Your AI Navigator in Commercial Real Estate
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
    Property profile & analytics

    3234 61st St Flushing, NY 11377-2030

    • Manufacturing properties
    • 4,750 SF
    • 0.11 lot acres
    OFF-MARKET
    Last Sale
    Aug 22, 2023
    Value Estimations
    $260,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-1352234
    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

    • Manufacturing properties

    Property Details for 3234 61st St

    Year built
    1957
    Lot size
    0.11 lot acres
    Property size
    4,750 SF
    Zone code
    R5
    Property type
    Manufacturing properties
    APN
    01161-0061
    APU
    11610061

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $220,000
      Market price range: $164k - $518k

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

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.9017
    Latitude
    40.755
    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
    $19,256
    $54,000
    $137,700
    $191,700
    -
    $120,000
    $306,000
    $426,000

    Comparable in this City

    • Value Estimation
      $505,000
      34,220 SF

      6201 34th Ave

      FACTORY (MANUFACTURING) • 34,220 SF
      6201 34th Ave, Flushing, NY 11377-2255
      View Details
    • Value Estimation
      $270,000
      1,875 SF

      3819 Woodside Ave

      MANUFACTURING (LIGHT) • 1,875 SF
      3819 Woodside Ave, Flushing, NY 11377-2443
      View Details
    • Value Estimation by Request
      10,925 SF

      61-12 32 Ave

      Distribution properties • 10,925 SF
      61-12 32 Ave, Queens, NY 11377
      View Details
    • Value Estimation
      $3,380,000
      5,004 SF

      3725 54th St

      FACTORY (MANUFACTURING) • 5,004 SF
      3725 54th St, Flushing, NY 11377-2433
      View Details
    • Value Estimation
      $1,340,000
      2,500 SF

      3823 54th St

      FACTORY (MANUFACTURING) • 2,500 SF
      3823 54th St, Flushing, NY 11377-2416
      View Details
    • Value Estimation
      $380,000
      5,770 SF

      2534 50th St

      FACTORY (MANUFACTURING) • 5,770 SF
      2534 50th St, Flushing, NY 11377-7808
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      5,500 SF

      Woodside Warehouse with Office Space

      Warehouse with office and mezzanine space, move-in ready.
      3718 57Th St, Woodside, NY 11377
      View Details
    • Contact for pricing
      4,000 SF

      Industrial Property with Income Potential

      Corner location industrial property with income and gated parking.
      58-18 37Th Ave, Woodside, NY 11377
      View Details
    • Contact for pricing
      10,700 SF

      Woodside Warehouse with Passenger Elevator

      10,700 SF warehouse with passenger elevator and HVAC.
      3439 56Th St, Woodside, NY 11377
      View Details
    • $2,000,000
      3,000 SF

      Woodside Warehouse with Office Space

      2,900 SF warehouse with 676 SF office space for sale.
      37-33 57Th St, Woodside, NY 11377
      View Details
    • Contact for pricing
      8,000 SF

      Woodside Warehouse Space Available

      8,000 sq ft warehouse space in Woodside, New York.
      6920 48Th Ave, Woodside, NY 11377
      View Details
    • $1,728,000

      Woodside Double Lot with Garages

      Two-family property with four garages on a double lot.
      38 54Th St, Flushing, NY 11377
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,920 SF

      Woodside Industrial Space for Lease

      8,920 SF industrial space available for lease in Woodside.
      5155 59Th Pl, Woodside, NY 11377
      View Details
    • Contact for pricing
      8,000 SF

      Glendale Warehouse Space Available

      8,000 SF warehouse space with two street frontages.
      72-24 61St St, Glendale, NY 11377
      View Details
    • Contact for pricing
      5,005 SF

      Prime Queens Medical Office Space

      5,005 SF Medical Office - Available Now
      51-24 Roosevelt Ave, Queens, NY 11377
      View Details
    • Contact for pricing
      13,700 SF

      Industrial Space with Excellent Loading

      Industrial space featuring two street frontages and excellent loading.
      57-11 37Th Ave, Woodside, NY 11377
      View Details
    • Contact for pricing
      500 SF

      Woodside Flex Space Available

      Flex space featuring gas heat and clear span design.
      37-17 55Th St, Woodside, NY 11377
      View Details
    • Contact for pricing
      2,500 SF

      Woodside Warehouse with Drive-In Door

      2,500 SF warehouse space featuring a drive-in door.
      57-12 37Th Ave, Woodside, NY 11377
      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.
    3234 61st St
    Flushing, NY 11377-2030
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.