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4124 38Th St, Long Island City, NY 11101
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Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1962
Total area
16,950 SF
Lot
0.25 ac (11,000 SF)
Zoning code
M1-4
APN
00216-0038
UPID
US63-1525650
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Insurance Agency
-
Freight Service Logistics Company
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.84M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.91M
Blend (final)
Blend
$3.65M
Owner & transaction history
since 2025
Last sale
$5.5M
1 recorded transaction
Zoning & alternative use
M1-4 · Long Island City, NY
Top alternative use upside
Commercial (general)
$6.4M
+63.6%
Apartment house (5+ units)
$6.3M
+62.0%
Industrial (general)
$5.7M
+45.5%
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
17% off on annual
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 7 comparables with addresses
5 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Summary
1
Valuation conclusion
Included free
Estimated market value
$3.65M
Value range
$3.28M – $4.01M
±10% around blend
Estimated value / SF
$215 / SF
Confidence
High
7 county-verified comps
Property data
100
Market benchmarks
100
Comparable evidence
70
$3.28M
blend $3.65M
$4.01M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
16,950 SF
Lot area
0.25 ac
Year built
1962
Stories
2
APN
00216-0038
Zoning
M1-4
Assessed value
$890,550
Annual tax
$89,975
3
Income approach: direct capitalization
Partial preview
Not enough income data on file for a CAP-approach estimation.
4
Sales comparison
Partial preview
Sales approach indication
$24.92M
Weighted, 7 comps · high confidence
Evidence
7 found · 6 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
3.0 mi away · 21,600 SF
3.5 mi away · 15,040 SF
4.2 mi away · 16,298 SF
4.2 mi away · 16,123 SF
5.2 mi away · 14,318 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$3.65M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 18 sales
$230
-7%
Submarket 43 sales
$361
-41%
County 217 sales
$547
-61%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $215/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Commercial (general)
Gross theoretical uplift
+64%
vs current-use indication
Apartment House (5+ Units)
Industrial (general)
Warehouse, Storage
Office Building · current use
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Not available
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: replacement-cost inputs are not on file.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
17% off on annual
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 7 sales
Market rates by use type
PDF export
Analytics Standard · 5 reports
from $99/month
from $99/month
Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$5.50M
Move the market yield to see immediate price impact.
Value / SF
$324
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.00%7.00%9.00%
$347k
$6.93M
$4.95M
$3.85M
$385k
$7.70M
$5.50M
$4.28M
$424k
$8.47M
$6.05M
$4.71M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
7 found
High confidence · county-verified
Closest comparable
$6.30M
1.8 mi · Feb 2026 · $513/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$89,975
Tax year 2024
Assessed value
$890,550
Assessed 2024
Previous assessed
$835,870
+6.5% YoY
Effective rate
10.10%
On assessed value
Assessed land
$112,500
Assessed improvement
$778,050
Land market value
$250,000
Improvement market value
$1,729,000
Total market value
$1,979,000
Applied tax rate
4.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Lease
Year built
1962
Heating
NONE
Buildings
1
Stories
2
Units
1
Total area
16,950 SF
Lot
0.25 ac (11,000 SF)
Zoning code
M1-4
APN
00216-0038
UPID
US63-1525650
Jurisdiction
QUEENS
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M1-4 · Long Island City, NYZoning M1-4 · permitted uses
M1-4 · Long Island City, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1962
Heating
NONE
Stories
2
Buildings
1
Units
1
Lot
0.25 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
M1-4
Jurisdiction
Long Island City, NY
Recorded code
M1-4
Ownership Intelligence
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Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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