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    Property profile & analytics

    948 Atlantic Ave Brooklyn, NY 11238-3101

    • Investment properties
    • 2,520 SF
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    Jul 07, 2023
    $1,320,000
    Value Estimations
    $1,370,000
    Show details
    Cap Rate Potential
    6.3%
    Investment properties
    Location Intelligence
    Property ID
    US63-4455691
    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

    • Investment properties

    Property Details for 948 Atlantic Ave

    Year built
    1930
    Lot size
    0.05 lot acres
    Property size
    2,520 SF
    Zone code
    M1-1
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    01124-0023
    APU
    11240023

    Description

    This exceptional ground-floor retail space at 948 Atlantic Avenue in Brooklyn, NY, offers 840 square feet of versatile commercial space, perfect for a restaurant or store. The fully renovated unit features spacious, open-concept interiors with concrete floors and 18 feet of glass frontage on Atlantic Avenue, ensuring high visibility to significant pedestrian and vehicular traffic. A fully finished, 750-square-foot basement provides ample additional space for storage or expansion. The property also boasts a substantial 860-square-foot backyard, offering unique outdoor space. Located in a thriving mixed-use area, this property benefits from its proximity to new residential developments, ensuring a consistent customer base. The vibrant neighborhood is close to Lowry Triangle Park, Downtown Brooklyn, and the Barclays Center, enhancing its appeal. Excellent public transportation access via trains and buses further adds to its convenience. This location on a major thoroughfare connecting Brooklyn and Queens provides unparalleled exposure for any business. The total building size is 2,520 square feet, with 840 square feet currently vacant. The building is three stories. Free rent is available for the renovation period. This is a single-tenant space with immense potential for growth and success. Don't miss this opportunity to establish your business in this dynamic and desirable neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,445,000
      ML approach
      $1,455,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,525,000
      6.5%
      $1,405,000
      7%
      $1,305,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,260,000
      Market price range: $1.26M - $2.54M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,610,000
      Current use
      AUTO REPAIR, GARAGE
      $2,000,000
      Change: +25% Conversion: Difficult
      RETAIL STORES
      $1,940,000
      Change: +21% Conversion: Easy
      OFFICE BUILDING
      $1,385,000
      Change: -14% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9629
    Latitude
    40.6805
    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
    $2,446
    $4,380
    $60,720
    $65,100
    -
    $73,000
    $1,012,000
    $1,085,000

    Comparable in this City

    • Value Estimation
      $855,000
      2,627 SF

      222 Greene Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 2,627 SF
      222 Greene Ave, Brooklyn, NY 11238-6177
      View Details
    • Value Estimation by Request
      6,500 SF

      663 Classon Ave, Unit 6

      OFFICE/RESIDENTIAL (MIXED USE) • 6,500 SF
      663 Classon Ave, Brooklyn, NY 11238-3231
      View Details
    • Value Estimation
      $800,000
      4,260 SF

      795 Washington Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 4,260 SF
      795 Washington Ave, Brooklyn, NY 11238-5591
      View Details
    • Value Estimation
      $1,635,000
      3,868 SF

      760 Dean St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,868 SF
      760 Dean St, Brooklyn, NY 11238-3179
      View Details
    • Value Estimation
      $1,530,000
      3,384 SF

      772 Washington Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,384 SF
      772 Washington Ave, Brooklyn, NY 11238-4505
      View Details
    • Value Estimation
      $1,075,000
      3,408 SF

      643 Washington Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 3,408 SF
      643 Washington Ave, Brooklyn, NY 11238-5182
      View Details

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      10,500 SF

      Clinton Hill Mixed-Use Investment

      Nine-unit mixed-use property with value-add potential in Clinton Hill.
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    • $2,100,000
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      Crown Heights Mixed-Use Corner Property

      Three-story mixed-use property with commercial space, apartments, and garages.
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      Development site in Bedford-Stuyvesant with high-density zoning.
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      Prospect Heights Mixed-Use Development Site

      86,045 SF mixed-use development site in Prospect Heights.
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      4,800 SF

      Four-Story Mixed-Use Brooklyn Property

      Four-story mixed-use property in Brooklyn, 4,800 SqFt, 6.00% CAP.
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    Similar Nearby for Lease

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      2,012 SF

      Carlton Avenue Retail Space

      Prime Retail, Immediate Possession, High Traffic
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      4,027 SF

      Brooklyn Retail Space Near Transportation

      Retail space near Clinton-Washington Avenue subway and Atlantic Avenue-Barclays Center.
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      5,200 SF

      Prime Corner Retail Space Available

      9,000 SF retail space in new mixed-use development.
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      1,900 SF

      Turnkey Restaurant & Bar Space

      Built-out restaurant and bar with vented kitchen and outdoor space.
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      Prime Retail Space in Brooklyn

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    948 Atlantic Ave
    Brooklyn, NY 11238-3101
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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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