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    Property profile & analytics

    35-09 Leavitt St Flushing, NY 11354

    • Apartment buildings
    • 6,114 SF
    • 0.04 lot acres
    For Sale
    View listing
    $3,580,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2714969
    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

    • Apartment buildings

    Property Details for 35-09 Leavitt St

    Year built
    2013
    Lot size
    0.04 lot acres
    Property size
    6,114 SF
    Zone code
    R6
    Property type
    Apartment buildings
    APN
    04961-0013
    APU
    49610013

    Description

    This exceptional 6-family building, constructed in 2008, presents a compelling investment opportunity in the vibrant heart of Flushing, New York. The property boasts a total of 6,114 square feet and sits on a 0.04-acre lot. The building comprises four spacious 2-bedroom, 2-bathroom units and two 2-bedroom, 1-bathroom units, all generating substantial rental income. A significant advantage is the tax abatement currently in effect, reducing annual property taxes to a mere $2,800 and extending until 2033. This translates to significant long-term cost savings for the owner. Its prime location on Leavitt Street places it within convenient walking distance of bustling Main Street and the 7 train subway line, providing effortless access to a wealth of amenities, including schools, diverse shopping options, and a wide array of restaurants. This combination of a modern building, high rental yield, substantial tax benefits, and an unparalleled location makes this property an exceptional investment for discerning buyers seeking strong returns and long-term stability in a thriving urban market. The property's address is 3509 Leavitt Street, Flushing, NY, and is offered at $3,580,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,360,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Flushing
    County
    Queens
    State
    New York
    Longitude
    -73.8288
    Latitude
    40.7648
    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
    $2,240
    $69,750
    $450,450
    $520,200
    -
    $155,000
    $1,001,000
    $1,156,000

    Comparable in this City

    • Value Estimation
      $3,840,000
      24,552 SF

      3339 Murray St

      APARTMENT HOUSE (5+ UNITS) • 24,552 SF
      3339 Murray St, Flushing, NY 11354-3256
      View Details
    • Value Estimation
      $4,890,000
      34,288 SF

      14425 33rd Ave

      APARTMENT HOUSE (5+ UNITS) • 34,288 SF
      14425 33rd Ave, Flushing, NY 11354-3157
      View Details
    • Value Estimation
      $8,260,000
      59,100 SF

      14430 35th Ave

      APARTMENT HOUSE (5+ UNITS) • 59,100 SF
      14430 35th Ave, Flushing, NY 11354-3666
      View Details
    • Value Estimation
      $4,375,000
      30,900 SF

      14412 34th Ave

      APARTMENT HOUSE (5+ UNITS) • 30,900 SF
      14412 34th Ave, Flushing, NY 11354
      View Details
    • Value Estimation
      $1,415,000
      137,300 SF

      14445 35th Ave

      APARTMENT HOUSE (5+ UNITS) • 137,300 SF
      14445 35th Ave, Flushing, NY 11354-3633
      View Details
    • Value Estimation
      $11,810,000
      79,290 SF

      14427 35th Ave

      APARTMENT HOUSE (5+ UNITS) • 79,290 SF
      14427 35th Ave, Flushing, NY 11354-3665
      View Details

    Similar Nearby for Sale

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      Queens Mixed-Use Investment Opportunity

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    • $3,580,000
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      Flushing Multifamily Investment Opportunity

      Modern 6-family building near Main Street and 7 train.
      35-09 Leavitt St, Flushing, NY 11354
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      Legally configured 5-unit property in a desirable Flushing location.
      3614 Union St, Flushing, NY 11354
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    Similar Nearby for Lease

    • $3,250 /Mo

      Modern 1-Bedroom Apartment with Amenities

      Modern 1-bedroom with in-unit laundry and parking garage access.
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      View Details
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      View Details
    • $5,200 /Mo
      300 SF

      Flushing Retail Space on Roosevelt

      Prime retail spaces for lease in a high-traffic Flushing location.
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      View Details
    • $1,625 /Mo
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      Flushing Office Space For Rent

      Office space available for rent in Flushing, NY.
      129-09 26Th Ave, Flushing, NY 11354
      View Details
    • $800 /Mo
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      Flushing Office Space Available

      Office space for rent in Flushing, NY.
      129-09 26Th Ave, Flushing, NY 11354
      View Details
    • $4,500 /Mo
      1,000 SF

      Flushing Office Space For Rent

      Prime location office space available for rent in Flushing, NY.
      36-09 Main St, Flushing, NY 11354
      View Details
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    Flushing, NY 11354
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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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