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Property profile & analytics
OFF-MARKET
Estimated value
$8,225,000
Office buildings
3609 38th St, Long Island City, NY 11101
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US63-0226105
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1966
Total area
20,277 SF
Lot
0.24 ac (10,411 SF)
Zoning code
M1-1
APN
00665-0010
UPID
US63-0226105
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
$7.48M
CAP Approach
CAP
$10.96M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$8.23M
Owner & transaction history
120-32 Qb LLC · 4 yrs held
120-32 Qb LLC
since 2021
Last sale
$9.9M
7 recorded transactions
Zoning & alternative use
M1-1 · Long Island City, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$11.9M
+154.8%
Commercial (general)
$7.6M
+63.6%
Apartment house (5+ units)
$7.6M
+62.0%
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
$6,565,000
ML approach
$7,475,000
CAP Approach
CAP Return
Estimation
6%
$11,870,000
6.5%
$10,955,000
7%
$10,175,000
Alternative Use
Use
Estimation
RETAIL STORES
$11,905,000
Change: +155% · Conversion: Moderate
COMMERCIAL (GENERAL)
$7,645,000
Change: +64% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$7,570,000
Change: +62% · Conversion: Easy
INDUSTRIAL (GENERAL)
$6,795,000
Change: +45% · Conversion: Difficult
WAREHOUSE, STORAGE
$5,740,000
Change: +23% · Conversion: Difficult
Blend value · Realmo final
$8.23M
Range $7.40M – $9.05M · ±10% · vs last sale $9.90M (Dec 7 2021)
Last sale anchor
$9.90M
Dec 7 2021
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
$406 / 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
$133,126
Tax year 2024
Assessed value
$1,391,400
Assessed 2024
Previous assessed
$1,243,710
+11.9% YoY
Effective rate
9.57%
On assessed value
Assessed land
$281,250
Assessed improvement
$1,110,150
Land market value
$625,000
Improvement market value
$2,467,000
Total market value
$3,092,000
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
Off-Market
Year built
1966
Heating
NONE
Buildings
1
Stories
2
Units
1
Total area
20,277 SF
Lot
0.24 ac (10,411 SF)
Zoning code
M1-1
APN
00665-0010
UPID
US63-0226105
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M1-1 · Long Island City, NY
Zoning M1-1 · permitted uses
M1-1 · 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
Est. value
$11.9M
COMMERCIAL (GENERAL)
Est. value
$7.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$7.6M
INDUSTRIAL (GENERAL)
Est. value
$6.8M
WAREHOUSE, STORAGE
Est. value
$5.7M
RETAIL STORES
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
INDUSTRIAL (GENERAL)
WAREHOUSE, STORAGE
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
1966
Heating
NONE
Stories
2
Buildings
1
Units
1
Lot
0.24 ac
Current owner
From public records · entity-resolved
120-32 Qb LLC
Entity
Mailing address
10210 METROPOLITAN AVE #200, FOREST HILLS, NY 11375-6732
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 10, 2022
—
120-32 Qb LLC
—
Deed
related
$9,000,000 · Signature Bank
Dec 7, 2021
$9,900,000
120-32 Qb LLC
Pan-metro Equities LLC
Deed
—
Jul 25, 2018
$2,000,000
St Broadway Realty LLC
Pi Commercial Properties LLC
Grant Deed
—
Aug 24, 2017
—
Pan-metro Equities LLC
36-31 38 Street Realty LLC
Grant Deed
related
—
Apr 18, 2016
$9,000,000
Pan-metro Equities LLC
Bradmor LLC
Grant Deed
related
—
Mar 24, 2016
—
Bradmor LLC
Bradmor LLC
Quit Claim Deed
related
—
Nov 23, 2007
$6,200,000
Bradmor LLC
Northern 38 LLC
Grant Deed
$2,400,000 · Citibank NA
—
—
Bradmor LLC
—
Deed Of Trust
related
$2,223,878 · J P Morgan Chase Bank
—
—
Citibank NA
—
Deed Of Trust
related
—
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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