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Property profile & analytics
OFF-MARKET
Estimated value
$4,050,000
Retail space
3355 34th Ave Long Island City, NY 11106
Entity Owned
2-yr Hold
Free & Clear
Property ID
US63-2094676
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1977
Total area
10,400 SF
Lot
0.17 ac (7,600 SF)
Zoning code
R5
APN
00581-0029
UPID
US63-2094676
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
$4.05M
CAP Approach
CAP
$2.86M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$4.05M
Owner & transaction history
3355 Walgreen Crescent Corp. · 2 yrs held
3355 Walgreen Crescent Corp.
since 2024
Last sale
$4.1M
6 recorded transactions
Zoning & alternative use
R5 · Long Island City, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$4,050,000
ML approach
$4,050,000
CAP Approach
CAP Return
Estimation
6%
$3,095,000
6.5%
$2,855,000
7%
$2,650,000
Alternative Use
Use
Estimation
RETAIL STORES
$6,105,000
Current use
Blend value · Realmo final
$4.05M
Range $3.65M – $4.46M · ±10% · vs last sale $4.05M (Feb 22 2024)
Last sale anchor
$4.05M
Feb 22 2024
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
$389 / 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
$118,731
Tax year 2024
Assessed value
$1,120,950
Assessed 2024
Previous assessed
$1,236,780
-9.4% YoY
Effective rate
10.59%
On assessed value
Assessed land
$309,150
Assessed improvement
$811,800
Land market value
$687,000
Improvement market value
$1,804,000
Total market value
$2,491,000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1977
Heating
NONE
Buildings
1
Stories
1
Units
1
Total area
10,400 SF
Lot
0.17 ac (7,600 SF)
Zoning code
R5
APN
00581-0029
UPID
US63-2094676
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
R5 · Long Island City, NY
Zoning R5 · permitted uses
R5 · 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
RETAIL STORES Current
Est. value
$6.1M
RETAIL STORES Current
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
1977
Heating
NONE
Stories
1
Buildings
1
Units
1
Lot
0.17 ac
Current owner
From public records · entity-resolved
3355 Walgreen Crescent Corp.
Entity
Free & Clear · 2 yrs held
Mailing address
2559 STEINWAY ST STE 2F, LONG ISLAND CITY, NY 11103-3742
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 22, 2024
$4,050,000
3355 Walgreen Crescent Corp.
Petrakis Properties, LLC
Deed
—
Apr 23, 2019
—
Petrakis Properties LLC
—
Deed
related
$1,695,815 · Signature Bk
Feb 20, 2015
$3,700,000
Petrakis Properties LLC
Crescent 34 LLC
Grant Deed
—
Feb 9, 2011
$2,450,000
Crescent 34 LLC
Edmond J Ezra
Deed
$1,800,000 · Signature Bank
—
—
Petrakis Properties LLC
—
Loan Modification
related
$1,695,815 · Signature Bk
—
—
Petrakis Properties LLC
—
Loan Modification
related
$1,695,815 · 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.
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