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

    2907 31st Ave Long Island City, NY 11106-2865

    • Apartment buildings
    • 22,536 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    May 08, 2020
    $9,950,000
    Value Estimations
    $10,020,000
    Show details
    Cap Rate Potential
    5.1%
    Apartment buildings
    Location Intelligence
    Property ID
    US63-1017129
    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 2907 31st Ave

    Year built
    1923
    Lot size
    0.11 lot acres
    Property size
    22,536 SF
    Zone code
    R6A
    Property type
    Apartment buildings
    APN
    00590-0021
    APU
    5900021

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $10,905,000
      ML approach
      $10,830,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,180,000
      6.5%
      $8,475,000
      7%
      $7,870,000

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $6,390,000
      Current use
      AUTO REPAIR, GARAGE
      $15,430,000
      Change: +142% Conversion: Difficult
      RETAIL STORES
      $13,230,000
      Change: +107% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $9,415,000
      Change: +47% Conversion: Moderate
      OFFICE BUILDING
      $8,145,000
      Change: +28% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $7,505,000
      Change: +17% Conversion: Difficult
      WAREHOUSE, STORAGE
      $6,945,000
      Change: +9% 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
    -73.9245
    Latitude
    40.7652
    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
    $188,805
    $99,000
    $1,411,200
    $1,510,200
    -
    $220,000
    $3,136,000
    $3,356,000

    Comparable in this City

    • Value Estimation
      $4,520,000
      29,500 SF

      3159 34th St

      APARTMENT HOUSE (5+ UNITS) • 29,500 SF
      3159 34th St, Long Island City, NY 11106
      View Details
    • Value Estimation
      $3,690,000
      21,668 SF

      3544 28th St

      APARTMENT HOUSE (5+ UNITS) • 21,668 SF
      3544 28th St, Long Island City, NY 11106-3261
      View Details
    • Value Estimation
      $5,995,000
      39,549 SF

      3175 29th St

      APARTMENT HOUSE (5+ UNITS) • 39,549 SF
      3175 29th St, Long Island City, NY 11106-3362
      View Details
    • Value Estimation
      $12,945,000
      85,422 SF

      3162 29th St

      APARTMENT HOUSE (5+ UNITS) • 85,422 SF
      3162 29th St, Long Island City, NY 11106-3365
      View Details
    • Value Estimation
      $5,400,000
      35,568 SF

      3503 29th St

      APARTMENT HOUSE (5+ UNITS) • 35,568 SF
      3503 29th St, Long Island City, NY 11106-3182
      View Details
    • Value Estimation
      $1,610,000
      6,960 SF

      3308 29th St

      APARTMENT HOUSE (5+ UNITS) • 6,960 SF
      3308 29th St, Long Island City, NY 11106-3446
      View Details

    Similar Nearby for Sale

    • $570,000

      Queens Multifamily Property for Sale

      Multifamily property in Queens available for purchase.
      33-43 14Th St, Queens, NY 11106
      View Details
    • $350,000

      Corner Co-op with Storage

      Corner co-op featuring hardwood floors, ample storage, and city views.
      2180 33Rd Rd, Queens, NY 11106
      View Details
    • $562,500

      Queens Apartment Building For Sale

      Apartment building available for purchase in Queens, New York.
      33-54 Crescent St, Queens, NY 11106
      View Details
    • $389,000

      Updated Co-op in Prime Location

      Bright, updated one-bedroom co-op near transportation and shopping.
      1423 31St Ave, Queens, NY 11106
      View Details
    • $1,995,000
      0.07 Acres

      Astoria Multifamily Building For Sale

      Six-unit multifamily building in Astoria, Queens.
      34-30 28Th St, Astoria, NY 11106
      View Details
    • $1,736,000
      Pending

      Astoria Six-Family Brick Building

      Six-family building near N-W Broadway train station with income potential.
      23-12 Broadway, Astoria, NY 11106
      View Details

    Similar Nearby for Lease

    • $54 SF/Yr
      100 SF

      Prime Queens Office Space

      100 sq ft, Single Tenant, New
      31-07 31St Ave, Queens, NY 11106
      View Details
    • Contact for pricing
      2,300 SF

      Broadway Retail Space - Queens

      High-traffic retail space, flexible lease options.
      31-09 Broadway, Queens, NY 11106
      View Details
    • Contact for pricing
      4,500 SF

      Turn Key Office Space

      Office space for rent with high ceilings and hardwood floors.
      3627 36Th St, Astoria, NY 11106
      View Details
    • Contact for pricing
      11,868 SF

      Astoria Office Space Available

      Available office space in Astoria, New York, totaling 11,868 square feet.
      3537 36Th St, Astoria, NY 11106
      View Details
    • $85 SF/Yr

      New Retail Space in Astoria

      New construction retail space in a luxury boutique building.
      31-16 21St St, Astoria, NY 11106
      View Details
    • $8,000 /Mo

      Corner Storefront Available for Rent

      Corner storefront property with approximately 2000 square feet available for rent.
      24 34Th Ave, Astoria, NY 11106
      View Details
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    2907 31st Ave
    Long Island City, NY 11106-2865
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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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