New search
Property profile & analytics
OFF-MARKET
Estimated value
$12,050,000
Warehouses
1881 Steinway St, Long Island City, NY 11105-1010
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US63-1089044
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1987
Total area
25,444 SF
Lot
0.56 ac (24,502 SF)
Zoning code
M1-1
APN
00802-0090
UPID
US63-1089044
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Rienzi Foundation Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$12.05M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$7.94M
Blend (final)
Blend
$12.05M
Owner & transaction history
Spg 18-81 Steinway St LLC · 1 yrs held
Spg 18-81 Steinway St LLC
since 2024
Last sale
$12.1M
7 recorded transactions
Zoning & alternative use
M1-1 · Long Island City, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$17.4M
+122.2%
Retail stores
$14.9M
+90.5%
Commercial (general)
$11.3M
+43.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Long Island City submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Long Island City submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$12,050,000
ML approach
$12,050,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$7,840,000
Current use
AUTO REPAIR, GARAGE
$17,425,000
Change: +122% · Conversion: Easy
RETAIL STORES
$14,940,000
Change: +90% · Conversion: Moderate
COMMERCIAL (GENERAL)
$11,270,000
Change: +44% · Conversion: Difficult
OFFICE BUILDING
$9,195,000
Change: +17% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$8,475,000
Change: +8% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$7,300,000
Change: -7% · Conversion: Difficult
Blend value · Realmo final
$12.05M
Range $10.85M – $13.26M · ±10% · vs last sale $12.05M (Nov 13 2024)
Last sale anchor
$12.05M
Nov 13 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$474 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$144,509
Tax year 2024
Assessed value
$1,589,400
Assessed 2024
Previous assessed
$1,589,400
+0.0% YoY
Effective rate
9.09%
On assessed value
Assessed land
$598,950
Assessed improvement
$990,450
Land market value
$1,331,000
Improvement market value
$2,201,000
Total market value
$3,532,000
Applied tax rate
4.0000
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1987
Heating
NONE
Buildings
1
Stories
2
Units
1
Total area
25,444 SF
Lot
0.56 ac (24,502 SF)
Zoning code
M1-1
APN
00802-0090
UPID
US63-1089044
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M1-1 · Long Island City, NY
Zoning M1-1 · permitted uses
M1-1 · Long Island City, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Long Island City. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$7.8M
AUTO REPAIR, GARAGE
Est. value
$17.4M
RETAIL STORES
Est. value
$14.9M
COMMERCIAL (GENERAL)
Est. value
$11.3M
OFFICE BUILDING
Est. value
$9.2M
INDUSTRIAL (GENERAL)
Est. value
$8.5M
APARTMENT HOUSE (5+ UNITS)
Est. value
$7.3M
WAREHOUSE, STORAGE Current
AUTO REPAIR, GARAGE
RETAIL STORES
COMMERCIAL (GENERAL)
OFFICE BUILDING
INDUSTRIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1987
Heating
NONE
Stories
2
Buildings
1
Units
1
Lot
0.56 ac
Current owner
From public records · entity-resolved
Spg 18-81 Steinway St LLC
Entity
Mailing address
100 FRNT ST STE #350, W CNSHOHOCKEN, PA 19428-2889
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 13, 2024
$12,050,000
Spg 18-81 Steinway St LLC
Michael Rienzi
Deed
—
Sep 24, 2020
—
Michael Rienzi
—
Deed
related
$1,500,000 · Bnb Bank
Mar 6, 2019
—
Michael Rienzi
—
Deed
related
$350,000 · Bnb Bank NA
Mar 6, 2017
—
Michael Rienzi
—
Deed
related
$1,686,000 · Rienzi Creditors' Trust (ct)
May 16, 2016
—
Michael Rienzi
—
Deed
related
$2,100,000 · Banco Popolare Societa Coopera
—
—
Rienzi,michael
—
Deed Of Trust
related
$1,000,000 · Alma Bk
—
—
Michael Rienzi
—
Loan Modification
related
$3,000,000 · Bnb Bank NA
—
—
Michael Rienzi
—
Deed Of Trust
related
$3,500,000 · Alma Bank
—
—
Michael Rienzi
—
Deed Of Trust
related
$2,100,000 · Banco Popolare Societa Coopera
—
—
Michael Rienzi
—
Deed Of Trust
related
$2,435,000 · Alma Bank
—
—
Michael Rienzi
—
Deed Of Trust
related
$1,686,000 · Rienzi Creditors' Trust (ct)
—
—
Michael Rienzi
—
Deed Of Trust
related
$1,500,000 · Yardville National Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1881 Steinway St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
