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

    478 Bay Rdg Pkwy Brooklyn, NY 11209-2724

    • Office buildings
    • 3,240 SF
    • 0.05 lot acres
    OFF-MARKET
    Value Estimations
    $960,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3096116
    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

    • DiConza Larocca DiCunto & Kaplin LLP / Real Estate Attorney / Estate Planning Attorney
    • May Makki / Social Worker

    Property Details for 478 Bay Rdg Pkwy

    Year built
    1930
    Lot size
    0.05 lot acres
    Property size
    3,240 SF
    Zone code
    R5B
    Property type
    Office buildings
    APN
    05941-0039
    APU
    59410039

    Description

    This exceptional commercial property at 478 Bay Ridge Parkway in Brooklyn, NY, offers 3,240 square feet of space on a 2,000 square foot lot. Zoned R5B, this special purpose property is currently configured as a single suite, ideal for multiple tenants. Recently renovated, approximately 1,000 square feet features a welcoming reception area and four private offices, perfect for professional office use. The neutral-colored walls and carpeted flooring provide a blank canvas for tenant customization. Its prime location just off 5th Avenue in the Bay Ridge neighborhood ensures high foot and vehicular traffic, with convenient access to major roads and public transportation. The building benefits from its proximity to numerous professional and creative businesses, as well as national anchor tenants. This versatile space is suitable for a variety of professional uses, including medical or creative offices. The property's location and amenities make it a highly desirable commercial opportunity in a thriving Brooklyn neighborhood. The property is located in New York County, zip code 11209.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,435,000
      6.5%
      $1,325,000
      7%
      $1,230,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,555,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -74.0232
    Latitude
    40.6295
    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
    $26,826
    $76,500
    $248,850
    $325,350
    -
    $170,000
    $553,000
    $723,000

    Comparable in this City

    • Value Estimation
      $7,005,000
      31,893 SF

      375 86th St, Unit 383

      OFFICE BUILDING (MULTI-STORY) • 31,893 SF
      375 86th St, Brooklyn, NY 11209-5079
      View Details
    • Value Estimation
      $1,305,000
      2,300 SF

      7606 7th Ave

      PROFESSIONAL BUILDING • 2,300 SF
      7606 7th Ave, Brooklyn, NY 11209-3321
      View Details
    • Value Estimation
      $975,000
      3,600 SF

      564 Bay Rdg Pkwy

      OFFICE BUILDING (MULTI-STORY) • 3,600 SF
      564 Bay Rdg Pkwy, Brooklyn, NY 11209-3310
      View Details
    • Value Estimation
      $990,000
      3,240 SF

      476 Bay Rdg Pkwy

      PROFESSIONAL BUILDING • 3,240 SF
      476 Bay Rdg Pkwy, Brooklyn, NY 11209-2702
      View Details
    • Value Estimation by Request
      24,000 SF

      7601 4th Ave

      PROFESSIONAL BUILDING • 24,000 SF
      7601 4th Ave, Brooklyn, NY 11209-3269
      View Details
    • Value Estimation
      $3,095,000
      10,650 SF

      9711-9713 3rd Ave

      PROFESSIONAL BUILDING • 10,650 SF
      9711-9713 3rd Ave, Brooklyn, NY 11209
      View Details

    Similar Nearby for Sale

    • $15,500,000
      45,000 SF

      Narrows Professional Building For Sale

      Bay Ridge Brooklyn Office Building, 33 Units
      9920 4Th Ave, Brooklyn, NY 11209
      View Details
    • $1,999,000
      5,200 SF

      Bay Ridge Mixed-Use Brick Home

      Two-family brick home with professional office and two-car garage.
      8301 4Th Ave, Brooklyn, NY 11209
      View Details
    • $1,888,000
      5,001 SF

      Bay Ridge Mixed-Use Detached Building

      Detached mixed-use property with medical office, duplex, and finished basement.
      237 Bay Ridge Pkwy, Brooklyn, NY 11209
      View Details
    • $2,500,000
      8,100 SF

      Bay Ridge Commercial Property

      Restaurant & Office Space, High Traffic Area
      343 78Th St, Brooklyn, NY 11209
      View Details
    • $880,000
      2,100 SF

      Brooklyn Community Center For Sale

      New construction community center in Bay Ridge with tax abatement.
      7910 4Th Ave, Brooklyn, NY 11209
      View Details
    • $149,900
      804 SF

      Renovated Brooklyn Office Condo

      Renovated 804 SF condo approved for professional office use.
      106 Battery Ave, Brooklyn, NY 11209
      View Details

    Similar Nearby for Lease

    • $50 SF/Yr
      5,000 SF

      Newly Built Class A Office

      Class A office building in Bay Ridge, Brooklyn for lease.
      429-435 88Th St, Brooklyn, NY 11209
      View Details
    • $3,700 /Mo
      1,400 SF

      Professional Office Suite For Rent

      First floor office suite with hardwood floors and exposed brick.
      7103 3Rd Ave, Brooklyn, NY 11209
      View Details
    • $2,000 /Mo
      627 SF

      Brooklyn Office with Parking Included

      Private office space available with included indoor parking.
      9920 4Th Ave, Brooklyn, NY 11209
      View Details
    • $31 SF/Yr
      2,800 SF

      Bay Ridge Office Space - 2800 sqft

      Prime Bay Ridge office, elevator building, flexible layout.
      9101 4Th Ave, Brooklyn, NY 11209
      View Details
    • Contact for pricing
      2,000 SF

      New Medical/Office Space Available

      Brand new medical/office building across from NYC Health + Hospitals.
      41 77Th St, Brooklyn, NY 11209
      View Details
    • $15,750 /Mo
      4,500 SF

      Prime Medical Suites in Brooklyn

      Healthcare/office building in Bay Ridge with high visibility and accessibility.
      9020 5Th Ave, Brooklyn, NY 11209
      View Details
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    478 Bay Rdg Pkwy
    Brooklyn, NY 11209-2724
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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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