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

    506 Driggs Ave Brooklyn, NY 11211-2359

    • Investment properties
    • 10,025 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Jul 09, 2024
    Value Estimations
    $635,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0800767
    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

    • Tea Bar / Tea Market Place / Coffee Shop

    Property Details for 506 Driggs Ave

    Year built
    2009
    Lot size
    0.06 lot acres
    Property size
    10,025 SF
    Zone code
    M12R6A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    02312-0022
    APU
    23120022

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $635,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9556
    Latitude
    40.7182
    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
    $36,607
    $112,500
    $1,255,320
    $1,367,820
    -
    $250,000
    $2,789,600
    $3,039,600

    Comparable in this City

    • Value Estimation
      $400,000
      4,390 SF

      357 Grand St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,390 SF
      357 Grand St, Brooklyn, NY 11211-4408
      View Details
    • Value Estimation
      $465,000
      5,500 SF

      779 Grand St, Unit 6

      OFFICE/RESIDENTIAL (MIXED USE) • 5,500 SF
      779 Grand St, Brooklyn, NY 11211-5008
      View Details
    • Value Estimation
      $420,000
      3,238 SF

      635 Metropolitan Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,238 SF
      635 Metropolitan Ave, Brooklyn, NY 11211-3605
      View Details
    • Value Estimation
      $575,000
      7,150 SF

      302-304 Metropolitan Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 7,150 SF
      302-304 Metropolitan Ave, Brooklyn, NY 11211
      View Details
    • Value Estimation
      $345,000
      4,380 SF

      222-224 Division Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,380 SF
      222-224 Division Ave, Brooklyn, NY 11211
      View Details
    • Value Estimation
      $345,000
      3,732 SF

      614 Grand St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,732 SF
      614 Grand St, Brooklyn, NY 11211-4802
      View Details

    Similar Nearby for Sale

    • $7,250,000
      16,435 SF

      Williamsburg Mixed-Use Investment

      Prime Williamsburg multifamily building, high income.
      347 Bedford Ave, Brooklyn, NY 11211
      View Details
    • $3,450,000

      Williamsburg Mixed-Use Value-Add Opportunity

      Prime Williamsburg mixed-use building, value-add potential, near subway.
      104 Roebling St, Brooklyn, NY 11211
      View Details
    • $7,899,999
      6,747 SF

      Williamsburg Mixed-Use Gem

      Luxury units, prime location, high ROI
      221 9Th St, Brooklyn, NY 11211
      View Details
    • Contact for pricing
      77,664 SF

      Ainslie Tower: Williamsburg Gem

      Prime Williamsburg Mixed-Use Building
      467 Keap St, Brooklyn, NY 11211
      View Details
    • $3,500,000
      0.06 Acres

      Williamsburg Mixed-Use Investment Opportunity

      Two-family mixed-use property in prime Williamsburg location.
      188 N 8Th St, Brooklyn, NY 11211
      View Details
    • $2,499,000
      Pending

      Mixed-Use Brooklyn Investment Opportunity

      Mixed-use property in prime Williamsburg location with high foot traffic.
      241 Grand Street Ext, Brooklyn, NY 11211
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      707 SF

      Brooklyn Medical Office Space For Lease

      707 SF Medical Office, Kings County, NY
      380 4Th St, Brooklyn, NY 11211
      View Details
    • $96 SF/Yr
      1,000 SF

      Williamsburg Retail Space

      1000 sq ft, prime Williamsburg location
      232 Metropolitan Ave Brooklyn, NY 11211, Brooklyn, NY 11211
      View Details
    • Contact for pricing
      71,561 SF

      Prime Brooklyn Medical Office Space

      71,561 SF Medical/Retail Building, Multiple Suites Available
      209 Havemeyer St, Brooklyn, NY 11211
      View Details
    • Contact for pricing
      2,150 SF

      Prime Brooklyn Retail Space

      2,150 SF Retail Space Available
      232 12Th St, Brooklyn, NY 11211
      View Details
    • Contact for pricing
      750 SF

      Bushwick Ave Retail Space For Lease

      750 SF Retail Space in Brooklyn, NY
      26 Bushwick Ave, Brooklyn, NY 11211
      View Details
    • Contact for pricing
      37,500 SF

      Premier Warehouse Space in Brooklyn

      37,500 SF warehouse with high-end upgrades and excellent connectivity.
      5-9 Rewe St, Brooklyn, NY 11211
      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 Driggs Ave
    Brooklyn, NY 11211-2359
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.