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

    3823 28th St Long Island City, NY 11101-2727

    • Residential income homes
    • 13,920 SF
    • 0.12 lot acres
    OFF-MARKET
    Value Estimations
    $3,185,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3335552
    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

    • Residential income homes

    Property Details for 3823 28th St

    Year built
    2019
    Lot size
    0.12 lot acres
    Property size
    13,920 SF
    Zone code
    M12R5B
    Property type
    Residential income homes
    Property subtype
    Serviced apartments
    APN
    00385-0005
    APU
    3850005

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $5,195,000
      Current use
      COMMERCIAL (GENERAL)
      $5,250,000
      Change: +1% Conversion: Moderate
      INDUSTRIAL (GENERAL)
      $4,665,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Long Island City
    County
    Queens
    State
    New York
    Longitude
    -73.9346
    Latitude
    40.7543
    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
    $228,768
    $225,900
    $1,944,000
    $2,169,900
    -
    $502,000
    $4,320,000
    $4,822,000

    Comparable in this City

    • Value Estimation
      $1,065,000
      58,508 SF

      3875 11th St

      BOARDING/ROOMING HOUSE • 58,508 SF
      3875 11th St, Long Island City, NY 11101
      View Details
    • Value Estimation
      $5,780,000
      28,350 SF

      2913 39th Ave

      BOARDING/ROOMING HOUSE • 28,350 SF
      2913 39th Ave, Long Island City, NY 11101
      View Details
    • Value Estimation
      $1,395,000
      64,387 SF

      2320 Jackson Ave

      BOARDING/ROOMING HOUSE • 64,387 SF
      2320 Jackson Ave, Long Island City, NY 11101-4313
      View Details
    • Value Estimation
      $1,030,000
      24,346 SF

      2501 43rd Ave

      BOARDING/ROOMING HOUSE • 24,346 SF
      2501 43rd Ave, Long Island City, NY 11101-4208
      View Details
    • Value Estimation
      $2,785,000
      15,613 SF

      3830 28th St

      BOARDING/ROOMING HOUSE • 15,613 SF
      3830 28th St, Long Island City, NY 11101-2728
      View Details
    • Value Estimation
      $710,000
      39,683 SF

      3847 10th St

      BOARDING/ROOMING HOUSE • 39,683 SF
      3847 10th St, Long Island City, NY 11101-6111
      View Details

    Similar Nearby for Sale

    • $999,888
      4,125 SF

      Long Island City Multifamily Building

      Six-family building in Long Island City for sale.
      11-21 47Th Rd, Long Island City, NY 11101
      View Details
    • $1,900,000
      1,610 SF

      Long Island City Duplex Opportunity

      Well-maintained duplex with redevelopment potential in a growing neighborhood.
      40-37 24Th St, Long Island City, 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
    • $2,075,000
      0.03 Acres

      Long Island City 2 Family

      Vacant 2-family property near new 7 train entrance.
      44-66 23Rd St, Long Island City, NY 11101
      View Details
    • Contact for pricing

      Astoria Pre-War Apartment Building

      16,200 SF pre-war building with 22 apartments and retail.
      40-04 36Th Ave, Astoria, NY 11101
      View Details
    • $2,850,000

      Queens Multifamily Investment Opportunity

      Multifamily property for sale in Queens, New York.
      10-22 47Th Ave, Queens, NY 11101
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      17,500 SF

      Prime LIC Industrial/Office Space

      17,500 SF Multi-Use Building in Queens
      47-61 Pearson Pl, Long Island City, NY 11101
      View Details
    • Contact for pricing
      2,200 SF

      Queens Warehouse: 2,200 SF For Lease

      Spacious industrial warehouse, ideal for various uses.
      5-18 50Th Ave, Queens, NY 11101
      View Details
    • Contact for pricing
      25,248 SF

      Prime Queens Retail Space

      Large Retail Space, Multiple Units Available
      48-18 Northern Blvd, Queens, NY 11101
      View Details
    • Contact for pricing
      3,200 SF

      Long Island City Office Space

      Modern Office Suites, Prime LIC Location
      47-10 Austell Pl, Queens, NY 11101
      View Details
    • Contact for pricing
      52,343 SF

      Queens Warehouse Space Available

      52,343 SF Industrial Warehouse, Multiple Suites
      30-35 Thomson Ave, Queens, NY 11101
      View Details
    • $6,700 /Mo

      Long Island City, NY 11101

      STUNNING LONG ISLAND CITY CREATIVE LOFT / OFFICE + SOARING 14 FOOT HIGH CEILINGS
      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.
    3823 28th St
    Long Island City, NY 11101-2727
    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.