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Property profile & analytics
OFF-MARKET
Estimated value
$7,825,000
Office buildings
3745 24th St, Long Island City, NY 11101
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US63-1533097
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1997
Total area
24,370 SF
Lot
0.27 ac (11,850 SF)
Zoning code
M1-2
APN
00367-0001
UPID
US63-1533097
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
$7.33M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$7.83M
Owner & transaction history
Sibs Four LLC · 1 yrs held
Sibs Four LLC
since 2025
Last sale
$9.0M
2 recorded transactions
Zoning & alternative use
M1-2 · Long Island City, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$9.2M
+63.6%
Apartment house (5+ units)
$9.1M
+62.0%
Industrial (general)
$8.2M
+45.5%
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
$5,965,000
ML approach
$7,325,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$5,615,000
Current use
COMMERCIAL (GENERAL)
$9,190,000
Change: +64% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$9,095,000
Change: +62% · Conversion: Easy
INDUSTRIAL (GENERAL)
$8,170,000
Change: +45% · Conversion: Difficult
WAREHOUSE, STORAGE
$6,895,000
Change: +23% · Conversion: Difficult
Blend value · Realmo final
$7.83M
Range $7.04M – $8.61M · ±10% · vs last sale $9.00M (Mar 17 2025)
Last sale anchor
$9.00M
Mar 17 2025
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
$321 / 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
$109,465
Tax year 2024
Assessed value
$1,067,400
Assessed 2024
Previous assessed
$1,023,840
+4.3% YoY
Effective rate
10.26%
On assessed value
Assessed land
$319,950
Assessed improvement
$747,450
Land market value
$711,000
Improvement market value
$1,661,000
Total market value
$2,372,000
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
1997
Heating
NONE
Buildings
1
Stories
3
Units
2
Total area
24,370 SF
Lot
0.27 ac (11,850 SF)
Zoning code
M1-2
APN
00367-0001
UPID
US63-1533097
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M1-2 · Long Island City, NY
Zoning M1-2 · permitted uses
M1-2 · 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
OFFICE BUILDING Current
Est. value
$5.6M
COMMERCIAL (GENERAL)
Est. value
$9.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$9.1M
INDUSTRIAL (GENERAL)
Est. value
$8.2M
WAREHOUSE, STORAGE
Est. value
$6.9M
OFFICE BUILDING Current
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
1997
Heating
NONE
Stories
3
Buildings
1
Units
2
Lot
0.27 ac
Current owner
From public records · entity-resolved
Sibs Four LLC
Entity
Mailing address
2409 38TH AVE, LONG ISLAND CITY, NY 11101-3512
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 17, 2025
$9,000,000
Sibs Four LLC
24-09 38th Avenue LLC
Deed
$9,000,000 · The Dime Bank
Aug 5, 2009
$8,400,000
24-09 38th Avenue LLC
Pension Fund Of Seiu Local No 74
Grant Deed
—
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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