Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    515 3rd Ave Brooklyn, NY 11215-4622

    • Manufacturing properties
    • 1,850 SF
    • 0.04 lot acres
    OFF-MARKET
    Value Estimations
    $485,000
    Show details
    Cap Rate Potential
    6.8%
    Manufacturing properties
    Location Intelligence
    Property ID
    US63-3655007
    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

    • Manufacturing properties

    Property Details for 515 3rd Ave

    Year built
    1968
    Lot size
    0.04 lot acres
    Property size
    1,850 SF
    Zone code
    M1-2
    Property type
    Manufacturing properties
    APN
    01027-0008
    APU
    10270008

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $480,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $550,000
      6.5%
      $505,000
      7%
      $470,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9924
    Latitude
    40.6694
    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
    $25,843
    $9,450
    $254,250
    $263,700
    -
    $21,000
    $565,000
    $586,000

    Comparable in this City

    • Value Estimation by Request
      8,300 SF

      439 20Th St

      Distribution properties • 8,300 SF
      439 20Th St, Brooklyn, NY 11215
      View Details
    • Value Estimation
      $435,000
      2,283 SF

      177 9th St

      MANUFACTURING (LIGHT) • 2,283 SF
      177 9th St, Brooklyn, NY 11215-3110
      View Details
    • Value Estimation
      $870,000
      28,807 SF

      104 12th St

      MANUFACTURING (LIGHT) • 28,807 SF
      104 12th St, Brooklyn, NY 11215
      View Details
    • Value Estimation
      $355,000
      3,236 SF

      51 16th St

      FACTORY (MANUFACTURING) • 3,236 SF
      51 16th St, Brooklyn, NY 11215
      View Details
    • Value Estimation
      $800,000
      24,028 SF

      454 Carroll St

      MANUFACTURING (LIGHT) • 24,028 SF
      454 Carroll St, Brooklyn, NY 11215-1012
      View Details
    • Value Estimation
      $450,000
      3,193 SF

      574 3rd Ave

      MANUFACTURING (LIGHT) • 3,193 SF
      574 3rd Ave, Brooklyn, NY 11215
      View Details

    Similar Nearby for Sale

    • $4,750,000
      4,400 SF

      Brooklyn Industrial Warehouse Opportunity

      Spacious 4,400 SF Warehouse in Brooklyn
      15 Denton Pl, Brooklyn, NY 11215
      View Details
    • Contact for pricing
      16,500 SF

      Brooklyn Flex Space For Sale

      Flex space with office and interior loading docks available.
      413 20Th St, Brooklyn, NY 11215
      View Details
    • $2,500,000

      Greenwood Heights Investment Opportunity

      Property in Greenwood Heights, potential for additional stories.
      712 5Th Ave, Brooklyn, NY 11215
      View Details
    • $3,250,000
      4,146 SF

      Prime Park Slope Retail Condo

      Two units, high-traffic location, strong lease in place.
      575 4Th Ave, Brooklyn, NY 11215
      View Details
    • $3,799,000

      Prime Brooklyn Mixed-Use Investment

      High-yield Brooklyn property, strong NOI.
      250 4Th Ave, Brooklyn, NY 11215
      View Details
    • $1,125,000
      1,152 SF

      Prospect Park West Executive Office

      Prime Park Slope Office Suite - $1.125M
      0 Prospect Park, Brooklyn, NY 11215
      View Details

    Similar Nearby for Lease

    • $32 SF/Yr
      6,000 SF

      Brooklyn Industrial Space for Lease

      6,000 SF Versatile Warehouse in Brooklyn
      65 13Th St, Brooklyn, NY 11215
      View Details
    • $32 SF/Yr
      6,000 SF

      Brooklyn Industrial Warehouse

      6,000 sq ft warehouse, ideal for various uses
      65 13th St Brooklyn, NY 11215, 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
    • Contact for pricing
      33,000 SF

      Gowanus Warehouse: 33,000 SF

      Spacious Gowanus warehouse, ideal for industrial use.
      42 2Nd Ave, Brooklyn, NY 11215
      View Details
    • Contact for pricing
      4,500 SF

      Brooklyn Warehouse with Duplex Potential

      Warehouse space suitable for restaurant, retail, or business use.
      85 N 15Th St, Brooklyn, NY 11215
      View Details
    • $35 SF/Yr
      225,250 SF

      Iconic Gowanus Office Space

      Class A Office, Multiple Spaces Available
      94 9Th St, 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.
    515 3rd Ave
    Brooklyn, NY 11215-4622
    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.