Entity Owned 
For Sale
1 / 29
$4,999,999
31-23 47Th St, Queens, NY 11103
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Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1953
Total area
14,680 SF
Lot
0.17 ac (7,500 SF)
Zoning code
R5
APN
00727-0029
UPID
US63-2800299
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.76M
CAP Approach
CAP
$5.52M
Comparable Approach
Comparable
$3.91M
Blend (final)
Blend
$3.90M
Owner & transaction history
since 2023
Last sale
$4.1M
4 recorded transactions
Zoning & alternative use
R5 · Long Island City, NY
Top alternative use upside
Commercial (general)
$6.0M
+32.7%
Office building
$5.3M
+18.2%
Industrial (general)
$4.9M
+8.9%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
All 15 comparables with addresses
5 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
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Summary
1
Valuation conclusion
Included free
Estimated market value
$3.90M
Value range
$3.51M – $4.29M
±10% around blend
Estimated value / SF
$266 / SF
Confidence
High
15 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
100
Income certainty
100
$3.51M
blend $3.90M
$4.29M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
14,680 SF
Lot area
0.17 ac
Year built
1953
Stories
3
APN
00727-0029
Zoning
R5
Assessed value
$1,179,000
Annual tax
$133,199
3
Income approach: direct capitalization
Partial preview
Income approach indication
$5.52M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$5.98M
@ 6.5% CAP return
$5.52M
@ 7% CAP return
$5.13M
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$133,199
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$1.75M
Weighted, 15 comps · high confidence
Evidence
15 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
2.0 mi away · 16,720 SF
2.8 mi away · 10,906 SF
3.3 mi away · 19,000 SF
4.8 mi away · 13,427 SF
5.0 mi away · 17,600 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$3.90M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 75 sales
$306
-13%
Submarket 258 sales
$287
-7%
County 842 sales
$244
+9%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $266/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+33%
vs current-use indication
Office Building
Industrial (general)
Warehouse, Storage
Apartment House (5+ Units) · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 15 sales
NOI build-up · 9 steps
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
Selected market yield
9.20%
Selected cap rate for this apartment buildings
Derived from the Queens market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 9.20%
9.0%
NOI (est.)
$359k *
Last sale · Feb 2023
$4.10M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$3.90M
Move the market yield to see immediate price impact.
Value / SF
$266
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
8.70%9.20%9.70%
$323k
$3.71M
$3.51M
$3.33M
$359k
$4.12M
$3.90M
$3.70M
$395k
$4.54M
$4.29M
$4.07M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
15 found
High confidence · county-verified
Closest comparable
$599k
1.3 mi · Oct 2025 · $34/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$133,199
Tax year 2024
Assessed value
$1,179,000
Assessed 2024
Previous assessed
$1,023,930
+15.1% YoY
Effective rate
11.30%
On assessed value
Assessed land
$118,350
Assessed improvement
$1,060,650
Land market value
$263,000
Improvement market value
$2,357,000
Total market value
$2,620,000
Applied tax rate
2.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
For Sale
Year built
1953
Heating
NONE
Buildings
1
Stories
3
Units
24
Total area
14,680 SF
Lot
0.17 ac (7,500 SF)
Zoning code
R5
APN
00727-0029
UPID
US63-2800299
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
R5 · Long Island City, NYZoning R5 · permitted uses
R5 · Long Island City, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1953
Heating
NONE
Stories
3
Buildings
1
Units
24
Lot
0.17 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
R5
Jurisdiction
Long Island City, NY
Recorded code
R5
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Owner of record and activity signals are derived from public records and modeled classifications.
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