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

    609 Ocean Pkwy Brooklyn, NY 11218

    • Commercial real estate
    • 3,888 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5530629
    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

    • Commercial real estate

    Property Details for 609 Ocean Pkwy

    Property size
    3,888 SF
    Property type
    Commercial real estate

    Description

    This exceptional 11,539 square foot development lot presents a unique investment opportunity in the desirable Kensington neighborhood of Brooklyn, New York. Located at 609 Ocean Parkway, this property boasts R7A zoning on a 7100 square foot corner lot, allowing for the construction of over 28,000 square feet of residential space. The asking price is $5,000,000. Currently situated on the lot is a substantial two-family house, offering approximately 3,888 square feet of existing living space spread across two stories. This existing structure provides immediate income potential while development plans are underway, or can be easily demolished to make way for a new construction project. The property's strategic location along Ocean Parkway and 18th Avenue offers excellent visibility and accessibility, making it an attractive proposition for developers seeking to capitalize on the strong demand for residential properties in this thriving Brooklyn community. The property's address is 609 Ocean Parkway, Brooklyn, NY 11218, within Kings (Brooklyn) County. This is a rare chance to acquire a substantial lot with significant development potential in a highly sought-after area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings (Brooklyn)
    State
    New York
    Longitude
    -73.971599
    Latitude
    40.6335928

    Comparable in this City

    • $1,499,000
      1,000 SF

      Ditmas Ave Multifamily Investment

      Prime Brooklyn Mixed-Use Building
      203 Ditmas Ave, Brooklyn, NY 11218
      View Details
    • $2,240,000

      Brooklyn Multifamily Property for Sale

      Multifamily property available in Brooklyn, New York.
      34 Seeley St, Brooklyn, NY 11218
      View Details
    • $1,750,000

      Brooklyn Multifamily Property For Sale

      Multifamily property available in Brooklyn, New York.
      309 Greenwood Ave, Brooklyn, NY 11218
      View Details
    • $520,000

      Ocean Parkway Multifamily Investment Opportunity

      Multifamily property for sale in Brooklyn, New York.
      81 Ocean Pkwy, Brooklyn, NY 11218
      View Details
    • $1,550,000
      Pending

      Brooklyn Three-Unit Brick Building

      Solid investment property in desirable Kensington, Brooklyn.
      149 Dahill Rd, Brooklyn, NY 11218
      View Details
    • $14,999,000
      24,510 SF

      New 100% Occupied 30 Unit Mixed-Use Building For Sale

      New 100% Occupied 30 Unit Mixed-Use Building For Sale
      571 Ocean Parkway, Brooklyn, NY 11218
      View Details

    Similar Nearby for Sale

    • $1,499,000
      1,000 SF

      Ditmas Ave Multifamily Investment

      Prime Brooklyn Mixed-Use Building
      203 Ditmas Ave, Brooklyn, NY 11218
      View Details
    • $2,240,000

      Brooklyn Multifamily Property for Sale

      Multifamily property available in Brooklyn, New York.
      34 Seeley St, Brooklyn, NY 11218
      View Details
    • $1,750,000

      Brooklyn Multifamily Property For Sale

      Multifamily property available in Brooklyn, New York.
      309 Greenwood Ave, Brooklyn, NY 11218
      View Details
    • $520,000

      Ocean Parkway Multifamily Investment Opportunity

      Multifamily property for sale in Brooklyn, New York.
      81 Ocean Pkwy, Brooklyn, NY 11218
      View Details
    • $1,550,000
      Pending

      Brooklyn Three-Unit Brick Building

      Solid investment property in desirable Kensington, Brooklyn.
      149 Dahill Rd, Brooklyn, NY 11218
      View Details
    • $14,999,000
      24,510 SF

      New 100% Occupied 30 Unit Mixed-Use Building For Sale

      New 100% Occupied 30 Unit Mixed-Use Building For Sale
      571 Ocean Parkway, Brooklyn, NY 11218
      View Details

    Similar Nearby for Lease

    • $3,300 /Mo

      Renovated Three Bedroom Apartment

      Recently renovated, spacious 3-bedroom apartment in Kensington, Brooklyn.
      324 E 8Th St, New York City, NY 11218
      View Details
    • $3,000 /Mo

      Renovated Windsor Terrace One Bedroom

      Renovated one bedroom near Prospect Park and F/G train.
      1261 Prospect Ave, Brooklyn, NY 11218
      View Details
    • Contact for pricing
      2,300 SF

      Ocean Parkway Office Space for Lease

      Prime Brooklyn Office, 2300 sq ft, Single Tenant
      265 Ocean Pkwy, Brooklyn, NY 11218
      View Details
    • Contact for pricing
      1,261 SF

      Retail Space Near Prospect Park

      Retail space with high visibility near Prospect Park South.
      39 Turner Pl, Brooklyn, NY 11218
      View Details
    • Contact for pricing
      1,992 SF

      Brooklyn Retail Space For Rent

      Retail space available for rent in Brooklyn, ready to move.
      4013 13Th Ave, Brooklyn, NY 11218
      View Details
    • $7,300 /Mo
      1,200 SF

      Retail Space with Basement/Backyard

      Retail space featuring a basement, backyard, and central HVAC.
      84 Church Ave, Brooklyn, NY 11218
      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.
    609 Ocean Pkwy
    Brooklyn, NY 11218
    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.