Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    29-27 Queens Plz N Long Island City, NY 11101

    • Office buildings
    • 49,276 SF
    • 0.12 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-5121773
    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 29-27 Queens Plz N

    Year built
    1926
    Lot size
    0.12 lot acres
    Property size
    49,276 SF
    Zone code
    M16R10
    Property type
    Office buildings
    APN
    00403-0009
    APU
    4030009

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $11,355,000
      Current use
      INDUSTRIAL (GENERAL)
      $16,515,000
      Change: +45% Conversion: Difficult
      WAREHOUSE, STORAGE
      $13,945,000
      Change: +23% 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
    -73.9363
    Latitude
    40.75
    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
    $585,047
    $373,500
    $5,224,500
    $5,598,000
    -
    $830,000
    $11,610,000
    $12,440,000

    Comparable in this City

    • Value Estimation
      $835,000
      8,425 SF

      4141 24th St

      OFFICE BUILDING (MULTI-STORY) • 8,425 SF
      4141 24th St, Long Island City, NY 11101
      View Details
    • Value Estimation
      $1,210,000
      10,624 SF

      223 Borden Ave

      OFFICE BUILDING (MULTI-STORY) • 10,624 SF
      223 Borden Ave, Long Island City, NY 11101-5803
      View Details
    • Value Estimation by Request
      9,999,999 SF

      2501 Jackson Ave

      OFFICE BUILDING (MULTI-STORY) • 9,999,999 SF
      2501 Jackson Ave, Long Island City, NY 11101-5095
      View Details
    • Value Estimation
      $43,530,000
      97,650 SF

      2310 43rd Ave

      OFFICE BUILDING (MULTI-STORY) • 97,650 SF
      2310 43rd Ave, Long Island City, NY 11101-4616
      View Details
    • Value Estimation
      $13,335,000
      69,000 SF

      3711 35th Ave

      OFFICE BUILDING (MULTI-STORY) • 69,000 SF
      3711 35th Ave, Long Island City, NY 11101-1524
      View Details
    • Value Estimation by Request
      213,103 SF

      4518 Ct Sq

      OFFICE BUILDING (MULTI-STORY) • 213,103 SF
      4518 Ct Sq, Long Island City, NY 11101-2955
      View Details

    Similar Nearby for Sale

    • $31,500,000
      86,562 SF

      Newly Constructed Flex/Office Building

      Three-story industrial-flex and office building in Long Island City.
      9-03 44Th Rd, Long Island City, NY 11101
      View Details
    • $24,000,000
      118,356 SF

      Renovated Flex Building in LIC

      Newly renovated 118,000 RSF flex building, prime Long Island City.
      2107 41St Ave, Long Island City, NY 11101
      View Details
    • $5,700,000

      Astoria Commercial Building for Sale

      Three-story commercial building with below-grade parking near subway.
      34-31 Steinway St S, Astoria, NY 11101
      View Details
    • $5,500,000
      2,500 SF

      Investment Opportunity: 4-Unit Apartment Building For Sale

      Investment Opportunity: 4-Unit Apartment Building For Sale
      Hunters point, Queens, NY 11101
      View Details
    • $5,500,000
      15,975 SF

      Elevatored Commercial Building For Sale

      Three-story commercial building with parking in Long Island City.
      3427-3431 Steinway St, Long Island City, NY 11101
      View Details
    • $13,000,000
      40,000 SF

      Long Island City Industrial Building

      Two-story industrial building with office and industrial spaces for sale.
      2525 Borden Ave, Long Island City, NY 11101
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,434 SF

      Renovated Office Building in Long Island City

      222,000 SF renovated office building in Long Island City.
      4301 22Nd St, Long Island City, NY 11101
      View Details
    • Contact for pricing
      17,500 SF

      Prime LIC Industrial/Office Space

      17,500 SF Multi-Use Building in Queens
      47-61 Pearson Pl, Long Island City, NY 11101
      View Details
    • Contact for pricing
      3,200 SF

      Long Island City Office Space

      Modern Office Suites, Prime LIC Location
      47-10 Austell Pl, Queens, NY 11101
      View Details
    • $6,700 /Mo

      Long Island City, NY 11101

      STUNNING LONG ISLAND CITY CREATIVE LOFT / OFFICE + SOARING 14 FOOT HIGH CEILINGS
      Long Island City, NY 11101
      View Details
    • Contact for pricing
      15,000 SF

      Long Island City Industrial Building

      Two-story industrial building with warehouse and office space for lease.
      3135-4965 31St Pl, Long Island City, NY 11101
      View Details
    • Contact for pricing
      16,000 SF

      Long Island City Office Space

      16,000 square foot office space available for rent.
      4322 36Th St, Long Island City, NY 11101
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    29-27 Queens Plz N
    Long Island City, NY 11101
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.