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

    31-15 31st St Long Island City, NY 11106

    • Office buildings
    • 30,000 SF
    • 0.16 lot acres
    OFF-MARKET
    Value Estimations
    $7,560,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3284603
    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 31-15 31st St

    Year built
    1936
    Lot size
    0.16 lot acres
    Property size
    30,000 SF
    Zone code
    C4-3
    Property type
    Office buildings
    APN
    00613-0035
    APU
    6130035

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $8,016,000
      Market price range: $6.45M - $16.7M
      AI Estimate
      $5,693,000
      Market price range: $236k - $14.3M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $10,845,000
      Current use
      COMMERCIAL (GENERAL)
      $12,530,000
      Change: +16% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $9,990,000
      Change: -8% Conversion: Difficult
      WAREHOUSE, STORAGE
      $9,245,000
      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
    -73.9236
    Latitude
    40.7637
    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
    $199,665
    $153,900
    $1,737,000
    $1,890,900
    -
    $342,000
    $3,860,000
    $4,202,000

    Comparable in this City

    • Value Estimation
      $10,445,000
      20,680 SF

      3101 Broadway

      OFFICE BUILDING (MULTI-STORY) • 20,680 SF
      3101 Broadway, Long Island City, NY 11106-2594
      View Details
    • Value Estimation
      $10,355,000
      36,515 SF

      3175 23rd St

      PROFESSIONAL BUILDING • 36,515 SF
      3175 23rd St, Long Island City, NY 11106-4134
      View Details
    • Value Estimation by Request
      4,500 SF

      3626 31st St

      OFFICE BUILDING (MULTI-STORY) • 4,500 SF
      3626 31st St, Long Island City, NY 11106-2323
      View Details
    • Value Estimation
      $4,255,000
      19,000 SF

      3614 35th St

      OFFICE BUILDING (MULTI-STORY) • 19,000 SF
      3614 35th St, Long Island City, NY 11106-1302
      View Details
    • Value Estimation by Request
      137,380 SF

      3606 34th Ave

      OFFICE BUILDING (MULTI-STORY) • 137,380 SF
      3606 34th Ave, Long Island City, NY 11106
      View Details
    • Value Estimation
      $2,620,000
      13,100 SF

      1451 Broadway

      OFFICE BUILDING (MULTI-STORY) • 13,100 SF
      1451 Broadway, Long Island City, NY 11106-4529
      View Details

    Similar Nearby for Sale

    • $1,900,000
      2,000 SF

      Prime Queens Manufacturing Facility

      1-Story, 2,000 SF Manufacturing Building, 100% Occupied
      34-26 31St St, Queens, NY 11106
      View Details
    • Contact for pricing
      9,250 SF

      Astoria Warehouse: Vernon Blvd.

      Spacious Warehouse, Street-to-Street Access
      35-55 Vernon Blvd, astoria, NY 11106
      View Details
    • $1,898,000
      5,200 SF

      Astoria 6-Family Income Property

      Prime Astoria location, high rental demand, turnkey investment.
      3435 30Th St, Astoria, NY 11106
      View Details
    • $1,799,000
      4,008 SF

      Astoria Mixed-Use Investment Opportunity

      Prime Astoria location, renovated 6BR/4BA home
      34-11 11Th 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
    • $355,000

      Queens Apartment for Sale

      Apartment available in Queens, New York.
      21-85 34Th Ave, Queens, 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
    • $9,000 /Mo
      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
    • Contact for pricing
      1,000 SF

      Office Space for Rent

      1,000 SF office space suitable for various uses.
      46-39 11Th St, Queens, NY 11106
      View Details
    • $28 SF/Yr

      Long Island City Office Space

      1300 Sq Ft office space for rent in Queens.
      36-35 36Th St, Queens, NY 11106
      View Details
    • $5,000 /Mo
      3,000 SF

      Corner Office Space with Exposure

      3000 SF corner office space with natural light.
      3601 36Th Ave, Astoria, NY 11106
      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.
    31-15 31st St
    Long Island City, NY 11106
    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.