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Property profile & analytics
OFF-MARKET
Estimated value
$4,150,000
Manufacturing properties
2122 40th Ave Long Island City, NY 11101
Entity Owned
4-yr Hold
Free & Clear
Property ID
US63-3980257
Property profile
Verified
Property type
Manufacturing properties
Use group
HEAVY MANUFACTURING
Year built
1911
Total area
43,588 SF
Lot
0.23 ac (10,000 SF)
Zoning code
M1-3
APN
00410-0025
UPID
US63-3980257
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.22M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.15M
Owner & transaction history
40-21 Corners, LLC · 4 yrs held
40-21 Corners, LLC
since 2022
6 recorded transactions
Zoning & alternative use
M1-3 · Long Island City, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$4,570,000
6.5%
$4,220,000
7%
$3,915,000
Blend value · Realmo final
$4.15M
Range $3.74M – $4.57M · ±10%
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
$95 / 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
$109,732
Tax year 2024
Assessed value
$1,130,850
Assessed 2024
Previous assessed
$993,240
+13.9% YoY
Effective rate
9.70%
On assessed value
Assessed land
$337,500
Assessed improvement
$793,350
Land market value
$750,000
Improvement market value
$1,763,000
Total market value
$2,513,000
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
Manufacturing properties
Use group
HEAVY MANUFACTURING
Status
Off-Market
Year built
1911
Heating
NONE
Buildings
1
Stories
6
Units
5
Total area
43,588 SF
Lot
0.23 ac (10,000 SF)
Zoning code
M1-3
APN
00410-0025
UPID
US63-3980257
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M1-3 · Long Island City, NY
Zoning M1-3 · permitted uses
M1-3 · 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.
Building & site characteristics
From public records
Year built
1911
Heating
NONE
Stories
6
Buildings
1
Units
5
Lot
0.23 ac
Current owner
From public records · entity-resolved
40-21 Corners, LLC
Entity
Free & Clear · 4 yrs held
Mailing address
10 LENORE AVE, MONSEY, NY 10952-2705
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 6, 2022
—
40-21 Corners, LLC
—
Deed
related
$5,021,336 · Signature Bank
Jul 18, 2022
—
40-21 Corners, LLC
Elms Realty Corp.
Deed
—
Feb 6, 2020
—
Elms Realty Corp
—
Deed
related
$5,000,000 · Signature Bk
—
—
Elms Realty Corp
—
Deed Of Trust
related
$9,298,007 · Signature Bk
—
—
Elms Realty Corp
—
Loan Modification, Consolidation And Extension
related
$10,000,000 · Signature Bk
—
—
Elms Realty Corp
—
Deed Of Trust
related
$5,000,000 · Signature Bk
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.
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