Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    31 Spencer St, Unit 8 Brooklyn, NY 11205-5289

    • Office Properties & Spaces
    • 4,839 SF
    OFF-MARKET
    Last Sale
    Jan 23, 2024
    $3,371,850
    Value Estimations
    $3,370,000
    Show details
    Cap Rate Potential
    5.2%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US63-0810468
    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

    • Headway Services / Child Care Agency
    • Silk bar / Laser Hair Removal Service
    • Appel Markowitz LLP / Law Firm
    • spencer lobby / Convenience Store
    • Joseph Neuwirth, CPA / Certified Public Accountant

    Property Details for 31 Spencer St

    Year built
    2020
    Property size
    4,839 SF
    Zone code
    M1-2
    Property type
    Office Properties & Spaces
    APN
    01716-1008
    APU
    17161008

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,370,000
      ML approach
      $3,370,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,930,000
      6.5%
      $2,700,000
      7%
      $2,510,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,027,000
      Market price range: $1.71M - $4.57M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,285,000
      Current use
      AUTO REPAIR, GARAGE
      $3,845,000
      Change: +17% Conversion: Difficult
      RETAIL STORES
      $3,725,000
      Change: +13% Conversion: Easy
      OFFICE BUILDING
      $2,665,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9556
    Latitude
    40.698
    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
    $42,510
    $26,145
    $381,743
    $407,888
    -
    $58,100
    $848,318
    $906,418

    Comparable in this City

    • Value Estimation by Request
      9,000 SF

      160 Flushing Ave

      Office space • 9,000 SF
      160 Flushing Ave, Brooklyn, NY 11205
      View Details
    • Value Estimation
      $705,000
      1,087 SF

      143 Classon Ave, Unit REC2

      OFFICE (GENERAL) • 1,087 SF
      143 Classon Ave, Brooklyn, NY 11205-2648
      View Details
    • Value Estimation
      $100,000
      186 SF

      590 Myrtle Ave, Unit O-11

      OFFICE (GENERAL) • 186 SF
      590 Myrtle Ave, Brooklyn, NY 11205-5325
      View Details
    • Value Estimation
      $85,000
      186 SF

      590 Myrtle Ave, Unit O-12

      CONDOMINIUM OFFICES • 186 SF
      590 Myrtle Ave, Brooklyn, NY 11205-5325
      View Details
    • Value Estimation
      $420,000
      1,827 SF

      495 Myrtle Ave, Unit C2

      CONDOMINIUM OFFICES • 1,827 SF
      495 Myrtle Ave, Brooklyn, NY 11205-2508
      View Details
    • Value Estimation
      $290,000
      1,415 SF

      493 Park Ave, Unit 2

      CONDOMINIUM OFFICES • 1,415 SF
      493 Park Ave, Brooklyn, NY 11205-1630
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,745 SF

      Mixed-Use Building with Tax Abatement

      New mixed-use building with commercial space and residential units.
      267 Franklin Ave, Brooklyn, NY 11205
      View Details
    • Contact for pricing
      178,856 SF

      Brooklyn Commercial Space with M1-2 Zoning

      Large commercial property in Williamsburg with flexible M1-2 zoning.
      6771 Kent Ave, Brooklyn, NY 11205
      View Details
    • $18,000,000
      38,000 SF

      Fort Greene Brooklyn Loft Building

      19 Units, High-Demand Location, Value-Add Opportunity
      163 Carlton Ave, Brooklyn, NY 11205
      View Details
    • $3,980,000
      7,500 SF

      Brooklyn Warehouse with Freezer Room

      Brooklyn warehouse featuring freezer room and fresh-keeping storage.
      45 Washington Ave, Brooklyn, NY 11205
      View Details
    • $6,250,000

      Brooklyn Land For Sale

      Land available in Brooklyn, New York.
      313-315 Clermont Ave, Brooklyn, NY 11205
      View Details
    • $1,500,000

      Brooklyn Commercial Land For Sale

      M1-2 zoned land with development potential near transportation.
      40 Carlton Ave, Brooklyn, NY 11205
      View Details

    Similar Nearby for Lease

    • $50 SF/Yr
      2,900 SF

      Nostrand Avenue Retail Space

      Prime Restaurant Space, 2900 sq ft
      255 Nostrand Ave, Brooklyn, NY 11205
      View Details
    • Contact for pricing
      2,000 SF

      Modern Office Space with Natural Light

      Bright office space featuring private offices and open work areas.
      495 Dekalb Ave, Brooklyn, NY 11205
      View Details
    • Contact for pricing
      850 SF

      Newly Built Basement Office Space

      850 SF basement office with separate entrance and bathrooms.
      177 Nostrand Ave, Brooklyn, NY 11205
      View Details
    • $56 SF/Yr
      3,472 SF

      Modern Office Space Available

      New office space with courtyard in prime location.
      1104 Bedford Ave, Brooklyn, NY 11205
      View Details
    • Contact for pricing
      101,849 SF

      Brooklyn Navy Yard Medical Office Space

      Prime Brooklyn medical office space available. Multiple suites, ample parking.
      0 Brooklyn Navy Yard, Brooklyn, NY 11205
      View Details
    • Contact for pricing
      205 SF

      Move-In Ready Brooklyn Office Space

      High-end office space with natural light and kitchenette.
      72 Franklin Ave, Brooklyn, NY 11205
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    31 Spencer St, Unit 8
    Brooklyn, NY 11205-5289
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.