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    Flatbush Development Opportunity Title is generated by Realmo AI

    91 E 31ST St, Brooklyn, NY 11226

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    For Sale
    $800,000

    Two-family property with expansion potential in a transit-rich location.

    Type:Multi Family
    Property size:
    2,160 SF
    Lot size:
    0.04 Acres
    Price / SF:
    $370/SF
    Added:
    Apr 15, 2026
    Days on Market:
    51
    Last Refresh:
    Apr 1 at 4:41 am

    Property Features for 91 E 31ST St

    General Information

    Standard status
    Active
    Size
    2,160 SF
    Lot size
    0.04 Acres
    Property subtype
    Multi Family

    Building Details

    Year Built
    1910

    We can help!

    Listing Contact
    Donovan Rowe
    Donovan Rowe

    Listing agent Donovan Rowe License #10401366250

    Listing office Brooklyn Heights

    Listing date Apr 15, 2026

    Source Elliman

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Brooklyn Heights

    HighLights

    • Significant Development Potential: Approximately 1,800 SF of unused FAR allows for expansion up to 3,960 SF total buildable.
    • Prime Location: Situated in a transit‑rich Flatbush location, 0.16 miles to the 2/5 subway lines, with excellent walk, bike, and transit scores (95, 83, and 100 respectively).
    • Opportunity Zone: Located in an Opportunity Zone, offering potential tax benefits for investors.
    • Flexible Existing Structure: The existing two‑family configuration with an English basement provides a usable base for renovation or expansion.
    • Strong Rental Fundamentals: Benefits from a steadily growing Brooklyn submarket, suggesting solid rental income potential and long‑term appreciation.
    • Manageable Project Size: The 18' x 100' lot offers a scalable project for developers seeking a manageable footprint.

    Overview

    Located in Flatbush, Brooklyn, 91 East 31st Street presents a development opportunity with potential for expansion in a transit-oriented area. The property is situated on an 18' x 100' lot within an R6 zoning district. The existing two-family structure spans approximately 2,160 square feet and includes an English basement, offering flexible layouts. Built in 1910, the property is configured as a two-family with an English basement. The maximum allowable build is approximately 3,960 square feet, indicating roughly 1,800 square feet of unused FAR. Located in an Opportunity Zone and near the 2/5 subway lines, the property benefits from strong rental fundamentals. The lot size is 18 ft x 100 ft (1,800 SF) and the building size is 18 ft x 40 ft. The property is located 0.16 miles to 2/5 subway lines. The bike score is 83, indicating it is very bikeable, the walk score is 95, indicating it is a walker's paradise, and the transit score is 100, indicating it is a rider's paradise.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $81.6k $37.80
    − Vacancy −$3.4k −$1.59
    EGI $78.2k $36.21
    − OpEx −$23.5k −$10.86
    NOI $54.8k $25.35
    2,160 SF · lease $37.80/SF/yr · vacancy 4.20% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $782.2K
    $684.4K – $912.6K (±1% cap)
    NOI $54,753 @ 7.0% cap · market cap 6.84%
    Second Best
    Apartment 5plus
    $723.4K
    $633.0K – $844.0K (±1% cap)
    NOI $50,637 @ 7.0% cap · market cap 6.33%
    Theoretical Best
    Office A
    $1.07M
    $934.2K – $1.25M (±1% cap)
    NOI $74,733 @ 7.0% cap · market cap 9.34%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.94806
    Latitude
    40.648464

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    FAQs

    What type of property is this?
    Duplex - Two-family property with expansion potential in a transit-rich location.
    Where is this duplex located?
    The property is located at 91 E 31ST St Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: Significant Development Potential: Approximately 1,800 SF of unused FAR allows for expansion up to 3,960 SF total buildable.; Prime Location: Situated in a transit‑rich Flatbush location, 0.16 miles to the 2/5 subway lines, with excellent walk, bike, and transit scores (95, 83, and 100 respectively).; Opportunity Zone: Located in an Opportunity Zone, offering potential tax benefits for investors.
    (973) 432-4623
    We can help!
    Listing Contact
    Donovan Rowe
    Donovan Rowe
    Real Estate License ID: 10401366250
    Learn More
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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.

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