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

    2941 Ave S Ave Brooklyn, NY 11229-3231

    • Retail space
    • 2,465 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Nov 18, 2022
    $1,150,000
    Value Estimations
    $1,295,000
    Show details
    Cap Rate Potential
    10%
    Retail space
    Location Intelligence
    Property ID
    US63-1576858
    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

    • Retail space

    Property Details for 2941 Ave S Ave

    Year built
    1960
    Lot size
    0.06 lot acres
    Property size
    2,465 SF
    Zone code
    R4
    Property type
    Retail space
    APN
    06836-0043
    APU
    68360043

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,185,000

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $1,900,000
      Current use
      AUTO REPAIR, GARAGE
      $1,960,000
      Change: +3% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9422
    Latitude
    40.6054
    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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $11,855,000
      30,000 SF

      2185 Coyle St

      RETAIL STORES (PERSONAL SERVICES) • 30,000 SF
      2185 Coyle St, Brooklyn, NY 11229-5120
      View Details
    • Value Estimation
      $6,730,000
      11,462 SF

      3070 Ave U U

      RETAIL STORES (PERSONAL SERVICES) • 11,462 SF
      3070 Ave U U, Brooklyn, NY 11229
      View Details
    • Value Estimation
      $24,370,000

      2114 Coyle St

      RETAIL STORES (PERSONAL SERVICES)
      2114 Coyle St, Brooklyn, NY 11229-5121
      View Details
    • Value Estimation
      $635,000
      1,140 SF

      2909-2911 Quentin Rd

      RETAIL STORES (PERSONAL SERVICES) • 1,140 SF
      2909-2911 Quentin Rd, Brooklyn, NY 11229
      View Details
    • Value Estimation
      $5,155,000
      10,500 SF

      2914 Ave T T, Unit 2926

      RETAIL STORES (PERSONAL SERVICES) • 10,500 SF
      2914 Ave T T, Brooklyn, NY 11229-4002
      View Details
    • Value Estimation
      $6,585,000
      12,500 SF

      3021 Ave V V, Unit 3043

      RETAIL STORES (PERSONAL SERVICES) • 12,500 SF
      3021 Ave V V, Brooklyn, NY 11229-5448
      View Details

    Similar Nearby for Sale

    • $1,258,000
      2,304 SF

      Spacious Commercial Condo Near Transportation

      Two-level commercial condo with parking, near Kings Highway station.
      1749 East 16Th St, Brooklyn, NY 11229
      View Details
    • $1,650,000
      2,200 SF

      Brooklyn Mixed-Use Property For Sale

      Mixed-use property with salon lease and vacant apartment in Brooklyn.
      2113 Avenue U, Brooklyn, NY 11229
      View Details
    • $259,000
      1,170 SF

      Profitable Laundromat Business For Sale

      Established laundromat business with strong income and prime Brooklyn location.
      1810 Avenue U, Brooklyn, NY 11229
      View Details
    • $1,159,000

      Mixed-Use Property Sheepshead Bay

      Mixed-use property in prime Sheepshead Bay location.
      2118 Gravesend Neck Rd, Brooklyn, NY 11229
      View Details
    • $1,550,000

      Retail and Residential Brooklyn Property

      Well-maintained Brooklyn property with retail and residential income potential.
      2113 Avenue U, Brooklyn, NY 11229
      View Details
    • $500,000
      3,000 SF

      Midwood Business Space For Sale

      Versatile, renovated space suitable for various businesses in Brooklyn.
      Withheld Withheld Rd, Brooklyn, NY 11229
      View Details

    Similar Nearby for Lease

    • $2 SF/Yr
      4,480 SF

      Brooklyn Dance Studio For Lease

      Spacious Retail Space, Ideal for Events
      0 Withheld Withheld Rd, Brooklyn, NY 11229
      View Details
    • Contact for pricing
      29,515 SF

      Prime Brooklyn Medical Office Space

      Kings Highway, Brooklyn: 5 Suites Available
      1100 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
    • Contact for pricing
      3,117 SF

      Retail Space Near Subway Entrance

      Retail space with high foot traffic near subway and bus.
      1505 Kings Hwy, Brooklyn, NY 11229
      View Details
    • $10,000 /Mo
      1,800 SF

      Retail Space on Kings Hwy

      Retail space for rent with additional floor and basement.
      1620 Kings Hwy, Brooklyn, NY 11229
      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.
    2941 Ave S Ave
    Brooklyn, NY 11229-3231
    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.