Add Listing
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

    3702 31St Ave Long Island City, NY 11103

    • Retail residential properties
    • 5,415 SF
    • 0.03 lot acres
    For Sale
    View listing
    $3,590,000
    Last Sale
    May 14, 2024
    $3,300,000
    Value Estimations
    Cap Rate Potential
    2.1%
    Retail residential properties
    Location Intelligence
    Property ID
    US63-0052661
    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

    • Whiz Professional French Clean / (Bike/Boat/Book/etc) Store

    Property Details for 3702 31St Ave

    Year built
    1922
    Lot size
    0.03 lot acres
    Property size
    5,415 SF
    Zone code
    R6A
    Property type
    Retail residential properties
    APN
    00657-0038
    APU
    6570038

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,300,000
      ML approach
      $3,300,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,822,000
      Market price range: $1.70M - $2.82M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $2,200,000
      Current use
      AUTO REPAIR, GARAGE
      $3,710,000
      Change: +69% Conversion: Difficult
      RETAIL STORES
      $3,180,000
      Change: +45% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Long Island City
    County
    Queens
    State
    New York
    Longitude
    -73.9187
    Latitude
    40.7618
    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
    $30,194
    $9,000
    $547,740
    $556,740
    -
    $20,000
    $1,217,200
    $1,237,200

    Comparable in this City

    • Value Estimation
      $1,105,000
      31,775 SF

      3811 Broadway

      STORES & APARTMENTS • 31,775 SF
      3811 Broadway, Long Island City, NY 11103-4045
      View Details
    • Value Estimation
      $1,500,000
      7,575 SF

      3047 38th St

      STORES & APARTMENTS • 7,575 SF
      3047 38th St, Long Island City, NY 11103-3831
      View Details
    • Value Estimation
      $1,010,000
      5,028 SF

      3124 Steinway St

      STORES & APARTMENTS • 5,028 SF
      3124 Steinway St, Long Island City, NY 11103-3925
      View Details
    • Value Estimation
      $3,505,000
      18,842 SF

      3243 Steinway St

      STORES & APARTMENTS • 18,842 SF
      3243 Steinway St, Long Island City, NY 11103-4077
      View Details
    • Value Estimation
      $5,625,000
      28,545 SF

      3033 Steinway St

      STORES & APARTMENTS • 28,545 SF
      3033 Steinway St, Long Island City, NY 11103-4971
      View Details
    • Value Estimation
      $1,255,000
      5,176 SF

      3072 Steinway St

      STORES & APARTMENTS • 5,176 SF
      3072 Steinway St, Long Island City, NY 11103-3802
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,900 SF

      Astoria Mixed-Use Investment Opportunity

      Fully leased mixed-use building in prime Astoria location.
      41-17 Broadway, Queens, NY 11103
      View Details
    • $11,500,000

      Fully Occupied Mixed-Use Investment

      Free-market mixed-use building with residential and commercial units.
      2447 44Th St, New York, NY 11103
      View Details
    • Contact for pricing
      14,725 SF

      Astoria Mixed-Use Development Opportunity

      Prime corner lot in Astoria with significant development potential.
      42-01 28Th Ave, New York, NY 11103
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      700 SF

      Retail Space in High-Traffic Area

      Retail space in a dense residential neighborhood with high foot traffic.
      3187 Steinway St, Astoria, NY 11103
      View Details
    • Contact for pricing
      12,000 SF

      Astoria Retail Space Available

      12,000 SF retail space for rent in Astoria.
      3301 30Th Ave, Astoria, NY 11103
      View Details
    • Contact for pricing

      Commercial Kitchen Spaces for Rent

      Private commercial kitchens for catering, food prep, and supply hub.
      24-26 47Th St, Queens, NY 11103
      View Details
    • Contact for pricing
      1,500 SF

      Astoria Retail Space For Rent

      Retail space with high ceilings and full-size storage basement.
      2842 Steinway St, Astoria, NY 11103
      View Details
    • Contact for pricing

      Retail Space for Lease

      Retail space available for lease in Queens, NY.
      31-89 Steinway St, Queens, NY 11103
      View Details
    • $2,500 /Mo

      Renovated Retail Space Available

      Two renovated retail spaces available for professional use.
      46Th Ave, New York, NY 11103
      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.
    3702 31St Ave
    Long Island City, NY 11103
    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.
    Sign Up Successful!
    You now have access to more from Realmo!