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    Property profile & analytics

    566 4Th Ave Brooklyn, NY 11215

    • Investment properties
    • 1,728 SF
    • 0.03 lot acres
    For Lease
    View listing
    $75 SF/Yr
    Last Sale
    Jul 08, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3187606
    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

    • USPS Mailbox / Postal Service / Courier Service

    Property Details for 566 4Th Ave

    Year built
    1899
    Lot size
    0.03 lot acres
    Property size
    1,728 SF
    Zone code
    R8A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    01046-0047
    APU
    10460047

    Description

    This exceptional 880-square-foot commercial space, located at 566 4th Avenue in Brooklyn, NY 11215, presents a unique opportunity for a variety of businesses. Situated in the highly desirable Park Slope neighborhood, this single-tenant property offers a versatile layout suitable for office, retail, or special purpose uses. The ground floor space boasts a private entrance and an attractive brick facade, enhancing its curb appeal. Currently featuring hardwood floors and a full bathroom, the space is adaptable to suit individual business needs. The owner is open to tenant improvements, allowing for customization to perfectly match your operational requirements. This prime location on 4th Avenue, between 15th and 16th Streets, provides unparalleled convenience. It's just minutes away from the N, R, D, and W subway lines at Prospect Avenue, as well as the BQE, ensuring easy access for both employees and clients. Furthermore, the proximity to 5th Avenue's vibrant retail, restaurant, and commercial scene adds to the property's desirability. This is an ideal opportunity to establish or expand your business in a high-demand area, with the flexibility to tailor the space to your specific needs. Note that food and bar uses are not permitted.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $950,000

    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
    40.6664
    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
    $3,173
    $5,820
    $81,420
    $87,240
    -
    $97,000
    $1,357,000
    $1,454,000

    Comparable in this City

    • Value Estimation
      $995,000
      3,007 SF

      557 4th Ave, Unit 3

      OFFICE/RESIDENTIAL (MIXED USE) • 3,007 SF
      557 4th Ave, Brooklyn, NY 11215-4716
      View Details
    • Value Estimation
      $1,850,000
      4,275 SF

      434 7th Ave, Unit 4

      OFFICE/RESIDENTIAL (MIXED USE) • 4,275 SF
      434 7th Ave, Brooklyn, NY 11215-5053
      View Details
    • Value Estimation
      $2,045,000
      4,680 SF

      346 7th Ave, Unit 6

      OFFICE/RESIDENTIAL (MIXED USE) • 4,680 SF
      346 7th Ave, Brooklyn, NY 11215-4323
      View Details
    • Value Estimation
      $2,525,000
      5,864 SF

      183 7th Ave, Unit 6

      OFFICE/RESIDENTIAL (MIXED USE) • 5,864 SF
      183 7th Ave, Brooklyn, NY 11215-2668
      View Details
    • Value Estimation
      $2,360,000
      5,418 SF

      182 8th Ave, Unit 6

      OFFICE/RESIDENTIAL (MIXED USE) • 5,418 SF
      182 8th Ave, Brooklyn, NY 11215-2280
      View Details
    • Value Estimation
      $2,825,000
      6,662 SF

      214 5th Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 6,662 SF
      214 5th Ave, Brooklyn, NY 11215-1248
      View Details

    Similar Nearby for Sale

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      4,200 SF

      Brooklyn Mixed-Use Building For Sale

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    • $3,750,000
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    • $4,600,000
      4,300 SF

      Mixed-Use Building in Park Slope

      Mixed-use investment property on 5th Avenue in prime Park Slope.
      480 5Th Ave, Brooklyn, NY 11215
      View Details
    • $2,999,990
      2,911 SF

      Prime Park Slope Mixed-Use Asset

      Mixed-use property in prime Park Slope location with high visibility.
      258 7Th Ave, Brooklyn, NY 11215
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    • New
      $6,850,000
      6,500 SF

      Rare Park Slope Loft Building

      Expansive Brooklyn residence with art gallery and private rooftop.
      676 Union St, Brooklyn, NY 11215
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    • New
      $6,850,000
      6,500 SF

      Park Slope Loft Building

      Rare 6,500 sq ft Brooklyn sanctuary with art gallery.
      676 Union St, Brooklyn, NY 11215
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,400 SF

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      2,500 SF

      Prime Brooklyn Medical Office Space

      2,500 SF Medical Office - For Lease
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    • Contact for pricing
      5,871 SF

      Prime Brooklyn Retail Space

      5,871 SF Retail Space Available
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    • New
      $4,995 /Mo
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      Charming Brooklyn Office Space

      Spacious 2.5BR office with updated kitchen and luxurious bathroom.
      351 7Th Ave, Brooklyn, NY 11215
      View Details
    • $7,500 /Mo

      Versatile Office Space in Brooklyn

      Full-floor office space near Park Slope and Gowanus.
      250 6Th St, Brooklyn, NY 11215
      View Details
    • $21,666

      Prime 5th Avenue Retail Space

      5,500 SF retail/commercial space with basement on 5th Avenue.
      562 5Th Ave, Brooklyn, NY 11215
      View Details
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    Brooklyn, NY 11215
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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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