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Property profile & analytics
OFF-MARKET
Estimated value
$3,850,000
Investment properties
3608 33rd St Long Island City, NY 11106-2327
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US63-1250932
Property profile
Verified
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Year built
2013
Total area
13,254 SF
Lot
0.16 ac (7,125 SF)
Zoning code
M12R5B
APN
00601-0038
UPID
US63-1250932
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
Current use
Occupant on record · Public records
-
Melrose Ballroom Hotel & Motel Resort
-
Fount Church Church
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$3.85M
Owner & transaction history
Papis Realty INC · 6 yrs held
Papis Realty INC
since 2020
7 recorded transactions
Zoning & alternative use
M12R5B · 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$5,535,000
Current use
OFFICE BUILDING
$4,790,000
Change: -13% · Conversion: Easy
Blend value · Realmo final
$3.85M
Range $3.47M – $4.24M · ±10%
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
$290 / 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
$128,841
Tax year 2024
Assessed value
$1,218,150
Assessed 2024
Previous assessed
$1,238,400
-1.6% YoY
Effective rate
10.58%
On assessed value
Assessed land
$176,400
Assessed improvement
$1,041,750
Land market value
$392,000
Improvement market value
$2,315,000
Total market value
$2,707,000
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
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Status
Off-Market
Year built
2013
Heating
NONE
Buildings
1
Stories
3
Units
1
Total area
13,254 SF
Lot
0.16 ac (7,125 SF)
Zoning code
M12R5B
APN
00601-0038
UPID
US63-1250932
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M12R5B · Long Island City, NY
Zoning M12R5B · permitted uses
M12R5B · 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
COMMERCIAL (GENERAL) Current
Est. value
$5.5M
OFFICE BUILDING
Est. value
$4.8M
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
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
2013
Heating
NONE
Stories
3
Buildings
1
Units
1
Lot
0.16 ac
Current owner
From public records · entity-resolved
Papis Realty INC
Entity
Mailing address
3608 33RD ST, LONG ISLAND CITY, NY 11106-2327
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 16, 2020
—
Papis Realty INC
Winn-dipp Realty Corp
Correction Deed
related
—
—
—
Papis Realty INC
—
Loan Modification
related
$400,000 · Queens Medallion Funding LLC
—
—
Papis Realty INC
—
Deed Of Trust
related
$27,789 · Queens Medallion Funding LLC
—
—
Papis Realty INC
—
Deed Of Trust
related
$105,000 · Elk Associates Funding Corp
—
—
Papis Realty INC
—
Deed Of Trust
related
$530,000 · Queens Medallion Funding LLC
—
—
Papis Realty INC
—
Deed Of Trust
related
$206,197 · Progressive Cu
—
—
Progressive Cu
—
Deed Of Trust
related
$350,000 · Papis Realty INC
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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