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    302 Kings Hwy Brooklyn, NY 11223-1349
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    302 Kings Hwy Brooklyn, NY 11223-1349

    View on Map
    • Investment properties
    • 6,560 SF
    • 0.08 lot acres
    Off-Market
    Last Sale Dec 13, 2023
    Property ID
    US63-0997539
    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.
    Value Estimations
    $2,205,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Dancing Crane Georgian Cultural Center / Theater & Performing Art Venue
    • Brooklyn Hipsters Dance Studio / Gym & Fitness Center / Theater & Performing Art Venue

    Property Details for 302 Kings Hwy

    Year built
    1931
    Lot size
    0.08 lot acres
    Property size
    6,560 SF
    Zone code
    R7A
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    06650-0022
    APU
    66500022

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,255,000
      Current use
      OFFICE BUILDING
      $3,610,000
      Change: +11% Conversion: Easy
      WAREHOUSE, STORAGE
      $3,290,000
      Change: +1% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9793
    Latitude
    40.6049
    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
    $41,658
    $90,450
    $302,850
    $393,300
    -
    $201,000
    $673,000
    $874,000

    Comparable in this City

    • Value Estimation
      $9,275,000
      27,950 SF

      2555 Shell Rd

      STORE/OFFICE (MIXED USE) • 27,950 SF
      2555 Shell Rd, Brooklyn, NY 11223
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    • Value Estimation
      $930,000
      2,998 SF

      2371 Mcdonald Ave

      STORE/OFFICE (MIXED USE) • 2,998 SF
      2371 Mcdonald Ave, Brooklyn, NY 11223-4738
      View Details
    • Value Estimation
      $1,045,000
      3,080 SF

      178 Ave U U

      STORE/OFFICE (MIXED USE) • 3,080 SF
      178 Ave U U, Brooklyn, NY 11223-3740
      View Details
    • Value Estimation
      $1,445,000
      3,015 SF

      2340 Coney Is Ave

      STORE/OFFICE (MIXED USE) • 3,015 SF
      2340 Coney Is Ave, Brooklyn, NY 11223-5002
      View Details
    • Value Estimation
      $1,065,000
      1,920 SF

      2637 Coney Is Ave

      STORE/OFFICE (MIXED USE) • 1,920 SF
      2637 Coney Is Ave, Brooklyn, NY 11223-5501
      View Details
    • Value Estimation
      $4,240,000
      7,290 SF

      2337 Coney Is Ave

      STORE/OFFICE (MIXED USE) • 7,290 SF
      2337 Coney Is Ave, Brooklyn, NY 11223-5001
      View Details

    Similar Nearby for Sale

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      Mixed-use property in high-demand Brooklyn location with income potential.
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    Similar Nearby for Lease

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      650 SF

      Renovated Office Space in Brooklyn

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      Brooklyn Retail/Professional Space Available

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      2370 Coney Island Ave, Brooklyn, NY 11223
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      Retail Space Available For Lease

      Retail space available for lease in Brooklyn, New York.
      1116 Kings Hwy, Brooklyn, NY 11223
      View Details
    • Contact for pricing
      9,500 SF

      Brooklyn Warehouse with Class A Office

      9,500 SF Brooklyn warehouse with office space for lease.
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      View Details
    • $4,200 /Mo
      960 SF

      Single-Story Retail Space Available

      Retail space with frontage, walk-in fridge, and parking.
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      View Details
    • New
      $3,500 /Mo
      1,000 SF

      Renovated Office Space in Gravesend

      Modern, renovated office/retail space in Brooklyn, near transportation.
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      View Details
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    302 Kings Hwy
    Brooklyn, NY 11223-1349
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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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