Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    506 3rd St, Unit 6 Brooklyn, NY 11215-3097

    • Investment properties
    • 6,904 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $2,210,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2893151
    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

    • Dr. Richard Lee, DMD / Dental Office
    • Dr. Joanne Yoon, DDS / Dental Office
    • Dr. Dorothy R. Lorenzo, DMD / Dental Office
    • Dr. Edward Lee / Dental Office
    • Park Slope Dental Arts / Dental Office

    Property Details for 506 3rd St

    Year built
    1901
    Lot size
    0.04 lot acres
    Property size
    6,904 SF
    Zone code
    R6A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    01080-0008
    APU
    10800008

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9785
    Latitude
    40.6702
    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
    $8,521
    $44,520
    $503,160
    $547,680
    -
    $742,000
    $8,386,000
    $9,128,000

    Comparable in this City

    • Value Estimation
      $1,790,000
      4,104 SF

      398 7th Ave, Unit 4

      OFFICE/RESIDENTIAL (MIXED USE) • 4,104 SF
      398 7th Ave, Brooklyn, NY 11215-5042
      View Details
    • Value Estimation
      $2,405,000
      5,520 SF

      752 Un St, Unit 6

      OFFICE/RESIDENTIAL (MIXED USE) • 5,520 SF
      752 Un St, Brooklyn, NY 11215-1209
      View Details
    • Value Estimation
      $2,285,000
      5,261 SF

      219 7th Ave, Unit 6

      OFFICE/RESIDENTIAL (MIXED USE) • 5,261 SF
      219 7th Ave, Brooklyn, NY 11215-3018
      View Details
    • Value Estimation
      $2,285,000
      5,261 SF

      217 7th Ave, Unit 6

      OFFICE/RESIDENTIAL (MIXED USE) • 5,261 SF
      217 7th Ave, Brooklyn, NY 11215-2580
      View Details
    • Value Estimation
      $1,510,000
      4,731 SF

      323 9th St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,731 SF
      323 9th St, Brooklyn, NY 11215-8132
      View Details
    • Value Estimation
      $2,420,000
      5,600 SF

      479 5th Ave, Unit 3

      OFFICE/RESIDENTIAL (MIXED USE) • 5,600 SF
      479 5th Ave, Brooklyn, NY 11215-4062
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Park Slope Loft Condominium

      Spacious duplex with flexible space in prime Park Slope location.
      725 Union St, Brooklyn, NY 11215
      View Details
    • $39,999,999
      1,680 SF

      Prime Park Slope Mixed-Use

      High-rental income, prime Brooklyn location.
      346 7Th Ave, Brooklyn, NY 11215
      View Details
    • $1,650,000
      4,200 SF

      Brooklyn Mixed-Use Building For Sale

      Mixed-use building with retail space and two apartments near Prospect Park.
      238 Prospect Park West, Brooklyn, NY 11215
      View Details
    • $3,750,000
      5,815 SF

      A mixed-use building comprised of six one-bedroom apartments and one retail unit

      A mixed-use building comprised of six one-bedroom apartments and one retail unit
      289 7th Ave, Brooklyn, NY 11215
      View Details
    • $2,500,000
      3,033 SF

      Brooklyn Mixed-Use Commercial Building

      Mixed-use building in Gowanus with retail and residential units.
      288 3Rd Ave, Brooklyn, NY 11215
      View Details
    • $5,150,000

      Brooklyn Mixed-Use Income Property

      Three-story mixed-use brick building with seven income-generating units.
      320 11Th St, Brooklyn, NY 11215
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,400 SF

      Turn-Key Restaurant Space Available

      Restaurant space for rent in a dense residential neighborhood.
      397 5Th Ave, Brooklyn, NY 11215
      View Details
    • Contact for pricing
      5,600 SF

      Prime Brooklyn Retail Space

      5,600 SF, Two Suites Available
      564 5Th Ave, Brooklyn, NY 11215
      View Details
    • $35 SF/Yr
      18,250 SF

      Gowanus Creative Office Spaces

      Brooklyn Office Suites, 1,250-7,500 sq ft
      168 7Th St, Brooklyn, NY 11215
      View Details
    • $47 SF/Yr
      5,000 SF

      Gowanus Office Space: Prime Location

      2,000 SF Office, Ideal Gowanus Location
      319 3Rd Ave, Brooklyn, NY 11215
      View Details
    • New
      $3,900 /Mo
      945 SF

      Brooklyn Commercial Space For Rent

      Prime Park Slope commercial space suitable for retail or office.
      261 13Th St, Brooklyn, NY 11215
      View Details
    • Contact for pricing
      10,019 SF

      Prime Brooklyn Warehouse Space

      10,019 SF Warehouse, Two Suites Available
      4323 2Nd Ave, Brooklyn, NY 11215
      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.
    506 3rd St, Unit 6
    Brooklyn, NY 11215-3097
    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.
    Sign Up Successful!
    You now have access to more from Realmo!