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    Property profile & analytics

    324 Empire Blvd Brooklyn, NY 11225-3507

    • Investment properties
    • 2,955 SF
    • 0.04 lot acres
    OFF-MARKET
    Last Sale
    Dec 16, 2021
    $1,050,000
    Value Estimations
    $1,075,000
    Show details
    Cap Rate Potential
    9.2%
    Investment properties
    Location Intelligence
    Property ID
    US63-1733992
    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

    • African market sterling / Department Store

    Property Details for 324 Empire Blvd

    Year built
    1925
    Lot size
    0.04 lot acres
    Property size
    2,955 SF
    Zone code
    R7-1
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    01315-0037
    APU
    13150037

    Description

    This newly renovated 1,800 square foot retail space is located at 324 Empire Boulevard, at the crossroads of Crown Heights and Prospect Lefferts Gardens. The property boasts a desirable "vanilla box" storefront, ready for immediate occupancy. The main floor comprises approximately 1,200 square feet, featuring 60 feet of depth, providing ample space for various retail uses. A significant advantage is the inclusion of an equally sized, finished basement (1,200 sq ft), accessible directly from the main floor, offering additional storage or operational space. The property also includes a full backyard. Recent renovations include a complete overhaul of the interior, featuring central air conditioning, new lighting fixtures, two updated bathrooms, and upgraded electrical systems. The location is exceptionally convenient, situated on a busy stretch of Empire Boulevard, directly across from major establishments such as Chase Bank, the United States Postal Service, and Carvel, ensuring high visibility and foot traffic. This A-Class retail space presents a unique opportunity for businesses seeking a move-in ready location in a thriving commercial district. The single-tenant occupancy allows for complete customization and control over the space. This is an exceptional opportunity for a discerning business owner.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,165,000
      ML approach
      $1,155,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $960,000
      Market price range: $637k - $1.70M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,245,000
      Current use
      OFFICE BUILDING
      $1,625,000
      Change: +31% Conversion: Easy
      WAREHOUSE, STORAGE
      $1,480,000
      Change: +19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9515
    Latitude
    40.6636
    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
    $5,357
    $9,960
    $102,000
    $111,960
    -
    $166,000
    $1,700,000
    $1,866,000

    Comparable in this City

    • Value Estimation
      $1,215,000
      4,553 SF

      453 Rogers Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,553 SF
      453 Rogers Ave, Brooklyn, NY 11225-5011
      View Details
    • Value Estimation
      $790,000
      3,000 SF

      1200 Nostrand Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,000 SF
      1200 Nostrand Ave, Brooklyn, NY 11225-6165
      View Details
    • Value Estimation
      $945,000
      3,760 SF

      1057 Nostrand Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,760 SF
      1057 Nostrand Ave, Brooklyn, NY 11225-4121
      View Details
    • Value Estimation
      $1,620,000
      3,364 SF

      1184 Nostrand Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,364 SF
      1184 Nostrand Ave, Brooklyn, NY 11225-5912
      View Details
    • Value Estimation
      $1,480,000
      3,300 SF

      1224 Nostrand Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,300 SF
      1224 Nostrand Ave, Brooklyn, NY 11225-3845
      View Details
    • Value Estimation
      $600,000
      2,280 SF

      396 Kingston Ave, Unit A

      OFFICE/RESIDENTIAL (MIXED USE) • 2,280 SF
      396 Kingston Ave, Brooklyn, NY 11225-3126
      View Details

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    • $350,000
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      Brooklyn Apartment for Sale

      Apartment in Brooklyn available for purchase.
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      Brooklyn Retail Space For Rent

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      Retail Space in Prime Location

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    324 Empire Blvd
    Brooklyn, NY 11225-3507
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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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