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    702 51St St Brooklyn, NY 11203
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    Property profile & analytics

    702 51St St Brooklyn, NY 11203

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    • Commercial real estate
    Off-Market
    Property ID
    US63-5148295
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 702 51St St

    Property type
    Commercial real estate

    Description

    This exceptional three-family home, located at 702 E 51st St in Brooklyn, NY 11203, presents a lucrative investment opportunity. Priced at $1,199,999, this property boasts a desirable location in the heart of East Flatbush, offering convenient access to public transportation and nearby shopping areas. The building features three apartments; one with three bedrooms, another with three bedrooms, and a third with two bedrooms. All units are enhanced by attractive hardwood floors throughout. A significant advantage is the expansive backyard, perfect for outdoor entertaining and relaxation. This property is situated in Kings County, New York, and its coordinates are 40.644048 latitude and -73.9287947 longitude. The multifamily nature of this property makes it an ideal investment for those seeking strong rental income potential. Its excellent location and desirable features make it a highly attractive prospect for both seasoned investors and those new to the market. The property's solid construction and well-maintained condition further enhance its appeal. This is a rare opportunity to acquire a substantial multifamily property in a thriving Brooklyn neighborhood. Don't miss out on this chance to own a piece of East Flatbush.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9287947
    Latitude
    40.644048

    Comparable in this City

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      Brooklyn Multifamily Investment Opportunity

      Rent-stabilized 6-family residence with investment potential in Brooklyn, NY.
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      Brooklyn Multi-Unit Investment Opportunity

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      5,060 SF

      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use property with retail, residential, and office spaces for sale.
      820 Utica Ave, Brooklyn, NY 11203
      View Details
    • New
      $649,000
      0.07 Acres

      Brooklyn Multifamily Investment Opportunity

      Rent-stabilized 6-family residence with investment potential in Brooklyn, NY.
      522 E 51St St, Brooklyn, NY 11203
      View Details
    • $1,200,000
      3 SF

      Brooklyn Multi-Unit Investment Opportunity

      Multi-unit property in Brooklyn's Wingate section with high income potential.
      584 Maple St, Brooklyn, NY 11203
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    Similar Nearby for Lease

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      900 SF

      Brooklyn Retail Space For Rent

      900 SF retail space in a busy Brooklyn location.
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      8,000 SF

      Retail Space in New Development

      Retail space available for rent in a new development.
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      Commercial Kitchen Spaces for Rent

      Private commercial kitchens suitable for catering and food preparation.
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      4,500 SF

      Brooklyn Retail Space with Parking

      Corner retail location in Brooklyn with parking included in rent.
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      Prime East Flatbush Retail Space

      Retail space in high-traffic East Flatbush location with signage opportunity.
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      Retail Space for Lease

      Retail space available for lease in Brooklyn, New York.
      906 E New York Ave, Brooklyn, NY 11203
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    Brooklyn, NY 11203
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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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