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    Property profile & analytics

    2321 Pitkin Ave Brooklyn, NY 11207

    • Commercial real estate
    For Sale
    View listing
    $999,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0864187
    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

    • Commercial real estate

    Property Details for 2321 Pitkin Ave

    Property type
    Commercial real estate

    Description

    This exceptional 2,500 square foot commercial land parcel, located at 2321 Pitkin Avenue in Brooklyn, New York, presents a unique investment opportunity. Situated in Kings County, zip code 11207, this property is zoned R7A, allowing for a diverse range of development possibilities. A preliminary zoning analysis suggests the potential for a mixed-use building, incorporating approximately ten residential units above a retail space. The lot's dimensions are 25 feet wide by 100 feet deep, offering a desirable corner location with significant street frontage. This property is being offered at $749,000 and is available for a 1031 exchange, making it an attractive option for investors seeking tax-deferred transactions. The property's location in Brooklyn offers access to a vibrant and growing community, providing strong potential for rental income and future appreciation. Serious inquiries are encouraged to explore the full development potential of this strategically located commercial land. The coordinates are 40.6733836 latitude and -73.8866758 longitude.

    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
    -73.8866758
    Latitude
    40.6733836

    Comparable in this City

    • $525,000

      Brooklyn Development Land

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      Vacant Lot in Bushwick, Brooklyn

      Residential zoned vacant land in convenient Brooklyn location.
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    • $599,000
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      Residential Lot in Bushwick

      Vacant R6 zoned residential lot in Brooklyn's Bushwick neighborhood.
      88 Granite St, Brooklyn, NY 11207
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    • $449,999
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      Brooklyn Land For Sale

      Vacant lot in Brooklyn's evolving neighborhood, suitable for mixed-use development.
      374 Ashford St, Brooklyn, NY 11207
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    • $550,000
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      East New York Development Land

      Prime Brooklyn development site, R5 zoning.
      544 Warwick St, Brooklyn, NY 11207
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    • $1,400,000

      Brooklyn Mixed-Use Development Opportunity

      Prime Brooklyn location with permits for mixed-use building.
      2719 Fulton St, Brooklyn, NY 11207
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    Similar Nearby for Sale

    • $525,000

      Brooklyn Development Land

      Prime location, flexible zoning, great potential.
      439 Liberty Ave, Brooklyn, NY 11207
      View Details
    • $800,000
      Pending

      Vacant Lot in Bushwick, Brooklyn

      Residential zoned vacant land in convenient Brooklyn location.
      1100 Halsey St, Brooklyn, NY 11207
      View Details
    • $599,000
      0.04 Acres

      Residential Lot in Bushwick

      Vacant R6 zoned residential lot in Brooklyn's Bushwick neighborhood.
      88 Granite St, Brooklyn, NY 11207
      View Details
    • $449,999
      0.05 Acres

      Brooklyn Land For Sale

      Vacant lot in Brooklyn's evolving neighborhood, suitable for mixed-use development.
      374 Ashford St, Brooklyn, NY 11207
      View Details
    • $550,000
      4,125 SF

      East New York Development Land

      Prime Brooklyn development site, R5 zoning.
      544 Warwick St, Brooklyn, NY 11207
      View Details
    • $1,400,000

      Brooklyn Mixed-Use Development Opportunity

      Prime Brooklyn location with permits for mixed-use building.
      2719 Fulton St, Brooklyn, NY 11207
      View Details

    Similar Nearby for Lease

    • $3,500 /Mo

      Vacant Lot in Bushwick, Brooklyn

      3,200 SF vacant lot for lease near "L" train.
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    • $60 SF/Yr
      10,000 SF

      Prime Brooklyn Corner Lot Lease

      High-traffic location, build-to-suit options.
      1508 Bushwick Ave, Brooklyn, NY 11207
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    • Contact for pricing

      Brooklyn Land Available For Rent

      Land available for rent in Brooklyn, New York.
      328 Liberty Ave, Brooklyn, NY 11207
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    • $55 SF/Yr
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      Prime Brooklyn Commercial Space

      Retail & Office Suites Available in East New York
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    • Contact for pricing
      400,000 SF

      Prime East New York Office Space

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    • $2,600 /Mo

      Brooklyn Multifamily Property for Rent

      Multifamily property available for rent in Brooklyn, NY.
      668 Snediker Ave, Brooklyn, NY 11207
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    2321 Pitkin Ave
    Brooklyn, NY 11207
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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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