Mixed-Use Income
For Sale
$2,800,888
2541 STEINWAY ST, Long Island City, NY 11103
Built in 1920, the property combines ground-floor retail with two income-producing residential apartments above.
Property Size3,420 SF
Price / SF$818.97
Days on Market239
Property Features for 2541 STEINWAY ST
General Information
Standard status
Active
Size
3,420 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
2
Amenities
Central Air
3
Parking.
On Street.
Building Details
Year Built
1920
Listing Agency:
Exit Realty First Choice
(718) 380-2500
Listed By:
Salvatore Mazzara
(718) 844-0917
Source:
Xome
Added: Jan 10
Changed: Sep 1
Last Checked: Sep 6 at 5:30AM
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 Exit Realty First Choice
Investment Insights
Based on property information with market context.
Built in 1920, this mixed-use income-producing property includes a ground-level commercial space, two residential income units above, and a full basement. The second-floor apartment is a fully renovated three-bedroom unit completed in 2024, with modern finishes and stainless steel appliances. The third-floor unit offers a three-bedroom, one-bath layout and is described as well maintained. The building also features a brand-new boiler.
Located on Steinway Street, the commercial space benefits from its position within a retail corridor and is described as having strong rental potential. The property totals approximately 3,420 square feet on a lot of 1,900+ square feet.
Located on Steinway Street, the commercial space benefits from its position within a retail corridor and is described as having strong rental potential. The property totals approximately 3,420 square feet on a lot of 1,900+ square feet.
Key Highlights
- Built in 1920 mixed‑use building with ground‑floor commercial space and two residential income units above
- Approximately 3,420 sq ft building size on a 1,900+ sq ft lot, plus a full basement
- Second‑floor 3‑bedroom apartment fully renovated in 2024 with modern finishes and stainless steel appliances
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
$83,600
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
2.98%
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%
$1,672,000
$1.7M
Cap Rate 7%
$1,194,286
$1.2M
Cap Rate 9%
$928,889
$928.9K
Market Conditions
NOI Build-Up for 3,420 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
$158.0K $46.20/SF
− Vacancy
−$6.0K −$1.76/SF
EGI
$152.0K $44.44/SF
− OpEx
−$68.4K −$20.00/SF
NOI
$83.6K $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,672,000
Cap Rate 7%
$1,194,286
Cap Rate 9%
$928,889
Alternative Uses
Best Use
Apartment 5plus
$1.19M
$1.05M – $1.39M
NOI $83,600 @ 7.0% cap · market cap 2.98%
Second Best
Retail
$872.1K
$763.1K – $1.02M
NOI $61,047 @ 7.0% cap · market cap 2.18%
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,488 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
6,426
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 Multifamily 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 - Built in 1920, the property combines ground-floor retail with two income-producing residential apartments above.
Where is this mixed-use property located?
The property is located at 2541 STEINWAY ST Long Island City, NY.
What is the asking price?
The asking price for this property is $2,800,888.
What are key features of this property?
This property features: Built in 1920 mixed‑use building with ground‑floor commercial space and two residential income units above; Approximately 3,420 sq ft building size on a 1,900+ sq ft lot, plus a full basement; Second‑floor 3‑bedroom apartment fully renovated in 2024 with modern finishes and stainless steel appliances
