Steinway Street Mixed-Use
For Sale
$2,488,800
Pending
3060 Steinway St, Queens, NY 11103
Three-story mixed-use building on high-traffic Steinway Street.
Property Size5,150 SF
Lot Size0.05 Acres
Days on Market160
Property Features for 3060 Steinway St
General Information
Standard status
Pending
Size
5,150 SF
Lot size
0.05 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$47,664
Building Details
Building Size
5,150 SF
Year Built
1930
Stories
3
Units
5
Listing Agency:
Rad Marketing Corp
(718) 479-5606
Listed By:
Raymond A. DeLeo CBR · License #31DE0926017
(718) 479-5606
Source:
Elliman
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 8 at 12:08PM
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 Rad Marketing Corp
Investment Insights
Based on property information with market context.
This three-story, all-brick building is located in a prime center block location on a high-traffic block of Steinway Street, near 30th Avenue. The property features two 2-bedroom apartments, each with 2 bathrooms, two professional offices on the second floor, and a large first-floor storefront currently used as a furniture store. The building also includes a full, high-ceiling basement with updated electrical service and a video intercom system. Situated in the best retail block on Steinway Street, it is across from an AT&T mobile company store and near many large national retailers. The property is within walking distance of the N, W, M, and R subway lines and MTA buses. It is also close to the Grand Central Parkway, Brooklyn Queens Expressway, and LaGuardia Airport. Zoned R5, the property has short-term leases with upside potential. The second-floor office is currently vacant, presenting an immediate opportunity.
Key Highlights
- Prime center block location on high‑traffic Steinway Street, near major retailers and a crosswalk.
- Rare investment property with short‑term leases offering significant upside potential.
- Three‑story updated brick building with a large first‑floor storefront (currently a furniture store).
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
$169,558
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
6.81%
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%
$3,391,160
$3.4M
Cap Rate 7%
$2,422,257
$2.4M
Cap Rate 9%
$1,883,978
$1.9M
Market Conditions
NOI Build-Up for 5,150 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
$259.6K $50.40/SF
− Vacancy
−$33.5K −$6.50/SF
EGI
$226.1K $43.90/SF
− OpEx
−$56.5K −$10.97/SF
NOI
$169.6K $32.92/SF
Area
Queens County, NY
Vacancy
12.90%
Lease Rate
$50.40 /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%
$3,391,160
Cap Rate 7%
$2,422,257
Cap Rate 9%
$1,883,978
Alternative Uses
Best Use
Office B
$2.42M
$2.12M – $2.83M
NOI $169,558 @ 7.0% cap · market cap 6.81%
Second Best
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,889 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$3.80M
$3.32M – $4.43M
NOI $265,765 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,128
Businesses Nearby
Explore this area
Business Placement
Demographics for 11103, NY
37,362
Population
18,833
Households
2
Avg Household Size
36
Median Age
52%
College-Educated
89%
High-School Grad
0.7 sq mi
ZIP Area
53,374
Density / Sq Mi
$92,787
Median Household Income
$59,050
Median Earnings
$2,120
Median Rent
$1,003,500
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story mixed-use building on high-traffic Steinway Street.
Where is this mixed-use property located?
The property is located at 3060 Steinway St Queens, NY.
What is the asking price?
The asking price for this property is $2,488,800.
What are key features of this property?
This property features: Prime center block location on high‑traffic Steinway Street, near major retailers and a crosswalk.; Rare investment property with short‑term leases offering significant upside potential.; Three‑story updated brick building with a large first‑floor storefront (currently a furniture store).
