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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    4218 31st Ave Long Island City, NY 11103-2602

    • Investment properties
    • 4,583 SF
    • 0.08 lot acres
    OFF-MARKET
    Value Estimations
    $1,350,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0831289
    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

    • Spyce Astoria / Restaurant

    Property Details for 4218 31st Ave

    Year built
    1928
    Lot size
    0.08 lot acres
    Property size
    4,583 SF
    Zone code
    R5
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    00692-0043
    APU
    6920043

    Description

    This exceptional Queens, NY mixed-use development site at 42-18 31st Avenue offers a compelling investment opportunity. The property, encompassing 38,189 square feet, boasts approved rezoning and permits for a substantial project. Plans call for a six-story building (65 feet), featuring approximately 35 residential units, including 9 affordable units, and 8,000 square feet of commercial space. The proposed floor area ratio (FAR) is 3.53, significantly utilizing the site's potential. The existing structure offers 10,800 square feet. The design thoughtfully incorporates a stepped-down building height, harmonizing with the surrounding neighborhood's architectural character, reducing to four stories near 43rd Street and one story near 31st Avenue. Twelve parking spaces are included in the proposed development. The property is zoned R6A/C1-3, providing flexibility and potential for various uses. Located in Queens County, NY, with the address 42-18 31st Avenue, zip code 11103, this site presents a rare chance to develop a high-impact mixed-use project in a vibrant and growing area. The asking price is $7,500,000, translating to $196.39 per square foot. The Assessor's Parcel Number (APN) is 692-43, 44, 45, 46.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,860,000
      Current use
      OFFICE BUILDING
      $1,655,000
      Change: -11% 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
    -73.9151
    Latitude
    40.7602
    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
    $87,730
    $90,000
    $739,800
    $829,800
    -
    $200,000
    $1,644,000
    $1,844,000

    Comparable in this City

    • Value Estimation
      $3,535,000
      12,000 SF

      3187 Steinway St

      STORE/OFFICE (MIXED USE) • 12,000 SF
      3187 Steinway St, Long Island City, NY 11103-9816
      View Details
    • Value Estimation
      $1,680,000
      5,700 SF

      3107 Steinway St

      STORE/OFFICE (MIXED USE) • 5,700 SF
      3107 Steinway St, Long Island City, NY 11103-3908
      View Details
    • Value Estimation
      $815,000
      4,046 SF

      3717 30th Ave

      STORE/OFFICE (MIXED USE) • 4,046 SF
      3717 30th Ave, Long Island City, NY 11103-4330
      View Details
    • Value Estimation
      $2,075,000
      10,266 SF

      4002 Astoria Blvd

      STORE/OFFICE (MIXED USE) • 10,266 SF
      4002 Astoria Blvd, Astoria, NY 11103-3610
      View Details
    • Value Estimation
      $1,170,000
      6,072 SF

      2595 Steinway St

      STORE/OFFICE (MIXED USE) • 6,072 SF
      2595 Steinway St, Long Island City, NY 11103-3701
      View Details
    • Value Estimation
      $980,000
      3,330 SF

      3122 Steinway St

      STORE/OFFICE (MIXED USE) • 3,330 SF
      3122 Steinway St, Long Island City, NY 11103-4589
      View Details

    Similar Nearby for Sale

    • $2,900,000

      Prime Queens Mixed-Use Building

      High-Yield Investment Opportunity in NYC
      30-71 Steinway St, Queens, NY 11103
      View Details
    • $1,699,000
      5,250 SF

      Astoria Six-Unit Multifamily Investment

      Meticulously maintained six-family brick building in the heart of Astoria.
      2825 46Th St, Astoria, NY 11103
      View Details
    • $1,699,000
      5,250 SF

      Astoria Six-Unit Multifamily Investment Opportunity

      Meticulously maintained six-family brick building in the heart of Astoria.
      2827 46Th St, Astoria, NY 11103
      View Details
    • $2,349,999
      5,019 SF

      Astoria Multifamily Investment Opportunity

      Legal 10-family brick house in the heart of Astoria.
      30-20 43Rd St, Astoria, NY 11103
      View Details
    • $10,380,000
      22,155 SF

      Long Island City Mixed-Use Investment

      Modern, fully leased mixed-use building in Long Island City/Astoria.
      25-34 Steinway St, Long Island City, NY 11103
      View Details
    • $2,495,000

      Astoria Mixed-Use Building For Sale

      Mixed-use property with retail and residential income potential.
      33-29 Astoria Blvd N, Astoria, 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
    • $9,500 /Mo

      Astoria Office Space for Rent

      2,300 sq ft office space in a prime location.
      3719 Broadway, Queens, NY 11103
      View Details
    • $840 /Mo
      20,000 SF

      Astoria Medical Office Space For Lease

      Turnkey Medical Office, 2,000 SF Available
      32-72 Steinway St, Queens, NY 11103
      View Details
    • $85 SF/Yr
      3,819 SF

      Astoria Retail Space: 900 SF Available

      Modern Astoria retail space, newly renovated.
      32-88 48Th St, Queens, NY 11103
      View Details
    • Contact for pricing
      2,000 SF

      Astoria Retail Space For Rent

      Retail space for rent in Astoria, walking distance to transit.
      3071 Steinway St, Astoria, NY 11103
      View Details
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    4218 31st Ave
    Long Island City, NY 11103-2602
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    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
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