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

    2470 16th St Brooklyn, NY 11235-3522

    • Office buildings
    • 2,400 SF
    • 0.14 lot acres
    OFF-MARKET
    Last Sale
    Dec 14, 2023
    $1,750,000
    Value Estimations
    $1,635,000
    Show details
    Cap Rate Potential
    3.7%
    Office buildings
    Location Intelligence
    Property ID
    US63-0774852
    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

    • Charles Pearlman, MD / Orthopedic Surgeon

    Property Details for 2470 16th St

    Year built
    1983
    Lot size
    0.14 lot acres
    Property size
    2,400 SF
    Zone code
    R4
    Property type
    Office buildings
    APN
    07417-0036
    APU
    74170036

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,745,000
      ML approach
      $1,795,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,293,000
      Market price range: $850k - $1.45M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,200,000
      Current use
      AUTO REPAIR, GARAGE
      $1,905,000
      Change: +59% Conversion: Difficult
      RETAIL STORES
      $1,810,000
      Change: +51% Conversion: Moderate
      WAREHOUSE, STORAGE
      $1,205,000
      Change: +0% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9541
    Latitude
    40.5905
    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
    $19,514
    $85,950
    $129,150
    $215,100
    -
    $191,000
    $287,000
    $478,000

    Comparable in this City

    • Value Estimation
      $820,000
      39,026 SF

      1401 Sheepshead Bay Rd, Unit 1411

      OFFICE BUILDING (MULTI-STORY) • 39,026 SF
      1401 Sheepshead Bay Rd, Brooklyn, NY 11235-3813
      View Details
    • Value Estimation
      $620,000
      19,851 SF

      2965 Ocean Pkwy

      PROFESSIONAL BUILDING • 19,851 SF
      2965 Ocean Pkwy, Brooklyn, NY 11235-8014
      View Details
    • Value Estimation
      $355,000
      1,861 SF

      128 Brighton 11th St

      PROFESSIONAL BUILDING • 1,861 SF
      128 Brighton 11th St, Brooklyn, NY 11235-5327
      View Details
    • Value Estimation
      $1,240,000
      2,325 SF

      158 Brighton 11th St

      PROFESSIONAL BUILDING • 2,325 SF
      158 Brighton 11th St, Brooklyn, NY 11235-5327
      View Details
    • Value Estimation
      $3,115,000
      4,000 SF

      621 Brighton Bch Ave

      PROFESSIONAL BUILDING • 4,000 SF
      621 Brighton Bch Ave, Brooklyn, NY 11235-6405
      View Details
    • Value Estimation
      $370,000
      2,320 SF

      2765 Coney Is Ave

      OFFICE BUILDING (MULTI-STORY) • 2,320 SF
      2765 Coney Is Ave, Brooklyn, NY 11235-5015
      View Details

    Similar Nearby for Sale

    • $3,890,000
      11,436 SF

      Sheepshead Bay Income Property

      High-income generating office building in Sheepshead Bay, Brooklyn.
      2571 E 17Th St, Brooklyn, NY 11235
      View Details
    • $200,000
      2,200 SF

      Sheepshead Bay Commercial Space

      Prime location, 2200 sq ft, high ceilings.
      3121 Ocean Ave, Brooklyn, NY 11235
      View Details
    • $319,900
      900 SF

      Nostrand Avenue Office Space

      Brooklyn Office: 900 SF, $319,900
      3901 Nostrand Ave, Brooklyn, NY 11235
      View Details
    • $2,400,000
      16,000 SF

      Sheepshead Bay Medical Office Condo

      16,000 SF, 4 Units, Move-In Ready
      3015 Brighton 6Th St, Brooklyn, NY 11235
      View Details
    • $1,599,000
      3,800 SF

      Brooklyn Medical Office Building

      Luxury 3,800 SF Medical Office Complex
      2955 Brighton 7Th St, Brooklyn, NY 11235
      View Details
    • $1,999,000
      3,705 SF

      Brooklyn Office Building: Prime Investment

      Three-story office building, high-traffic location
      3099 Coney Island Ave, Brooklyn, NY 11235
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      12,713 SF

      Brighton Beach Medical Office Space

      Newly renovated, prime retail/medical space available.
      224 Brighton Beach Ave, Brooklyn, NY 11235
      View Details
    • $29 SF/Yr
      4,000 SF

      Prime Brooklyn Office Space

      Spacious Office, High Traffic Area
      2709 Coney Island Ave, Brooklyn, NY 11235
      View Details
    • $42 SF/Yr
      31,000 SF

      Sheepshead Bay Road Office Space

      Prime Brooklyn Office, 11 Suites Available
      1414 Sheepshead Bay Rd, Brooklyn, NY 11235
      View Details
    • Contact for pricing
      1,550 SF

      Prime Brooklyn Medical Office Space

      1,550 SF Medical Office - Available Now
      1400 Avenue Z, Brooklyn, NY 11235
      View Details
    • Contact for pricing
      1,000 SF

      Renovated Office Space Available

      Renovated office space featuring private offices, conference room, and kitchenette.
      2684-2692 Coney Island Ave, Brooklyn, NY 11235
      View Details
    • $9,500 /Mo
      2,200 SF

      Renovated Office Space For Rent

      Newly renovated office space in high-traffic Brooklyn location.
      2709-2711 Coney Island Ave, Brooklyn, NY 11235
      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.
    2470 16th St
    Brooklyn, NY 11235-3522
    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.