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    3460 48Th St Long Island city, NY 11101
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    Property profile & analytics

    3460 48Th St, Long Island city, NY 11101

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    • Strip malls
    • 6,750 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Plaza 48 / Shopping Center & Mall
    • Queens Church / Church

    Property Details for 3460 48Th St

    Property type
    Strip malls
    Property subtype
    Retail properties & Spaces

    Description

    Plaza 48, located at 3460 48th Street in Long Island City, New York, 11101, presents a unique opportunity for a single-tenant retail business. This strip center property boasts a substantial 6,750 square feet of entirely vacant space, ready for immediate occupancy. The building's prime location offers exceptional visibility and accessibility, further enhanced by the availability of 400+ parking spaces, ensuring ample convenience for customers and employees. The property is classified as retail and is situated in the vibrant Long Island City market, known for its diverse population and strong economic activity. The address is easily accessible via major roadways and public transportation, making it an ideal location for a wide range of retail businesses. The entire 6,750 square foot space is available, providing a blank canvas for a business to create its ideal retail environment. This presents a rare opportunity to secure a significant retail footprint in a high-demand area. The ample parking significantly increases the property's appeal and potential for success. This property is perfect for a business seeking a large, highly visible space in a thriving New York City neighborhood.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Long Island city
    County
    Queens
    State
    New York
    Longitude
    -73.9168
    Latitude
    40.7527

    Comparable in this City

    • Value Estimation
      $1,445,000
      241,993 SF

      4818 Northern Blvd

      REGIONAL SHOPPING CENTER, MALL
      4818 Northern Blvd, Long Island City, NY 11101-1030
      View Details
    • Value Estimation by Request
      74,637 SF

      4202 Northern Blvd

      REGIONAL SHOPPING CENTER, MALL
      4202 Northern Blvd, Long Island City, NY 11101-1508
      View Details
    • Value Estimation by Request
      25,248 SF

      48-18 Northern Blvd

      Lifestyle centers
      48-18 Northern Blvd, Queens, NY 11101
      View Details
    • Value Estimation by Request
      14,500 SF

      43-22 Queens St

      Restaurants
      43-22 Queens St, Queens, NY 11101
      View Details
    • Value Estimation
      $4,900,000
      155,039 SF

      5002 Northern Blvd

      DEPARTMENT STORE
      5002 Northern Blvd, Long Island City, NY 11101-1034
      View Details
    • Value Estimation by Request

      26-20 Jackson Ave

      Restaurants
      26-20 Jackson Ave, Queens, NY 11101
      View Details

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      16,200 SF pre-war building with 22 apartments and retail.
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      4,300 SF

      Long Island City Retail Property

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      21-01 49Th Ave, Long Island City, NY 11101
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      1,800 SF

      Equipped Restaurant Space Available

      Fully equipped restaurant space in Long Island City for rent.
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      Retail Space in Long Island

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      Turnkey Pizzeria and Bar/Restaurant

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      1,800 SF

      Prime Retail Space in Long Island

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      View Details
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    Long Island city, NY 11101
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    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
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