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

    1961 49th St Long Island City, NY 11105-1122

    • Office buildings
    • 16,000 SF
    • 0.11 lot acres
    OFF-MARKET
    Value Estimations
    $4,170,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-4189226
    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

    • Office buildings

    Property Details for 1961 49th St

    Year built
    2007
    Lot size
    0.11 lot acres
    Property size
    16,000 SF
    Zone code
    M1-1
    Property type
    Office buildings
    APN
    00755-0005
    APU
    7550005

    Description

    This newly renovated, four-story (2022) building at 1961 49th Street in Queens, NY (zip code 11105) offers 16,000 square feet of versatile commercial space. The property is zoned M1 and features a mix of office and warehouse space, ideal for a variety of businesses. The ground floor includes a 5,000-square-foot warehouse with a 14+ foot ceiling height, a drive-in gate (12-foot clearance), a full sprinkler system, and heating. This space is complemented by one loading dock and one drive-in. The upper three floors provide approximately 4,000 square feet each (with the top floor slightly smaller at 3,000 SF), featuring loft-like open spaces perfect for traditional, medical, executive, or creative office uses. These floors boast large windows for abundant natural light, central heating and cooling, and pre-wiring for phone and data. The building also includes an elevator and two staircases. Two outdoor spaces, totaling 2,000 square feet, offer expansive city views. The building has 50 feet of frontage on 49th Street, providing excellent street visibility. The property benefits from convenient access to major transportation arteries, including the Grand Central Parkway and the BQE, and is in close proximity to LaGuardia Airport and all New York City boroughs. The building is equipped with an 800-amp, 3-phase power system and a video intercom system. Currently, one 3,000 square foot space is available for lease.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $5,785,000
      Current use
      INDUSTRIAL (GENERAL)
      $5,330,000
      Change: -8% Conversion: Difficult
      WAREHOUSE, STORAGE
      $4,930,000
      Change: -15% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Long Island City
    County
    Queens
    State
    New York
    Longitude
    -73.8951
    Latitude
    40.7727
    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
    $28,299
    $90,000
    $1,405,350
    $1,495,350
    -
    $200,000
    $3,123,000
    $3,323,000

    Comparable in this City

    • Value Estimation
      $1,075,000
      4,212 SF

      19 Ave Avenue

      OFFICE BUILDING (MULTI-STORY) • 4,212 SF
      19 Ave Avenue, Long Island City, NY 11105
      View Details
    • Value Estimation
      $1,820,000
      14,860 SF

      1865th Steinway St, Unit 1

      OFFICE BUILDING (MULTI-STORY) • 14,860 SF
      1865th Steinway St, Long Island City, NY 11105-1010
      View Details
    • Value Estimation
      $1,225,000
      6,726 SF

      1855 42nd St

      OFFICE BUILDING (MULTI-STORY) • 6,726 SF
      1855 42nd St, Long Island City, NY 11105-1026
      View Details
    • Value Estimation
      $1,825,000
      6,917 SF

      2920 23rd Ave

      OFFICE BUILDING (MULTI-STORY) • 6,917 SF
      2920 23rd Ave, Long Island City, NY 11105-2780
      View Details
    • Value Estimation
      $3,915,000
      16,000 SF

      1957 49th St

      OFFICE BUILDING (MULTI-STORY) • 16,000 SF
      1957 49th St, Long Island City, NY 11105-1122
      View Details
    • Value Estimation
      $4,920,000
      12,283 SF

      1901 Steinway St

      OFFICE BUILDING (MULTI-STORY) • 12,283 SF
      1901 Steinway St, Long Island City, NY 11105-1108
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      20,280 SF

      Long Island City Office Building

      Office building with parking in prime location.
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      Queens Office/Daycare for Sale

      1,700 SF, 2 parking spaces, tax abatement
      23-11 21St Ave, Queens, NY 11105
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    • $1,800,000
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      Mixed-Use Building with Medical CO

      3,450 SF mixed-use building with apartments and parking.
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      Thriving Greek Restaurant, Queens

      Established eatery, high potential, $750,000
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      Functional Two-Bedroom Residence in Astoria

      Bright, well-proportioned two-bedroom apartment in a gated community.
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      Renovated Astoria Loft-Style One Bedroom

      Renovated one-bedroom apartment with exposed brick in the heart of Astoria.
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    Similar Nearby for Lease

    • $19 SF/Yr
      6,500 SF

      Astoria Office/Loft Space Available

      6,500 SF office/loft space with freight elevator near 7 train.
      33-01 33Rd St, Astoria, NY 11105
      View Details
    • $21 SF/Yr
      7,600 SF

      Long Island City Office/Loft Space

      7,600 SF office/loft space available for rent.
      43-37 33Rd St, Long Island City, NY 11105
      View Details
    • $2,000 /Mo
      400 SF

      Furnished Astoria Office Near Transit

      Turnkey office space in prime Astoria location near N/W train.
      22-45 31St St, Astoria, NY 11105
      View Details
    • $4,500 /Mo
      1,400 SF

      Astoria Office Space with Terrace

      1400 SF office space with direct street access.
      31-22 Steinway St, Astoria, NY 11105
      View Details
    • $3,500 /Mo
      1,300 SF

      Renovated Office Space in Astoria

      Renovated office space suitable for various businesses in Astoria.
      18-37 Steinway St, Astoria, NY 11105
      View Details
    • $6,000 /Mo
      4,000 SF

      New Warehouse and Office Space

      4,000 SF warehouse with optional office space available.
      24-47 47Th St, Queens, NY 11105
      View Details
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    Long Island City, NY 11105-1122
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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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