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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1515 128th St Flushing, NY 11356-2300

    • Office buildings
    • 1,984 SF
    • 0.14 lot acres
    OFF-MARKET
    Value Estimations
    $745,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5788480
    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

    • Elise Corp. / Construction And Maintenance Office
    • Flushing Express Car Services / Auto Repair Shop / Car Repair And Maintenance Service

    Property Details for 1515 128th St

    Year built
    1949
    Lot size
    0.14 lot acres
    Property size
    1,984 SF
    Zone code
    M1-1
    Property type
    Office buildings
    APN
    04095-0018
    APU
    40950018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.8401
    Latitude
    40.7842
    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
    $15,529
    $108,450
    $45,000
    $153,450
    -
    $241,000
    $100,000
    $341,000

    Comparable in this City

    • Value Estimation
      $640,000
      1,572 SF

      127 St St

      OFFICE BUILDING (MULTI-STORY) • 1,572 SF
      127 St St, Flushing, NY 11356
      View Details
    • Value Estimation
      $5,075,000
      18,000 SF

      1532 127th St

      OFFICE BUILDING (MULTI-STORY) • 18,000 SF
      1532 127th St, Flushing, NY 11356-2353
      View Details
    • Value Estimation
      $830,000
      1,830 SF

      1816 127th St

      OFFICE BUILDING (MULTI-STORY) • 1,830 SF
      1816 127th St, Flushing, NY 11356-2334
      View Details
    • Value Estimation
      $3,030,000
      11,210 SF

      1835 130th St

      OFFICE BUILDING (MULTI-STORY) • 11,210 SF
      1835 130th St, Flushing, NY 11356-2419
      View Details
    • Value Estimation
      $4,205,000
      14,318 SF

      13006 20th Ave

      OFFICE BUILDING (MULTI-STORY) • 14,318 SF
      13006 20th Ave, Flushing, NY 11356
      View Details
    • Value Estimation
      $1,600,000
      5,000 SF

      1842 College Pt Blvd

      PROFESSIONAL BUILDING • 5,000 SF
      1842 College Pt Blvd, College Point, NY 11356-2221
      View Details

    Similar Nearby for Sale

    • $3,800,000

      Commercial Building on College Point Boulevard

      Two-story brick building in College Point, built in 2007.
      21-01 College Point Blvd, College Point, NY 11356
      View Details
    • $2,950,000
      6,000 SF

      College Point Industrial Warehouse Building

      6,000+-SqFt industrial warehouse with office space in College Point.
      14-24 118Th St, College Point, NY 11356
      View Details
    • $2,950,000
      7,500 SF

      Mixed-Use Building in College Point

      Two-story building suitable for warehouse, office, or retail use.
      12214 15Th Ave, College Point, NY 11356
      View Details
    • Contact for pricing
      6,000 SF

      6,000 SF Warehouse For Sale

      Warehouse building featuring office space and drive-in loading doors.
      12906 18Th Ave, College Point, NY 11356
      View Details
    • $2,680,000
      2,600 SF

      Versatile Commercial Building in College Point

      Well-maintained commercial building suitable for various uses in College Point.
      14-48 College Point Blvd, College Point, NY 11356
      View Details
    • $1,950,000
      0.08 Acres

      New College Point Multifamily Property

      New construction multifamily property with high rental income potential.
      715 College Pl, College Point, NY 11356
      View Details

    Similar Nearby for Lease

    • $10,000 /Mo
      2,900 SF

      College Point Office Space Available

      Office space available for rent in College Point, Queens.
      18-20 130Th St, College Point, NY 11356
      View Details
    • $3,100 /Mo

      Retail/Office Space in High-Traffic Area

      New construction retail/office space in a high-traffic location.
      20-16 College Point Blvd, Flushing, NY 11356
      View Details
    • $2,800 /Mo

      College Point Office Space Available

      First-floor corner unit suitable for professional office use.
      124-15 18Th Ave, Flushing, NY 11356
      View Details
    • $11,000 /Mo

      College Point Office Space Available

      Large office space for lease in College Point, NY.
      15-32 127Th St, College Point, NY 11356
      View Details
    • $2,900 /Mo
      1,100 SF

      College Point Retail/Office Space

      1,100 SF retail/office space available for lease in College Point.
      124-03 18Th Ave, College Point, NY 11356
      View Details
    • $2,800 /Mo

      College Point Office Space Available

      Second floor office space for lease in College Point.
      1825 126Th St, Flushing, NY 11356
      View Details
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    1515 128th St
    Flushing, NY 11356-2300
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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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