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

    2248 21st St Brooklyn, NY 11229-3638

    • Investment properties
    • 935 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    May 13, 2021
    $575,000
    Value Estimations
    $590,000
    Show details
    Cap Rate Potential
    5.3%
    Investment properties
    Location Intelligence
    Property ID
    US63-2425549
    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

    • Dr. Candy E. Sebold, DDS / Dental Office

    Property Details for 2248 21st St

    Year built
    1925
    Lot size
    0.06 lot acres
    Property size
    935 SF
    Zone code
    R4
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    07353-0034
    APU
    73530034

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $635,000
      ML approach
      $650,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $565,000
      6.5%
      $520,000
      7%
      $485,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $435,000
      Current use
      AUTO REPAIR, GARAGE
      $745,000
      Change: +71% Conversion: Difficult
      RETAIL STORES
      $720,000
      Change: +66% Conversion: Easy
      OFFICE BUILDING
      $515,000
      Change: +19% Conversion: Easy
      WAREHOUSE, STORAGE
      $470,000
      Change: +8% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9503
    Latitude
    40.5978
    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
    $4,891
    $9,300
    $28,320
    $37,620
    -
    $155,000
    $472,000
    $627,000

    Comparable in this City

    • Value Estimation
      $1,005,000
      3,583 SF

      1814 Ave U U

      OFFICE/RESIDENTIAL (MIXED USE) • 3,583 SF
      1814 Ave U U, Brooklyn, NY 11229-3904
      View Details
    • Value Estimation
      $885,000
      3,078 SF

      2405 Ave P P

      OFFICE/RESIDENTIAL (MIXED USE) • 3,078 SF
      2405 Ave P P, Brooklyn, NY 11229-1605
      View Details
    • Value Estimation
      $1,015,000
      3,583 SF

      1720 Ave U U

      OFFICE/RESIDENTIAL (MIXED USE) • 3,583 SF
      1720 Ave U U, Brooklyn, NY 11229-3812
      View Details
    • Value Estimation
      $720,000
      2,480 SF

      2917 Ave P P

      OFFICE/RESIDENTIAL (MIXED USE) • 2,480 SF
      2917 Ave P P, Brooklyn, NY 11229-1811
      View Details
    • Value Estimation
      $740,000
      2,500 SF

      2610 Ave U U

      OFFICE/RESIDENTIAL (MIXED USE) • 2,500 SF
      2610 Ave U U, Brooklyn, NY 11229-5010
      View Details
    • Value Estimation
      $690,000
      2,328 SF

      1711 Ave P P

      OFFICE/RESIDENTIAL (MIXED USE) • 2,328 SF
      1711 Ave P P, Brooklyn, NY 11229-1381
      View Details

    Similar Nearby for Sale

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      2,400 SF

      Brooklyn Mixed-Use Investment Opportunity

      Two mixed-use properties for sale as a package deal.
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      Sheepshead Bay Mixed-Use Building

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      Mixed-use property featuring a medical office and two apartments.
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      Brooklyn Mixed-Use Investment Opportunity

      Two-story commercial building in prime Midwood location with tenants.
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      Mixed-Use Property Package in Brooklyn

      Two mixed-use properties with high visibility and strong income potential.
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      2,950 SF

      Brooklyn Mixed-Use Property with Office

      Two-family home with office, private parking, and development potential.
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    Similar Nearby for Lease

    • $29 SF/Yr
      1,500 SF

      Midwood Medical Office Space For Rent

      Prime Midwood location, fully equipped office.
      2000 Kings Hwy, Brooklyn, NY 11229
      View Details
    • Contact for pricing
      3,600 SF

      Prime Brooklyn Retail Space

      3,600 sq ft, High Traffic, Kings Hwy
      1313 Kings Hwy, Brooklyn, NY 11229
      View Details
    • $3,000 /Mo
      500 SF

      Retail Space on Avenue U

      Retail space with high visibility and traffic near public transportation.
      1212 Avenue, Brooklyn, NY 11229
      View Details
    • $37 SF/Yr
      4,000 SF

      Avenue U Retail Space For Lease

      Prime Brooklyn Retail, 4,000 sq ft, 2-Story
      1305 Avenue U, Brooklyn, NY 11229
      View Details
    • Contact for pricing
      4,000 SF

      Kings Highway Retail Space Available

      Prime Kings Highway retail, two 2,000 sq ft spaces.
      1409 Kings Hwy, Brooklyn, NY 11229
      View Details
    • $38 SF/Yr
      3,600 SF

      Built-Out Medical Office Space

      Medical office space for rent, convenient location.
      1660-1664 E 14Th St, Brooklyn, NY 11229
      View Details
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    2248 21st St
    Brooklyn, NY 11229-3638
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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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