Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    9-15 38Th Ave Queens, NY 11101

    • Warehouses
    • 6,183 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Northern Bay Contractors, Inc / Contractor
    • Maverick Construction Group / Construction Company

    Property Details for 9-15 38Th Ave

    Year built
    1951
    Property size
    6,183 SF
    Property type
    Warehouses
    Property subtype
    Industrial properties

    Description

    This exceptional turnkey warehouse, located at 9-15 38th Ave in the Dutch Kills section of Long Island City, Queens, NY 11101, presents a unique owner-user investment opportunity. The property boasts 6,183 square feet of net rentable space, spread across two stories, built in 1951 and renovated in 2003. The warehouse features a fully equipped office space complete with restrooms, a full kitchen, separate offices, and a conference room. The building sits on a 3,093 square foot lot and benefits from M1-3 zoning, offering significant untapped potential with 9,279 square feet of air rights. Its prime location provides convenient access to Manhattan via multiple subway lines and major bridges. The asking price is $2,750,000, translating to $444.77 per square foot. This single-unit, Class C industrial property represents a rare combination of functionality, convenience, and growth potential. The property is ready for immediate occupancy, making it an ideal solution for businesses seeking a well-maintained and strategically located warehouse with integrated office space. The building's solid construction and recent renovations ensure a low-maintenance operation. Don't miss this chance to acquire a highly desirable asset in a thriving area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.9427
    Latitude
    40.7588

    Comparable in this City

    • Value Estimation by Request
      11,000 SF

      43-15 36Th St

      Distribution properties • 11,000 SF
      43-15 36Th St, Queens, NY 11101
      View Details
    • Value Estimation by Request
      11,300 SF

      8-14 37Th Ave

      Distribution properties • 11,300 SF
      8-14 37Th Ave, Queens, NY 11101
      View Details
    • Value Estimation by Request
      118,356 SF

      21-07 41St Ave

      Distribution properties • 118,356 SF
      21-07 41St Ave, New York, NY 11101
      View Details
    • Value Estimation by Request
      22,000 SF

      37-22 22Nd St

      Life science properties • 22,000 SF
      37-22 22Nd St, Queens, NY 11101
      View Details
    • Value Estimation by Request
      78,800 SF

      45-01 Northern Blvd

      Distribution properties • 78,800 SF
      45-01 Northern Blvd, Long Island, NY 11101
      View Details
    • Value Estimation by Request
      12,400 SF

      30-10 Review Ave

      Distribution properties • 12,400 SF
      30-10 Review Ave, Queens, NY 11101
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      11,000 SF

      LIC Warehouse: Prime Location

      11,000 SF Warehouse, Office, Yard
      43-15 36Th St, Queens, NY 11101
      View Details
    • $2,150,000
      2,550 SF

      LIC Warehouse: Prime Location

      2,550 SF Warehouse, Vacant, M1-3 Zoning
      3862 13Th St, Queens, NY 11101
      View Details
    • $4,550,000
      9,800 SF

      LIC Industrial Gem: 9,800 SF

      Prime Long Island City warehouse/flex space. Excellent location & access.
      38-17 Crescent St, Long Island City, NY 11101
      View Details
    • Contact for pricing
      13,750 SF

      Long Island City Distribution Center

      13,750 SF Industrial Lot, Prime Location
      39-01 23Rd St, Queens, NY 11101
      View Details
    • $10,750,000
      18,154 SF

      Long Island City Development Opportunity

      Prime Queens location, redevelopment potential.
      49-39 Van Dam St, Queens, NY 11101
      View Details
    • Contact for pricing
      310,000 SF

      Renovated Warehouse & Offices

      Modern, renovated warehouse with secure staging and executive parking.
      38-42 Review Ave, Long Island City, NY 11101
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,200 SF

      Queens Warehouse: 2,200 SF For Lease

      Spacious industrial warehouse, ideal for various uses.
      5-18 50Th Ave, Queens, NY 11101
      View Details
    • Contact for pricing
      17,500 SF

      Prime LIC Industrial/Office Space

      17,500 SF Multi-Use Building in Queens
      47-61 Pearson Pl, Long Island City, NY 11101
      View Details
    • Contact for pricing
      52,343 SF

      Queens Warehouse Space Available

      52,343 SF Industrial Warehouse, Multiple Suites
      30-35 Thomson Ave, Queens, NY 11101
      View Details
    • Contact for pricing
      736,400 SF

      Review Avenue Warehouse Complex

      Class A Industrial Space, NYC
      28-90 Review Ave, Queens, NY 11101
      View Details
    • Contact for pricing
      1,500 SF

      LIC Flex/Warehouse: Prime Location

      1,500 SF Flex Space, June 1st Availability
      38-20 30Th St, Queens, NY 11101
      View Details
    • Contact for pricing
      60,000 SF

      Queens Warehouse Space For Lease

      Industrial warehouse, 60,000 sqft, multiple suites.
      43-50 11Th St, Queens, NY 11101
      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.
    9-15 38Th Ave
    Queens, NY 11101
    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.