in Ralph Avenue Plaza For Lease
    $1,205,000
    13,424 SF

    Retail Space in Ralph Avenue Plaza

    Retail space available in Brooklyn's Georgetown neighborhood.

    2231 Ralph Ave, Brooklyn, NY
    View Listing
    Property ID
    US63-3784132
    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
    $1,205,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Super regional malls

    Property Details for 2231 Ralph Ave

    Year built
    1969
    Lot size
    1.90 lot acres
    Property size
    46,562 SF
    Zone code
    R3-2
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    08352-0001
    APU
    83520001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,005,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,400,000
      Market price range: $578k - $2.29M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,450,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9171
    Latitude
    40.6226
    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
    $480,694
    $1,061,100
    $4,369,500
    $5,430,600
    -
    $2,358,000
    $9,710,000
    $12,068,000

    Comparable in this City

    • Value Estimation
      $1,695,000
      52,985 SF

      1900 Ralph Ave

      REGIONAL SHOPPING CENTER, MALL • 52,985 SF
      1900 Ralph Ave, Brooklyn, NY 11234-5302
      View Details
    • Value Estimation
      $2,185,000
      156,536 SF

      2183 Ralph Ave

      REGIONAL SHOPPING CENTER, MALL • 156,536 SF
      2183 Ralph Ave, Brooklyn, NY 11234-5405
      View Details
    • Value Estimation
      $805,000
      21,870 SF

      1970 Ralph Ave, Unit 1992

      REGIONAL SHOPPING CENTER, MALL • 21,870 SF
      1970 Ralph Ave, Brooklyn, NY 11234-5302
      View Details
    • Value Estimation
      $3,650,000
      2,401,524 SF

      5120 Ave U U

      REGIONAL SHOPPING CENTER, MALL • 2,401,524 SF
      5120 Ave U U, Brooklyn, NY 11234
      View Details
    • Value Estimation
      $1,760,000
      79,500 SF

      5702 Ave U U

      REGIONAL SHOPPING CENTER, MALL • 79,500 SF
      5702 Ave U U, Brooklyn, NY 11234
      View Details
    • Value Estimation by Request
      2,996 SF

      1977 Ralph Ave

      Lifestyle centers • 2,996 SF
      1977 Ralph Ave, Brooklyn, NY 11234
      View Details

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      Well-established collision business and building for sale in Brooklyn, NY.
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      25,300 SF

      Brooklyn Retail Package For Sale

      Retail package for sale in Marine Park, Brooklyn.
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      32,000 SF

      Utica Avenue Retail Site

      32,000 sq ft retail site with showroom and building.
      2079 Utica Ave, Brooklyn, NY 11234
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    Similar Nearby for Lease

    • Contact for pricing
      10,600 SF

      Retail Space Near Target

      Retail space available near Target with high traffic volume.
      5200 Kings Hwy, Brooklyn, NY 11234
      View Details
    • Contact for pricing
      2,522 SF

      Open Air Shopping Center Space

      Retail space available in a 147,000 square foot shopping center.
      2149-2179 Ralph Ave, Brooklyn, NY 11234
      View Details
    • Contact for pricing
      2,309 SF

      Open Air Shopping Center Space

      Retail space available in a 147,000 square foot shopping center.
      2095-2145 Ralph Ave, Brooklyn, NY 11234
      View Details
    • Contact for pricing
      13,424 SF

      Retail Space in Ralph Avenue Plaza

      Retail space available in Brooklyn's Georgetown neighborhood.
      2231 Ralph Ave, Brooklyn, NY 11234
      View Details
    • Contact for pricing

      Retail Space in Kings Highway

      Retail space available for lease in Kings Highway Plaza.
      Kings Hwy Plz, Brooklyn, NY 11234
      View Details
    • Contact for pricing

      Versatile Commercial Building in Brooklyn

      New two-story commercial building with over 17,000 SF available.
      5901 Flatlands Ave, Brooklyn, NY 11234
      View Details
    View Listing
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    2231 Ralph Ave
    Brooklyn, NY 11234
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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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