Mixed-Use Income
2541 STEINWAY ST Long Island City, NY 11103
2541 STEINWAY ST, Long Island City, NY, 11103
$2,800,888
For Sale
$2,800,888
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 Market226
Property Features for 2541 STEINWAY ST
General Information
- Standard status
- Active
- Size
- 3,420 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1920
Listing agency
Exit Realty First Choice
(718) 844-0917
Listed by
Salvatore Mazzara
(718) 844-0917
Source
Xome
Added: Dec 8, 2025 Updated: Jul 21 at 5:35PM Checked: Jul 21 at 5:35PM
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
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $158.0k | $46.20 |
| − Vacancy | −$6.0k | −$1.76 |
| EGI | $152.0k | $44.44 |
| − OpEx | −$68.4k | −$20.00 |
| NOI | $83.6k | $24.44 |
3,420 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Fratellanza Sammarinese Club
Association / Organization
Similar For Sale Nearby
FAQs
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
