Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    26-24 3Rd St Astoria, NY 11102

    View on Map
    Loading data...
    Loading data...
    Loading data...
    Pending
    $3,088,000

    Prime Astoria/LIC development site, sold as land value.

    Property Features for 26-24 3Rd St

    General Information

    Standard status
    Pending

    Building Details

    Year built
    1920

    We can help!

    Listing Contact
    Pavlos Milonakis
    Source: Exitrealty

    Listing Agency: Halvatzis Realty Inc Listing Agent: Pavlos Milonakis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Astoria Development Site For Sale

    This prime development site in Astoria/LIC is being offered for sale based on land value. The lot measures 50 x 124 and is zoned R6, allowing for a maximum Floor Area Ratio (FAR) of 2.43 and a maximum residential square footage of 15,064. Currently, a two-family home occupies the lot, which will be delivered vacant. Situated in Astoria, the site benefits from the area's rich culture and the upcoming Astoria Cove and Hallets Point projects. The location is near cultural institutions such as the Noguchi Museum, MoMA PS1, and the Museum of the Moving Image. The property is located three blocks from the Astoria Ferry terminal and a few blocks from Socrates Sculpture Park. A survey is available upon request.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Astoria
    County
    Queens
    State
    New York
    Longitude
    -73.934166
    Latitude
    40.775819

    Nearby Similar for Sale

    • $179,000
      3,143 SF

      Astoria Deli & Grocery Opportunity

      Established deli and grocery business for sale in Astoria, NY.
      21-72 Queens St, Astoria, NY 11105
      View Details
    • $199,000
      3,143 SF

      Astoria Grocery Business Opportunity

      Established deli and grocery business for sale in prime Astoria location.
      2172 21St St, Astoria, NY 11105
      View Details
    • $550,000
      1,606 SF

      Astoria Commercial Condominium Opportunity

      1,606 SF professional/community facility condominium in the heart of Astoria.
      30-63 38Th St, Astoria, NY 11103
      View Details
    • New
      $9,500,000
      21,730 SF

      Astoria Commercial Buildings with Elevator

      Two community facility buildings suitable for various uses.
      32-71 41St St, Astoria, NY 11103
      View Details
    • New
      $2,390,000
      4,500 SF

      Mixed-Use Building in South Astoria

      High-visibility mixed-use building with redevelopment potential in a prime location.
      3076 Steinway St, Astoria, NY 11103
      View Details
    • $1,550,000
      5,000 SF

      Astoria Six-Unit Multi-Family Building

      Six-unit multi-family building in Astoria, Queens, a strong rental market.
      31-51 35Th St, Astoria, NY 11106
      View Details
    • New
      $247,000
      0.05 Acres

      Astoria Restaurant Business For Sale

      Profitable, fully operational hamburger restaurant in high-traffic Astoria location.
      3620 30Th Ave, Astoria, NY 11103
      View Details
    • $1,200,000
      2,600 SF

      Astoria Fourplex with Expansion Potential

      Fourplex in Astoria, NY, with potential for significant expansion.
      11-51 Welling Ct, Astoria, NY 11102
      View Details
    • $75,000
      0.05 Acres

      Renovated Cafe in Astoria, NY

      Fully renovated cafe with basement and parking in Astoria.
      2074A Steinway St, Astoria, NY 11105
      View Details
    • $13,500,000
      4,915 SF

      Luxury Astoria Multi-Unit Building

      Newly constructed luxury rental building in high-demand Astoria market.
      2631 3Rd St, Astoria, NY 11102
      View Details
    • New
      $1,450,000
      1,728 SF

      Astoria Multi-Family Brick Home

      Three-story home in Ditmars-Steinway. Ideal for living or investment.
      20-45 31St St, Astoria, NY 11105
      View Details
    • $4,600,000
      14,130 SF

      Astoria Multi-Unit Building For Sale

      Well-maintained 20-unit building in the heart of Astoria.
      34-12 29Th St, Astoria, NY 11106
      View Details

    FAQs

    What type of property is this?
    Commercial land - Prime Astoria/LIC development site, sold as land value.
    Where is this commercial land located?
    The property is located at 26-24 3Rd St Astoria, NY.
    What is the asking price?
    The asking price for this property is $3,088,000.
    What are key features of this property?
    This property features: - Prime Astoria/LIC development site offered at land value.; - Large lot size: 50 x 124 feet.; - High Max FAR of 2.43 allowing for a Max Res. Sq. Ft of 15,064.
    (718) 545-8300
    Request Owner's contact information
    26-24 3Rd St Astoria, NY 11102
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    26-24 3Rd St
    Astoria, NY 11102
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    26-24 3Rd St Astoria, NY 11102
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Pavlos Milonakis
    Real Estate License ID: 10401254988
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!