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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    358 Atlantic Ave Brooklyn, NY 11217-1703

    • Investment properties
    • 3,520 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $1,790,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5582768
    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

    • M.PATMOS / Home Goods Store / Shoe Store

    Property Details for 358 Atlantic Ave

    Year built
    1900
    Lot size
    0.04 lot acres
    Property size
    3,520 SF
    Zone code
    R6A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    00183-0012
    APU
    1830012

    Description

    This exceptional bankruptcy sale presents a rare opportunity to acquire a substantial mixed-use portfolio in the heart of Brooklyn, NY. The property comprises two contiguous buildings at 358 & 360 Atlantic Avenue, boasting a combined 6,768 square feet across four stories. The buildings offer seven free-market residential units and three retail spaces, presenting significant upside potential for rental income. 358 Atlantic Avenue, a four-story building, encompasses 3,520 square feet with three residential units and one retail space. Its neighbor, 360 Atlantic Avenue, is a three-story building totaling 3,248 square feet, featuring four residential units and two retail spaces. The property benefits from a prominent 50-foot frontage on Atlantic Avenue, a prime retail corridor situated between Hoyt and Bond Streets. Its strategic location places it within easy reach of downtown Brooklyn's vibrant retail hub on Flatbush Avenue (including Whole Foods, Apple, Target, and Trader Joe's), and less than half a mile from Atlantic Terminal and Barclays Center. Convenient access to multiple subway lines at Hoyt-Schermerhorn Street, Nevins Street, and Dekalb Avenue stations further enhances its appeal. This property is situated in a bustling, high-demand neighborhood, offering a compelling investment opportunity with substantial rental growth potential. The lot size ranges from 1,760 to 2,520 square feet. The buildings were constructed in 1900. The auction requires a starting bid of $5,050,000 and is subject to bankruptcy court approval. The bid deadline is Tuesday, December 3rd, 2024, at 5:00 PM, with the auction scheduled for Thursday, December 5th, 2024, at 2:30 PM.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,130,000
      6.5%
      $1,965,000
      7%
      $1,825,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,920,000
      Current use
      AUTO REPAIR, GARAGE
      $2,795,000
      Change: -4% Conversion: Difficult
      RETAIL STORES
      $2,710,000
      Change: -7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9866
    Latitude
    40.6874
    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
    $35,232
    $275,400
    $642,600
    $918,000
    -
    $612,000
    $1,428,000
    $2,040,000

    Comparable in this City

    • Value Estimation
      $3,715,000
      7,800 SF

      123 Dekalb Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 7,800 SF
      123 Dekalb Ave, Brooklyn, NY 11217-1237
      View Details
    • Value Estimation
      $3,090,000
      6,427 SF

      53 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,427 SF
      53 5th Ave, Brooklyn, NY 11217-2687
      View Details
    • Value Estimation
      $2,370,000
      4,750 SF

      244 Hoyt St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,750 SF
      244 Hoyt St, Brooklyn, NY 11217-2958
      View Details
    • Value Estimation
      $3,435,000
      7,068 SF

      177-179 5th Ave, Unit 8

      OFFICE/RESIDENTIAL (MIXED USE) • 7,068 SF
      177-179 5th Ave, Brooklyn, NY 11217
      View Details
    • Value Estimation
      $2,720,000
      6,300 SF

      94 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,300 SF
      94 5th Ave, Brooklyn, NY 11217-3298
      View Details
    • Value Estimation
      $2,340,000
      6,200 SF

      36 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,200 SF
      36 5th Ave, Brooklyn, NY 11217-4665
      View Details

    Similar Nearby for Sale

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      Brooklyn Mixed-Use Historic Brownstone

      Rare, vacant, high-income potential mixed-use property in prime North Park Slope.
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      Brooklyn Mixed-Use Investment Opportunity

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      3,220 SF

      Mixed-Use Building Value-Add Potential

      Three-story mixed-use building with retail and residential units.
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      Brooklyn Commercial Land For Sale

      Vacant lot near Barclays Center with development potential.
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    Similar Nearby for Lease

    • New
      $3,000 /Mo

      Charming Brooklyn Live-Work Space

      Serene 1-bedroom residence with flexible layout in Boerum Hill.
      481 Atlantic Ave, Brooklyn, NY 11217
      View Details
    • Contact for pricing
      29,400 SF

      Prime Brooklyn Medical Office Space

      Spacious suites, ideal for medical practices.
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      Prime Brooklyn Medical Office Space

      4,292 SF Medical Office, Fully Vacant, High Ceilings
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    • $32 SF/Yr
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      Sunset Park Industrial/Creative Space

      Flexible Brooklyn space, 2,000-28,000 sq ft.
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      Park Slope Boutique Corner Retail

      Highly visible corner retail space in the heart of Park Slope.
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      Prime Retail Space Near Park

      Retail space with frontage near Thomas Greene Park.
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      View Details
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    358 Atlantic Ave
    Brooklyn, NY 11217-1703
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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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