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

    584 5Th Ave Brooklyn, NY 11215

    • Investment properties
    • 3,400 SF
    • 0.04 lot acres
    For Lease
    View listing
    $768 /Mo
    Last Sale
    Sep 11, 2023
    $1,900,000
    Value Estimations
    $1,890,000
    Cap Rate Potential
    5.9%
    Investment properties
    Location Intelligence
    Property ID
    US63-3242271
    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

    • CNS Family Hardware / Building Supply / Hardware & Home Improvement

    Property Details for 584 5Th Ave

    Year built
    1920
    Lot size
    0.04 lot acres
    Property size
    3,400 SF
    Zone code
    C43A
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    01052-0049
    APU
    10520049

    Description

    This exceptional 1,400 square foot retail space at 584 5th Avenue in Brooklyn, New York, presents a unique opportunity for businesses seeking a vibrant location. Situated in the heart of Park Slope, this single-tenant property offers high visibility and foot traffic. The space is classified as both retail and office, providing flexibility for a variety of uses. Its convenient location, less than a block from the subway at Prospect Avenue and near the Prospect Park Expressway, ensures easy accessibility for customers and employees. The property's address is 584 5th Avenue, Brooklyn, NY 11215, in Kings County. The cross streets are Prospect Avenue and 16th Street. This prime location within a thriving neighborhood makes it an ideal space for businesses looking to establish or expand their presence. The property's versatility and convenient access to public transportation and major roadways make it a highly desirable commercial space. This is a single-tenant occupancy property, offering a unique opportunity for a business to establish a strong presence in a high-demand area. The space's size and location make it suitable for a wide range of retail and office businesses.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,080,000
      ML approach
      $2,050,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,055,000
      6.5%
      $1,900,000
      7%
      $1,765,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,869,000
      Market price range: $1.87M - $3.16M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,330,000
      Current use
      AUTO REPAIR, GARAGE
      $2,700,000
      Change: +16% Conversion: Difficult
      RETAIL STORES
      $2,620,000
      Change: +12% Conversion: Easy
      OFFICE BUILDING
      $1,870,000
      Change: -20% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9904
    Latitude
    40.6646
    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
    $5,615
    $13,860
    $186,480
    $200,340
    -
    $231,000
    $3,108,000
    $3,339,000

    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
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    • $39,999,999
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      Prime Park Slope Mixed-Use

      High-rental income, prime Brooklyn location.
      346 7Th Ave, Brooklyn, NY 11215
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    • $1,650,000
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      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
    • $5,000,000
      4,680 SF

      Mixed-Use Historic Park Slope Property

      Four-story mixed-use property in prime Park Slope location.
      344 7Th 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

    Similar Nearby for Lease

    • $3,300 /Mo
      690 SF

      Park Slope Sunny One-Bedroom Apartment

      Sunny one-bedroom near Prospect Park with city views.
      510 2Nd St, Brooklyn, NY 11215
      View Details
    • Contact for pricing
      1,200 SF

      Retail Space in Brooklyn Available

      Ground floor retail space with 20 feet of frontage.
      207 Prospect Park W, Brooklyn, NY 11215
      View Details
    • $90 SF/Yr
      2,000 SF

      Prime Park Slope Retail Space

      High-traffic location, 2,000 sq ft.
      325 9Th St, Brooklyn, NY 11215
      View Details
    • Contact for pricing
      3,200 SF

      Retail Space on 5th Avenue

      3,200 SF retail space with frontage on 5th Avenue.
      581 5Th Ave, Brooklyn, NY 11215
      View Details
    • $30,000

      Gowanus Retail/Office/Medical Space

      Versatile 4,300 SF space in vibrant Gowanus location.
      288 4Th Ave, Brooklyn, NY 11215
      View Details
    • $72 SF/Yr
      3,000 SF

      Prospect Park West Retail Space

      Prime Retail Space, 3,000 SF Available
      260 Prospect Park, Brooklyn, NY 11215
      View Details
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    584 5Th Ave
    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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