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Property profile & analytics
OFF-MARKET
Estimated value
$3,250,000
Office Spaces
31 Spencer St 11, Brooklyn, NY 11205-5289
Individually Owned
2-yr Hold
Free & Clear
Property ID
US63-0810471
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
2020
Total area
3,722 SF
Zoning code
M1-2
APN
01716-1011
UPID
US63-0810471
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
-
Headway Services Daycare Center Foster Care Service
-
Silk bar Skin Care Clinic
-
Appel Markowitz LLP Law Firm
-
spencer lobby Grocery & Convenience Store
-
Joseph Neuwirth, CPA Accounting Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.13M
CAP Approach
CAP
$2.08M
Comparable Approach
Comparable
$3.13M
Blend (final)
Blend
$3.25M
Owner & transaction history
Human Care Services For Families & · 2 yrs held
Human Care Services For Families &
since 2023
Last sale
$3.3M
1 recorded transaction
Zoning & alternative use
M1-2 · Brooklyn, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.0M
+17.0%
Retail stores
$2.9M
+13.4%
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
$3,330,000
ML approach
$3,125,000
CAP Approach
CAP Return
Estimation
6%
$2,250,000
6.5%
$2,080,000
7%
$1,930,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,530,000
Current use
AUTO REPAIR, GARAGE
$2,955,000
Change: +17% · Conversion: Difficult
RETAIL STORES
$2,865,000
Change: +13% · Conversion: Easy
OFFICE BUILDING
$2,050,000
Change: -19% · Conversion: Easy
Blend value · Realmo final
$3.25M
Range $2.93M – $3.58M · ±10% · vs last sale $3.34M (Dec 14 2023)
Last sale anchor
$3.34M
Dec 14 2023
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
$873 / 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
$33,071
Tax year 2024
Assessed value
$317,324
Assessed 2024
Previous assessed
$20,340
+1,460.1% YoY
Effective rate
10.42%
On assessed value
Assessed land
$20,340
Assessed improvement
$296,984
Land market value
$45,200
Improvement market value
$659,965
Total market value
$705,165
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
2020
Buildings
1
Stories
15
Units
1
Total area
3,722 SF
Zoning code
M1-2
APN
01716-1011
UPID
US63-0810471
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
COMMERCIAL (GENERAL) Current
Est. value
$2.5M
AUTO REPAIR, GARAGE
Est. value
$3.0M
RETAIL STORES
Est. value
$2.9M
OFFICE BUILDING
Est. value
$2.1M
COMMERCIAL (GENERAL) Current
AUTO REPAIR, GARAGE
RETAIL STORES
OFFICE BUILDING
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
2020
Stories
15
Buildings
1
Units
1
Current owner
From public records · entity-resolved
Human Care Services For Families &
Individual
Free & Clear · 2 yrs held
Mailing address
1042 38TH ST, BROOKLYN, NY 11219-1011
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 14, 2023
$3,335,000
Human Care Services For Families &
31 Spencer Street USA LLC
Deed
—
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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