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
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3550 38th St Long Island City, NY 11101

    • Theaters & concert halls
    • 37,625 SF
    • 0.87 lot acres
    OFF-MARKET
    Last Sale
    Sep 22, 2023
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3483978
    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

    • Theaters & concert halls

    Property Details for 3550 38th St

    Year built
    1998
    Lot size
    0.87 lot acres
    Property size
    37,625 SF
    Zone code
    M1-1
    Property type
    Theaters & concert halls
    APN
    00641-0004
    APU
    6410004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Long Island City
    County
    Queens
    State
    New York
    Longitude
    -73.9241
    Latitude
    40.7547
    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
    $396,812
    $1,282,500
    $3,312,900
    $4,595,400
    -
    $2,850,000
    $7,362,000
    $10,212,000

    Comparable in this City

    • Value Estimation by Request
      3,760 SF

      3530 38th St

      THEATER (MOVIE) • 3,760 SF
      3530 38th St, Long Island City, NY 11101-1412
      View Details
    • Value Estimation by Request
      5,000 SF

      549 49th Ave

      THEATER (MOVIE) • 5,000 SF
      549 49th Ave, Long Island City, NY 11101-5610
      View Details
    • Value Estimation by Request
      57,425 SF

      3501 37th St

      THEATER (MOVIE) • 57,425 SF
      3501 37th St, Long Island City, NY 11101
      View Details
    • Value Estimation by Request
      13,750 SF

      39-01 23Rd St

      Distribution properties • 13,750 SF
      39-01 23Rd St, Queens, NY 11101
      View Details
    • Value Estimation by Request
      34,211 SF

      31-00 47Th Ave

      Office space • 34,211 SF
      31-00 47Th Ave, Long Island City, NY 11101
      View Details
    • Value Estimation by Request
      2,407 SF

      41-05 29Th St

      Retail properties • 2,407 SF
      41-05 29Th St, Queens, NY 11101
      View Details

    Similar Nearby for Sale

    • $1,900,000
      Pending

      Long Island City Development Land

      Development land for sale in Long Island City prime location.
      40-39 27Th St, Long Island City, NY 11101
      View Details
    • $8,750,000

      Long Island City Development Site

      Prime M3-1 zoned land, 9,000 sq ft.
      21-01 49Th Ave, Queens, NY 11101
      View Details
    • $2,150,000
      2,550 SF

      LIC Warehouse: Prime Location

      2,550 SF Warehouse, Vacant, M1-3 Zoning
      3862 13Th St, Queens, NY 11101
      View Details
    • $880,000
      630 SF

      Long Island City Apartment with Abatement

      Bright, spacious 2BR/2BA unit near Queensboro Plaza with tax abatement.
      2705 41St Ave, Long Island City, NY 11101
      View Details
    • $1,480,000

      Arcadia LIC Corner Unit

      Two-bedroom condo with balcony, tax abatement, and premium finishes.
      2412 42Nd Rd, Long Island City, NY 11101
      View Details
    • $31,500,000
      86,562 SF

      Newly Constructed Flex/Office Building

      Three-story industrial-flex and office building in Long Island City.
      9-03 44Th Rd, Long Island City, NY 11101
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      5,000 SF

      Turnkey Fitness Facility for Rent

      5,000 SF fitness facility with private elevator in Queens.
      10602-10608 Northern Blvd, Queens, NY 11101
      View Details
    • Contact for pricing
      1,900 SF

      Prime Retail Space in Long Island

      High-visibility retail space near Court Square with heavy foot traffic.
      2520 Hunters Point Ave, Long Island City, NY 11101
      View Details
    • $30 SF/Yr
      6,500 SF

      Long Island City Industrial Space

      6,500 sq ft Manufacturing/Warehouse
      37-16 13Th St, Queens, NY 11101
      View Details
    • $19 SF/Yr
      5,000 SF

      LIC Warehouse: 5,000 SF Available

      Prime LIC warehouse, single tenant, $20/SF.
      51-49 35Th St, Queens, NY 11101
      View Details
    • Contact for pricing
      275,000 SF

      Court Square Place Executive Office

      Prime Queens Office Space Available
      24-01 44Th Rd, Queens, NY 11101
      View Details
    • Contact for pricing
      10,000 SF

      Long Island City Flex Space

      10,000 SF flex space near the 7 train.
      38-09 43Rd Ave, Long Island City, NY 11101
      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.
    3550 38th St
    Long Island City, NY 11101
    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.