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

    498 Hancock St Brooklyn, NY 11233

    • Apartment buildings
    • 7,968 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $1,665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2396769
    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

    • Apartment buildings

    Property Details for 498 Hancock St

    Year built
    1910
    Lot size
    0.06 lot acres
    Property size
    7,968 SF
    Zone code
    R6B
    Property type
    Apartment buildings
    APN
    01660-0001
    APU
    16600001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,930,000
      Current use
      COMMERCIAL (GENERAL)
      $2,645,000
      Change: +37% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9351
    Latitude
    40.684
    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
    $2,115
    $5,850
    $675,090
    $680,940
    -
    $13,000
    $1,500,200
    $1,513,200

    Comparable in this City

    • Value Estimation by Request
      1,480 SF

      2337 Dean St

      Multifamily properties • 1,480 SF
      2337 Dean St, Brooklyn, NY 11233
      View Details
    • Value Estimation
      $2,105,000
      110,034 SF

      1776 Park Pl

      APARTMENT HOUSE (5+ UNITS) • 110,034 SF
      1776 Park Pl, Brooklyn, NY 11233
      View Details
    • Value Estimation by Request
      3,135 SF

      426 Chauncey St

      Multifamily properties • 3,135 SF
      426 Chauncey St, Brooklyn, NY 11233
      View Details
    • Value Estimation by Request
      2,661 SF

      14 Marconi Pl

      Multifamily properties • 2,661 SF
      14 Marconi Pl, Brooklyn, NY 11233
      View Details
    • Value Estimation
      $11,580,000
      129,082 SF

      1733 Bergen St, Unit 184

      APARTMENT HOUSE (5+ UNITS) • 129,082 SF
      1733 Bergen St, Brooklyn, NY 11233
      View Details
    • Value Estimation
      $965,000
      75,800 SF

      378 Sumpter St, Unit 78

      APARTMENT HOUSE (5+ UNITS) • 75,800 SF
      378 Sumpter St, Brooklyn, NY 11233
      View Details

    Similar Nearby for Sale

    • $2,200,000

      Brooklyn Multifamily Property For Sale

      Multifamily property in excellent condition, close to transportation and shopping.
      49 Buffalo Ave, Brooklyn, NY 11233
      View Details
    • $1,595,000
      0.03 Acres

      Mixed-Use Investment Property in Brooklyn

      Turnkey mixed-use property with stable tenants and renovated apartments.
      34 Rockaway Ave, Brooklyn, NY 11233
      View Details
    • $1,250,000

      Legal 6-Family Brooklyn Property

      Six apartments, each with three bedrooms and one bath.
      693 Halsey St, Brooklyn, NY 11233
      View Details
    • $2,000,000
      4,875 SF

      Brooklyn Multifamily Investment Opportunity

      Six-unit building in Ocean Hill with income and growth potential.
      198 Hull St, Brooklyn, NY 11233
      View Details
    • $1,500,000
      2,400 SF

      Fulton Street Multifamily Investment

      Prime Brooklyn 3-unit building, high potential.
      2224 Fulton St, Brooklyn, NY 11233
      View Details
    • $1,400,000
      0.03 Acres

      Classic Brooklyn Multi-Family Townhouse

      Impeccably maintained three-family brick townhouse in Ocean Hill/Bedford Stuyvesant.
      108 Rockaway Ave, Brooklyn, NY 11233
      View Details

    Similar Nearby for Lease

    • $2,500 /Mo
      1,100 SF

      Spacious Apartment in Historic Bed-Stuy

      Sunny, 1100 sqft apartment available for rent in Brooklyn.
      447 Hancock St, Brooklyn, NY 11233
      View Details
    • $3,596 /Mo

      Three Bedroom Apartment For Rent

      Three-bedroom, one-bathroom apartment available for rent.
      293 Saratoga Ave, Brooklyn, NY 11233
      View Details
    • $2,900 /Mo

      Brooklyn Apartment with Large Bedrooms

      Charming 2-bedroom apartment in Bedford-Stuyvesant, close to transportation.
      381 Chauncey St, Brooklyn, NY 11233
      View Details
    • $7,350 /Mo

      Brooklyn Multifamily Property for Rent

      Multifamily property available for rent in Brooklyn, NY.
      504 Halsey St, Brooklyn, NY 11233
      View Details
    • $3,000 /Mo

      Brooklyn Multifamily Property for Rent

      Multifamily property available for rent in Brooklyn, New York.
      1587 Lincoln Pl, Brooklyn, NY 11233
      View Details
    • $3,200 /Mo
      4,930 SF

      Newly Renovated Brooklyn Office Spaces

      Three office spaces and a storefront available for lease.
      1944 Prospect Pl, Brooklyn, NY 11233
      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.
    498 Hancock St
    Brooklyn, NY 11233
    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.