Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    224 3rd Ave Brooklyn, NY 11217-3036

    • Auto shops
    • 8,500 SF
    • 0.19 lot acres
    OFF-MARKET
    Last Sale
    Feb 28, 2025
    $16,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1874626
    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

    • Auto shops

    Property Details for 224 3rd Ave

    Year built
    1930
    Lot size
    0.19 lot acres
    Property size
    8,500 SF
    Zone code
    M14R7X
    Property type
    Auto shops
    APN
    00426-0036
    APU
    4260036

    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
    -73.9851
    Latitude
    40.6793
    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
    $37,388
    $76,050
    $371,250
    $447,300
    -
    $169,000
    $825,000
    $994,000

    Comparable in this City

    • Value Estimation
      $320,000
      750 SF

      461 Baltic St

      AUTO REPAIR, GARAGE • 750 SF
      461 Baltic St, Brooklyn, NY 11217
      View Details
    • Value Estimation
      $350,000
      0.06 Acres

      Baltic St

      AUTO REPAIR, GARAGE • 0.06 Acres
      Baltic St, Brooklyn, NY 11217
      View Details
    • Value Estimation
      $440,000
      2,850 SF

      189 3rd Ave

      AUTO REPAIR, GARAGE • 2,850 SF
      189 3rd Ave, Brooklyn, NY 11217-3003
      View Details
    • Value Estimation
      $395,000
      0.09 Acres

      673 Fulton St

      AUTO REPAIR, GARAGE • 0.09 Acres
      673 Fulton St, Brooklyn, NY 11217-1212
      View Details
    • Value Estimation
      $460,000
      7,853 SF

      578-580 Sackett St

      AUTO REPAIR, GARAGE • 7,853 SF
      578-580 Sackett St, Brooklyn, NY 11217
      View Details
    • Value Estimation by Request
      0.20 Acres

      553 Sackett St

      AUTO REPAIR, GARAGE • 0.20 Acres
      553 Sackett St, Brooklyn, NY 11217-3018
      View Details

    Similar Nearby for Sale

    • $850,000
      686 SF

      Boerum Hill Retail Investment Opportunity

      Prime Brooklyn retail space, 7.5% cap rate.
      422 Atlantic Ave, Brooklyn, NY 11217
      View Details
    • $825,000
      686 SF

      Retail Space in Downtown Brooklyn

      Prime retail location with high foot traffic and excellent connectivity.
      422 Atlantic Ave, Brooklyn, NY 11217
      View Details
    • Contact for pricing
      3,078 SF

      Fulton Street Retail Building For Sale

      Prime Brooklyn Location, Newly Renovated Restaurant Space
      660 Fulton St, Brooklyn, NY 11217
      View Details
    • $3,500,000
      3,140 SF

      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use building with commercial space and residential units in Brooklyn.
      55 4Th Ave, Brooklyn, NY 11217
      View Details
    • $2,900,000
      3,220 SF

      Mixed-Use Building Value-Add Potential

      Three-story mixed-use building with retail and residential units.
      191 Bond St, Brooklyn, NY 11217
      View Details
    • $3,500,000
      0.03 Acres

      Brooklyn Mixed-Use Building For Sale

      Mixed-use property in prime location with income potential.
      55 4Th Ave, Brooklyn, NY 11217
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,160 SF

      Retail Space Near Barclays Center

      Retail space near transit hub and Barclays Center.
      625 Atlantic Ave, Brooklyn, NY 11217
      View Details
    • $125 SF/Yr
      559 SF

      Dean Street Retail Space Available

      Brooklyn Retail Space: 559 sq ft, Immediate Occupancy
      375 Dean St, Brooklyn, NY 11217
      View Details
    • $75 SF/Yr
      13,000 SF

      Park Slope Retail Space - Brooklyn

      Prime Brooklyn Retail, Restaurant Space
      35 4Th Ave, Brooklyn, NY 11217
      View Details
    • $4,000 /Mo
      1,500 SF

      Retail/Office Space Near Barclays Center

      Versatile space near Barclays Center, ideal for retail or office.
      267-271 Wyckoff St, Brooklyn, NY 11217
      View Details
    • Contact for pricing
      1,846 SF

      Prime Corner Retail Space Available

      Retail space for rent on Atlantic Avenue in Brooklyn.
      465 Pacific St, Brooklyn, NY 11217
      View Details
    • Contact for pricing
      4,292 SF

      Prime Brooklyn Medical Office Space

      4,292 SF Medical Office, Fully Vacant, High Ceilings
      472 Atlantic Ave, Brooklyn, NY 11217
      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.
    224 3rd Ave
    Brooklyn, NY 11217-3036
    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.