Astoria Mixed-Use Building
For Sale
Contact for pricing
2366 Steinway St, Astoria, NY
Mixed-use building with commercial space and residential units.
Property Size4,125 SF
Lot Size0.06 Acres
Price / SF$582
Days on Market459
Property Features for 2366 Steinway St
General Information
Standard status
Active
Size
4,125 SF
Lot size
0.06 Acres
Property subtype
RETAIL
Listing Agency:
EXR | Brooklyn
(415) 717-8611
Listed By:
Archibald Rowan
(415) 717-8611
Source:
Moodyscre
Added: May 8, 2025
Changed: Jul 6
Last Checked: Aug 9 at 10:22AM
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 EXR | Brooklyn
Investment Insights
Based on property information with market context.
This 4125 square foot mixed-use building is located on Steinway Street in Astoria. The ground floor features a commercial space, currently operating as a club with a 4 AM liquor license, a full bar, a kitchen, and an event-ready lower level. The property also includes two updated residential units on the upper floors. The building offers 25 feet of street frontage in a high-visibility location with strong foot traffic. The property generates $21,500 in monthly rental income from long-term tenants. Recent upgrades include a new roof, HVAC system, and a 2023 water heater. Situated in Astoria, the building is near the Astoria Boulevard and Ditmars Boulevard stations, as well as LaGuardia Airport. Zoned R5/C2-2, the property provides medium-density residential and commercial flexibility, with the potential to add additional square footage. The club is under lease, and the residential tenants are month to month at below market rate. This is being sold as a true 8.5 Cap.
Key Highlights
- High monthly rental income of $21,500 from long‑term tenants.
- Prime Astoria location with 25 FT of street frontage and high foot traffic.
- Ground‑floor commercial space with an active 4 AM liquor license, full bar, kitchen, and event‑ready lower level.
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
$190,915
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
7.95%
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%
$3,818,300
$3.8M
Cap Rate 7%
$2,727,357
$2.7M
Cap Rate 9%
$2,121,278
$2.1M
Market Conditions
NOI Build-Up for 4,125 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
$272.3K $66.00/SF
− Vacancy
−$17.7K −$4.29/SF
EGI
$254.6K $61.71/SF
− OpEx
−$63.6K −$15.43/SF
NOI
$190.9K $46.28/SF
Area
Queens County, NY
Vacancy
6.50%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,818,300
Cap Rate 7%
$2,727,357
Cap Rate 9%
$2,121,278
Alternative Uses
Best Use
Specialty Retail
$2.73M
$2.39M – $3.18M
NOI $190,915 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$1.44M
$1.26M – $1.68M
NOI $100,833 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$3.04M
$2.66M – $3.55M
NOI $212,870 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,351
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with commercial space and residential units.
Where is this mixed-use property located?
The property is located at 2366 Steinway St Astoria, NY.
What is the asking price?
The asking price for this property is $2,400,750.
What are key features of this property?
This property features: High monthly rental income of $21,500 from long‑term tenants.; Prime Astoria location with **25 FT of street frontage and high foot traffic.**; Ground‑floor commercial space with an **active 4 AM liquor license, full bar, kitchen, and event‑ready lower level.**
