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    Property profile & analytics

    3206 47th St Long Island City, NY 11103-1733

    • Retail residential properties
    • 55,840 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    Feb 17, 2021
    $14,232,075
    Value Estimations
    $11,505,000
    Show details
    Cap Rate Potential
    7.6%
    Retail residential properties
    Location Intelligence
    Property ID
    US63-6188225
    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

    • Retail residential properties

    Property Details for 3206 47th St

    Year built
    1932
    Lot size
    0.29 lot acres
    Property size
    55,840 SF
    Zone code
    R6B
    Property type
    Retail residential properties
    APN
    00722-0038
    APU
    7220038

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $9,435,000
      ML approach
      $8,575,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $11,980,000
      6.5%
      $11,055,000
      7%
      $10,265,000

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $18,595,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Long Island City
    County
    Queens
    State
    New York
    Longitude
    -73.9139
    Latitude
    40.7563
    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
    $418,713
    $225,000
    $3,289,950
    $3,514,950
    -
    $500,000
    $7,311,000
    $7,811,000

    Comparable in this City

    • Value Estimation
      $1,800,000
      9,000 SF

      3101 Steinway St

      STORE/OFFICE (MIXED USE) • 9,000 SF
      3101 Steinway St, Long Island City, NY 11103-3908
      View Details
    • Value Estimation
      $9,700,000
      14,114 SF

      3516 Astoria Blvd

      STORES & APARTMENTS • 14,114 SF
      3516 Astoria Blvd, Astoria, NY 11103-4483
      View Details
    • Value Estimation
      $4,250,000
      30,292 SF

      2502 Steinway St

      STORES & APARTMENTS • 30,292 SF
      2502 Steinway St, Long Island City, NY 11103-3782
      View Details
    • Value Estimation by Request
      7,162 SF

      3029 Steinway St

      STORE/OFFICE (MIXED USE) • 7,162 SF
      3029 Steinway St, Long Island City, NY 11103-3463
      View Details
    • Value Estimation
      $2,305,000
      11,615 SF

      3148 Steinway St

      STORES & APARTMENTS • 11,615 SF
      3148 Steinway St, Long Island City, NY 11103-3192
      View Details
    • Value Estimation by Request
      4,750 SF

      3149 Steinway St

      STORES & APARTMENTS • 4,750 SF
      3149 Steinway St, Long Island City, NY 11103-4762
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      14,725 SF

      Astoria Mixed-Use Development Opportunity

      Prime corner lot in Astoria with significant development potential.
      42-01 28Th Ave, New York, NY 11103
      View Details
    • $11,500,000

      Fully Occupied Mixed-Use Investment

      Free-market mixed-use building with residential and commercial units.
      2447 44Th St, New York, NY 11103
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    • Contact for pricing
      5,267 SF

      Astoria Mixed-Use Investment Opportunity

      Prime Steinway Street frontage with mixed-use flexibility in high-density Astoria.
      3090-3092 Steinway St, Queens, NY 11103
      View Details
    • Contact for pricing
      3,420 SF

      Mixed-Use Building in Astoria, Queens

      Three-story mixed-use building with apartments and a store.
      25-47 Steinway St, Queens, NY 11103
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      12,000 SF

      Astoria Retail Space Available

      12,000 SF retail space for rent in Astoria.
      3301 30Th Ave, Astoria, NY 11103
      View Details
    • Contact for pricing
      700 SF

      Retail Space in High-Traffic Area

      Retail space in a dense residential neighborhood with high foot traffic.
      3187 Steinway St, Astoria, NY 11103
      View Details
    • Contact for pricing

      Commercial Kitchen Spaces for Rent

      Private commercial kitchens for catering, food prep, and supply hub.
      24-26 47Th St, Queens, NY 11103
      View Details
    • Contact for pricing
      1,500 SF

      Astoria Retail Space For Rent

      Retail space with high ceilings and full-size storage basement.
      2842 Steinway St, Astoria, NY 11103
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Queens, NY.
      31-89 Steinway St, Queens, NY 11103
      View Details
    • $2,500 /Mo

      Renovated Retail Space Available

      Two renovated retail spaces available for professional use.
      46Th Ave, New York, NY 11103
      View Details
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    3206 47th St
    Long Island City, NY 11103-1733
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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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