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Property profile & analytics
FOR SALE
Apartment buildings
40-29 23Rd St Queens, NY 11101
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US63-0832222
For Sale
$3,900,000
40-29 23Rd St, Queens, NY 11101
View Listing →
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1940
Total area
6,020 SF
Lot
0.05 ac (2,127 SF)
Zoning code
M12R5B
APN
00408-0013
UPID
US63-0832222
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.43M
Owner & transaction history
4-35 27th Ave INC. · 4 yrs held
4-35 27th Ave INC.
since 2022
7 recorded transactions
Zoning & alternative use
M12R5B · Long Island City, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$2.3M
+1.0%
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 Queens submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Queens 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
APARTMENT HOUSE (5+ UNITS)
$2,245,000
Current use
COMMERCIAL (GENERAL)
$2,270,000
Change: +1% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$2,020,000
Change: -10% · Conversion: Difficult
Blend value · Realmo final
$1.43M
Range $1.28M – $1.57M · ±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
$237 / 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
$20,396
Tax year 2024
Assessed value
$674,100
Assessed 2024
Previous assessed
$157,998
+326.7% YoY
Effective rate
3.03%
On assessed value
Assessed land
$10,350
Assessed improvement
$663,750
Land market value
$23,000
Improvement market value
$1,475,000
Total market value
$1,498,000
Applied tax rate
2.0000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
For Sale
Year built
1940
Heating
NONE
Buildings
1
Stories
4
Units
8
Total area
6,020 SF
Lot
0.05 ac (2,127 SF)
Zoning code
M12R5B
APN
00408-0013
UPID
US63-0832222
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
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$2.2M
COMMERCIAL (GENERAL)
Est. value
$2.3M
INDUSTRIAL (GENERAL)
Est. value
$2.0M
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
INDUSTRIAL (GENERAL)
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
1940
Heating
NONE
Stories
4
Buildings
1
Units
8
Lot
0.05 ac
Current owner
From public records · entity-resolved
4-35 27th Ave INC.
Entity
Mailing address
4029 23RD ST, LONG ISLAND CITY, NY 11101-4823
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
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
May 12, 2022
—
4-35 27th Ave INC.
—
Deed
related
$25,100 · Acquisition Capital LLC
Oct 28, 2019
—
Schwartz Realty LLC
—
Deed
related
$499,900 · Mario Nardello
May 24, 2016
—
Schwartz Realty LLC
—
Deed
related
$2,101,933 · Greystone Svcg
—
—
Schwartz Realty LLC
—
Deed Of Trust
related
$499,900 · Mario Nardello
—
—
Schwartz Realty LLC
—
Loan Modification, Consolidation And Extension
related
$3,165,000 · Greystone Svcg
—
—
Schwartz Realty LLC
—
Deed Of Trust
related
$2,101,933 · Greystone Svcg
—
—
Schwartz Realty LLC
—
Deed Of Trust
related
$606,059 · New York Community Bank
—
—
Schwartz Realty LLC
—
Deed Of Trust
related
$210,022 · New York Community Bank
—
—
Schwartz Realty LLC
—
Deed Of Trust
related
$1,150,000 · New York Community Bank
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.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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