New search
Property profile & analytics
OFF-MARKET
Estimated value
$7,560,000
Office buildings
31-15 31st St, Long Island City, NY 11106
Entity Owned
11-yr Hold
Free & Clear
Property ID
US63-3284603
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1936
Total area
30,000 SF
Lot
0.16 ac (6,831 SF)
Zoning code
C4-3
APN
00613-0035
UPID
US63-3284603
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
by Request
Comparable Approach
Comparable
$8.02M
Blend (final)
Blend
$7.56M
Owner & transaction history
3121 31 Street LLC · 11 yrs held
3121 31 Street LLC
since 2015
7 recorded transactions
Zoning & alternative use
C4-3 · Long Island City, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$12.5M
+15.6%
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%
by Request
6.5%
by Request
7%
by Request
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
Blend value · Realmo final
$7.56M
Range $6.80M – $8.32M · ±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
$252 / 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
$199,665
Tax year 2024
Assessed value
$1,890,900
Assessed 2024
Previous assessed
$1,885,680
+0.3% YoY
Effective rate
10.56%
On assessed value
Assessed land
$153,900
Assessed improvement
$1,737,000
Land market value
$342,000
Improvement market value
$3,860,000
Total market value
$4,202,000
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1936
Heating
NONE
Buildings
1
Stories
5
Units
6
Total area
30,000 SF
Lot
0.16 ac (6,831 SF)
Zoning code
C4-3
APN
00613-0035
UPID
US63-3284603
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
C4-3 · Long Island City, NY
Zoning C4-3 · permitted uses
C4-3 · 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.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$10.8M
COMMERCIAL (GENERAL)
Est. value
$12.5M
INDUSTRIAL (GENERAL)
Est. value
$10.0M
WAREHOUSE, STORAGE
Est. value
$9.2M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1936
Heating
NONE
Stories
5
Buildings
1
Units
6
Lot
0.16 ac
Current owner
From public records · entity-resolved
3121 31 Street LLC
Entity
Free & Clear · 11 yrs held
Mailing address
3115 31ST ST, LONG ISLAND CITY, NY 11106
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 21, 2016
—
3121 31 Street LLC
—
Deed
related
$7,100,000 · Signature Bk
May 11, 2015
—
3121 31 Street LLC
Long Island West Props LLC
Quit Claim Deed
—
—
—
3108 Northern Blvd LLC
—
Loan Modification, Consolidation And Extension
related
$42,600,000 · Rcg Lv Debt V Reit LP
—
—
3108 Northern Blvd LLC
—
Deed Of Trust
related
$5,500,000 · Private Individual
—
—
3121 31 Street LLC
—
Deed Of Trust
related
$7,100,000 · Signature Bk
—
—
3121 31 Street LLC
—
Loan Modification
related
$7,100,000 · Signature Bk
—
—
3121 31 Street LLC
—
Loan Modification
related
$39,100,000 · 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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 31-15 31st St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
