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

    579 61st St Brooklyn, NY 11220-4620

    • Apartment buildings
    • 28,800 SF
    • 0.23 lot acres
    OFF-MARKET
    Last Sale
    Jan 11, 2022
    $8,125,000
    Value Estimations
    $6,890,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0805446
    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 579 61st St

    Year built
    1927
    Lot size
    0.23 lot acres
    Property size
    28,800 SF
    Zone code
    R6A
    Property type
    Apartment buildings
    APN
    05783-0044
    APU
    57830044

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $6,605,000
      ML approach
      $6,760,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,843,000
      Market price range: $4.84M - $9.11M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $6,415,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -74.0146
    Latitude
    40.6379
    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
    $171,072
    $225,000
    $1,220,850
    $1,445,850
    -
    $500,000
    $2,713,000
    $3,213,000

    Comparable in this City

    • Value Estimation
      $5,775,000
      37,323 SF

      5716 4th Ave, Unit 33

      APARTMENT HOUSE (5+ UNITS) • 37,323 SF
      5716 4th Ave, Brooklyn, NY 11220
      View Details
    • Value Estimation
      $7,065,000
      45,800 SF

      5314 6th Ave, Unit 5324

      APARTMENT HOUSE (5+ UNITS) • 45,800 SF
      5314 6th Ave, Brooklyn, NY 11220-3152
      View Details
    • Value Estimation
      $1,210,000
      17,057 SF

      5422 4th Ave

      APARTMENT HOUSE (5+ UNITS) • 17,057 SF
      5422 4th Ave, Brooklyn, NY 11220-3051
      View Details
    • Value Estimation
      $20,000,000
      16,512 SF

      438 61st St

      APARTMENT HOUSE (5+ UNITS) • 16,512 SF
      438 61st St, Brooklyn, NY 11220-4562
      View Details
    • Value Estimation
      $3,260,000
      20,400 SF

      851 44th St

      APARTMENT HOUSE (5+ UNITS) • 20,400 SF
      851 44th St, Brooklyn, NY 11220-1649
      View Details
    • Value Estimation
      $2,850,000
      18,056 SF

      773 44th St

      APARTMENT HOUSE (5+ UNITS) • 18,056 SF
      773 44th St, Brooklyn, NY 11220-1558
      View Details

    Similar Nearby for Sale

    • $1,588,000
      3,600 SF

      Brooklyn Mixed-Use Building with Garages

      Five apartments, storefront, and garages in desirable Sunset Park location.
      229 65Th St, Brooklyn, NY 11220
      View Details
    • $1,850,000
      7,140 SF

      Brooklyn Multi-Unit For Sale

      Brooklyn multi-unit property featuring 7,140 square feet of space.
      529 51St St, Brooklyn, NY 11220
      View Details
    • $2,900,000
      4,410 SF

      Brooklyn Mixed-Use Building For Sale

      Mixed-use building with commercial space and residential units in Brooklyn.
      5813 4Th Ave, Brooklyn, NY 11220
      View Details
    • $5,800,000
      0.06 Acres

      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use building in Sunset Park with store and apartments.
      5302 7Th Ave, Brooklyn, NY 11220
      View Details
    • $3,700,000
      5,280 SF

      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use building in Sunset Park with commercial and residential units.
      816 51St St, Brooklyn, NY 11220
      View Details
    • $1,388,000

      Sunset Park Solid Brick Multifamily

      Six-unit multifamily building in Sunset Park, generating $110,749 annually.
      361 59Th St, Brooklyn, NY 11220
      View Details

    Similar Nearby for Lease

    • $2,850 /Mo

      Modern 1-Bedroom Condo Rental

      New 1-bedroom condo with balcony and modern finishes.
      526 56Th St, Brooklyn, NY 11220
      View Details
    • $3,250 /Mo

      Sunset Park Two-Bedroom Unit

      Spacious 1,100 sqft unit in prime location.
      826 55Th St, Brooklyn, NY 11220
      View Details
    • Contact for pricing
      1,000 SF

      Built-Out Restaurant/Bar For Rent

      Restaurant/bar with 4AM liquor license in busy Brooklyn corridor.
      4515 5Th Ave, Brooklyn, NY 11220
      View Details
    • Contact for pricing
      650 SF

      Prime Brooklyn Office Space

      650 sq ft, Ground Floor, Kings County
      245 48Th St, Brooklyn, NY 11220
      View Details
    • Contact for pricing
      52,000 SF

      Sunset Park Warehouse/Distribution Space

      Prewar building in Sunset Park, ideal for warehousing/distribution.
      5801-5823 2Nd Ave, Brooklyn, NY 11220
      View Details
    • $19 SF/Yr
      84,500 SF

      Brooklyn Industrial Warehouse Space

      Sunset Park warehouse, multiple spaces available
      5800 2Nd Ave, Brooklyn, NY 11220
      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.
    579 61st St
    Brooklyn, NY 11220-4620
    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.