Prime Astoria Retail
For Sale
Contact for pricing
3135 Steinway St, Astoria, NY
13,500 SF retail building in prime Steinway Street location.
Property Size13,500 SF
Lot Size0.11 Acres
Price / SF$436.96
Days on Market639
Property Features for 3135 Steinway St
General Information
Standard status
Active
Size
13,500 SF
Lot size
0.11 Acres
Property subtype
RETAIL
Listing Agency:
4 Points Properties
(212) 300-3901
Listed By:
Listing Contact - 4 Points
Source:
Moodyscre
Added: Dec 6, 2024
Changed: Sep 3
Last Checked: Sep 6 at 5:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of 4 Points Properties
Investment Insights
Based on property information with market context.
This 13,500-square-foot building is available for sale or lease and is located in a prime location on Steinway Street. The building features 4,500 square feet on the ground floor, 4,500 square feet on the second floor, and an additional 4,500 square feet in the full basement. The property has 50 feet of frontage and is situated between Broadway and 31st Avenue, directly across the street from a municipal parking lot with 46 spaces. It is also located one block from the [E], [M], and [R] trains. The space is currently built out as a clothing retail store, complete with fitting rooms, a warehouse, and registers, but all uses are considered.
Key Highlights
- Prime Steinway Street location with 50 feet of frontage.
- Total of 13,500 SF: Ground Floor (4,500 SF), Second Floor (4,500 SF), and Full Basement (4,500 SF).
- Located directly across from a municipal parking lot (46 spots) and one block from [E], [M], & [R] trains.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$240,975
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,819,500
$4.8M
Cap Rate 7%
$3,442,500
$3.4M
Cap Rate 9%
$2,677,500
$2.7M
Market Conditions
NOI Build-Up for 13,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$405.0K $30.00/SF
− Vacancy
−$60.8K −$4.50/SF
EGI
$344.3K $25.50/SF
− OpEx
−$103.3K −$7.65/SF
NOI
$241.0K $17.85/SF
Area
Queens County, NY
Vacancy
15.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,819,500
Cap Rate 7%
$3,442,500
Cap Rate 9%
$2,677,500
Alternative Uses
Best Use
Retail
$3.44M
$3.01M – $4.02M
NOI $240,975 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.95M
$8.71M – $11.61M
NOI $696,665 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,691
Businesses Nearby
233k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 40%
Groceries 29%
Shops & Services 23%
Electronics 4%
McDonald's
Dining
28,219 visits/mo
0.4 miles
Key Food Supermarket
Groceries
20,925 visits/mo
0.4 miles
Starbucks
Dining
20,474 visits/mo
0.4 miles
Las Margaritas
Dining
14,548 visits/mo
0.1 miles
C-Town Supermarkets
Groceries
14,284 visits/mo
0.4 miles
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - 13,500 SF retail building in prime Steinway Street location.
Where is this retail space located?
The property is located at 3135 Steinway St Astoria, NY.
What is the asking price?
The asking price for this property is $5,899,000.
What are key features of this property?
This property features: Prime Steinway Street location with **50 feet of frontage**.; Total of 13,500 SF: Ground Floor (4,500 SF), Second Floor (4,500 SF), and Full Basement (4,500 SF).; Located directly across from a municipal parking lot (46 spots) and one block from [E], [M], & [R] trains.
