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Property profile & analytics
OFF-MARKET
Estimated value
$770,000
Motels
249 Varet St 255, Brooklyn, NY 11206-3823
Entity Owned
9-yr Hold
~
Est. High Equity
Property ID
US63-5881256
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1931
Total area
26,400 SF
Lot
0.21 ac (9,000 SF)
Zoning code
M1-2
APN
03110-0028
UPID
US63-5881256
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Project Renewal mens shelter East Williamsburg Hotel & Motel Bed & Breakfast
-
Open Mic Long Island Bar & Pub
-
The New York Loft Hostel Hostel
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$685k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$856k
Blend (final)
Blend
$770k
Owner & transaction history
249 Varet LLC · 9 yrs held
249 Varet LLC
since 2016
7 recorded transactions
Zoning & alternative use
M1-2 · Brooklyn, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Brooklyn submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Brooklyn submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$685,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
HOTEL/MOTEL
$1,135,000
Current use
Blend value · Realmo final
$770k
Range $693k – $847k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$29 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$262,200
Tax year 2024
Assessed value
$2,550,150
Assessed 2024
Previous assessed
$2,341,800
+8.9% YoY
Effective rate
10.28%
On assessed value
Assessed land
$281,250
Assessed improvement
$2,268,900
Land market value
$625,000
Improvement market value
$5,042,000
Total market value
$5,667,000
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Motels
Use group
MOTEL
Status
Off-Market
Year built
1931
Heating
NONE
Buildings
2
Stories
4
Units
2
Total area
26,400 SF
Lot
0.21 ac (9,000 SF)
Zoning code
M1-2
APN
03110-0028
UPID
US63-5881256
Jurisdiction
KINGS(BROOKLYN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M1-2 · Brooklyn, NY
Zoning M1-2 · permitted uses
M1-2 · Brooklyn, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Brooklyn. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$1.1M
HOTEL/MOTEL Current
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1931
Heating
NONE
Stories
4
Buildings
2
Units
2
Lot
0.21 ac
Current owner
From public records · entity-resolved
249 Varet LLC
Entity
Mailing address
175 BLAKE AVE, BROOKLYN, NY 11212-5001
Ownership since
2016
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 13, 2021
—
249 Varet LLC
—
Deed
related
$6,634,909 · Investors Bank
Sep 22, 2016
$21,000,000
249 Varet LLC
Varet & Bogart LLC
Deed
$13,113,248 · Investors Bank & Trust Co
Sep 22, 2016
—
249 Varet LLC
—
Deed
related
$15,750,000 · Investors Bk
Jun 15, 2006
$2,450,000
Varet & Bogart LLC
Wolverine Management LLC
Grant Deed
$1,600,000 · Wolverine Management LLC
Sep 2, 2004
—
Wolverine Management LLC
Nemick,david & Dennis
Grant Deed
related
—
—
—
Varet & Bogart LLC
—
Deed Of Trust
related
$2,250,000 · Berkshire Bank
—
—
Varet & Bogart LLC
—
Deed Of Trust
related
$723,630 · Berkshire Bank
—
—
Varet & Bogart LLC
—
Deed Of Trust
related
$1,600,000 · Jet Power INC
—
—
Varet & Bogart LLC
—
Deed Of Trust
related
$600,000 · Berkshire Bank
—
—
249 Varet LLC
—
Loan Modification, Consolidation And Extension
related
$15,750,000 · Investors Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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