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    1 Hanson Pl Brooklyn, NY 11243
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    1 Hanson Pl Brooklyn, NY 11243

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    • Office properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Park Slope Chiropractic / Alternative Medicine Practice
    • Natoma Consulting / Business Management Consultant
    • Hanson Place Orthodontics / Dental Office
    • Orthodontic Specialist PC: Brooklyn Location / Dental Office
    • Louis C. Franzetti, DDS / Dental Office

    Property Details for 1 Hanson Pl

    Property type
    Office properties & Spaces
    Property subtype
    Medical Office Space

    Description

    This exceptional opportunity presents 4,100 square feet of vacant, contiguous commercial condo space located within a prestigious pre-war building at 1 Hanson Place in Downtown Brooklyn, NY. Units 501 and 502 offer a flexible floor plan ideal for owner-users or investors seeking a value-add investment. The space is adaptable to a variety of commercial uses, including creative, medical, and traditional office spaces, studios, and more. Boasting large loft windows, high ceilings, and expansive east and west exposures totaling 45 feet, the space is bathed in natural light. Each unit has its own tax lot, providing flexibility for repositioning and maximizing investment potential. The prime location in a thriving commercial hub of Downtown Brooklyn ensures strong potential for rental income or owner occupancy. The asking price is $1,900,000, translating to $463 per square foot. The property's APN is 02111-1188/1189. This full-floor offering represents a unique chance to establish a presence in one of Brooklyn's most sought-after neighborhoods. The property is zoned for a variety of commercial uses, making it an attractive option for a wide range of businesses. The building's pre-war character adds to the unique appeal of this space, offering a blend of historical charm and modern functionality. This is a rare opportunity to acquire a substantial commercial space in a highly desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9777
    Latitude
    40.6854

    Comparable in this City

    • Value Estimation by Request
      1,000 SF

      Hanson Pl

      Medical Office Space • 1,000 SF
      0 Hanson Pl, Brooklyn, NY 11243
      View Details
    • Value Estimation by Request
      815 SF

      1 Hanson Pl Ste, Unit 201

      OFFICE (GENERAL) • 815 SF
      1 Hanson Pl Ste, Brooklyn, NY 11243-2907
      View Details
    • Value Estimation by Request
      1,016 SF

      1 Hanson Plantna

      CONDOMINIUM OFFICES • 1,016 SF
      1 Hanson Plantna, Brooklyn, NY 11243-2900
      View Details
    • Value Estimation
      $8,365,000
      40,139 SF

      1 Hanson Plretl

      RETAIL STORES (PERSONAL SERVICES) • 40,139 SF
      1 Hanson Plretl, Brooklyn, NY 11243-2900
      View Details
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    Brooklyn, NY 11243
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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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