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

    1831 Stephen St Flushing, NY 11385-5830

    • Apartment buildings
    • 5,712 SF
    • 0.06 lot acres
    OFF-MARKET
    Last Sale
    Mar 24, 2021
    $1,300,000
    Value Estimations
    $1,305,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1640732
    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

    • Apartment buildings

    Property Details for 1831 Stephen St

    Year built
    1931
    Lot size
    0.06 lot acres
    Property size
    5,712 SF
    Zone code
    R6B
    Property type
    Apartment buildings
    APN
    03575-0052
    APU
    35750052

    Description

    This exceptional mixed-use property, located at 1831 Stephen Street in the vibrant Ridgewood neighborhood of New York, presents a compelling investment opportunity. The building boasts a substantial 5,712 square feet of space situated on a 0.06-acre lot. Its dimensions measure 28 feet wide by 68 feet deep, offering considerable flexibility for a variety of uses. The interior features a living room and dining room, suggesting a layout adaptable to residential or commercial purposes, or a blend of both. The property's condition is described as "Good," indicating a solid foundation for immediate occupancy or renovation projects. Given its size and location in a thriving area, this property is well-suited for savvy investors seeking a strong return on investment. The strategic location within Ridgewood offers easy access to local amenities, transportation, and a diverse community. This presents a rare chance to acquire a substantial property in a highly desirable area, ripe for development or continued operation. The asking price of $1,250,000 reflects the significant potential inherent in this unique offering. Serious inquiries are encouraged to explore the possibilities this property presents.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,325,000
      ML approach
      $1,300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,161,000
      Market price range: $899k - $1.46M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,140,000
      Current use
      COMMERCIAL (GENERAL)
      $2,060,000
      Change: +81% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.9003
    Latitude
    40.6996
    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
    $15,995
    $7,200
    $370,350
    $377,550
    -
    $16,000
    $823,000
    $839,000

    Comparable in this City

    • Value Estimation by Request
      5,300 SF

      17-31 Linden St

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    • Value Estimation
      $6,540,000
      36,390 SF

      1635 Putnam Ave

      APARTMENT HOUSE (5+ UNITS) • 36,390 SF
      1635 Putnam Ave, Flushing, NY 11385-3409
      View Details
    • Value Estimation
      $6,565,000
      43,914 SF

      1711 Hancock St

      APARTMENT HOUSE (5+ UNITS) • 43,914 SF
      1711 Hancock St, Flushing, NY 11385-4772
      View Details
    • Value Estimation by Request
      3,120 SF

      6-60 Seneca Ave

      Multifamily properties • 3,120 SF
      6-60 Seneca Ave, Queens, NY 11385
      View Details
    • Value Estimation
      $990,000
      5,712 SF

      7117 Fresh Pond Rd

      APARTMENT HOUSE (5+ UNITS) • 5,712 SF
      7117 Fresh Pond Rd, Flushing, NY 11385-5969
      View Details
    • Value Estimation
      $950,000
      5,600 SF

      1859 Cornelia St

      APARTMENT HOUSE (5+ UNITS) • 5,600 SF
      1859 Cornelia St, Flushing, NY 11385-5000
      View Details

    Similar Nearby for Sale

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      Woodbine Street Apartment Building

      Six-unit, fully occupied Queens apartment building.
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    • $1,425,000
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      Mixed-Use Building: Glendale, NY

      Mixed-use building with commercial space and residential apartments in Glendale.
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      Ridgewood Multifamily with Garage Parking

      Legal 6-family in Ridgewood with renovated units and parking.
      69-15 60Th Ln, Ridgewood, NY 11385
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    • $1,095,000

      Income-Generating Multifamily Property

      Six-unit, fully brick building in an Opportunity Zone.
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      Ridgewood Boutique Condominium Residence

      One-bedroom condo in vibrant Ridgewood, Queens with modern amenities.
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    • $1,590,000
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      Six-family building with four vacant units near Fresh Pond Rd.
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    Similar Nearby for Lease

    • $2,400 /Mo

      Glendale Apartment with Private Balcony

      2-bedroom, 2-bath apartment with balcony in Glendale, NY.
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      Glendale Mixed-Use Property For Rent

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      View Details
    • $36 SF/Yr
      1,500 SF

      Ridgewood Office Space: 1500 sq ft

      Prime Ridgewood location, perfect for any office. Full storefront, ample space.
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    • Contact for pricing
      27,500 SF

      Prime Queens Retail Space

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      Shops At Atlas Park: Prime Retail Space

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      Prime Retail/Office Space Available

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      View Details
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    1831 Stephen St
    Flushing, NY 11385-5830
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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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