Mixed-Use Building With
For Sale
$2,588,888
2541 Steinway Street, Astoria, NY 11103
Commercial Sale, Astoria, NY
Property Size3,420 SF
Lot Size0.04 Acres
Price / SF$756.98
Days on Market191
Property Features for 2541 Steinway Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C4-2A
Rooms
Basement
Parking features
On Street
Basement
Finished, Full
Appliances
Gas Range, Microwave, Refrigerator, Stainless Steel Appliance(s)
Lot features
Back Yard
Directions
WAZE
Standard status
Active
APN
00684-0030
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
1187
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Building Details
Year built
1920
Number of units
3
Building materials
Brick
Listing Agency:
Exit Realty First Choice
(718) 380-2500
Listed By:
Salvatore Mazzara
(718) 844-0917
Added: Feb 11
Changed: Aug 20
Last Checked: Aug 21 at 5:06AM
MLS# 960680
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick mixed-use building contains a ground-floor commercial space, two three-bedroom apartments, and a full basement. The second-floor residence was renovated in 2024 and includes stainless steel appliances, while the third-floor apartment has one bathroom. A new boiler serves the building, with natural-gas heating and central air conditioning. The property was built in 1920 and includes public sewer service.
Located on Steinway Street in Astoria, the property places commercial and residential components within the same building. The upper apartments provide residential income, while the street-level space adds a commercial component. Zoning is C4-2A, and parking is available on the street.
Located on Steinway Street in Astoria, the property places commercial and residential components within the same building. The upper apartments provide residential income, while the street-level space adds a commercial component. Zoning is C4-2A, and parking is available on the street.
Key Highlights
- Mixed‑use building at 2541 Steinway Street, Astoria, NY 11103
- Approximately 3,420 sq ft building on a 1,900+ sq ft lot
- Ground‑floor commercial space with two three‑bedroom residential units
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
3.23%
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 3.23%
Second Best
Retail
$872.1K
$763.1K – $1.02M
NOI $61,047 @ 7.0% cap · market cap 2.36%
Theoretical Best
Office A
$2.52M
$2.21M – $2.94M
NOI $176,488 @ 7.0% cap · market cap 6.82%
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-level configuration combines ground-floor commercial space with two residential apartments and a full basement.
Where is this mixed-use property located?
The property is located at 2541 Steinway Street Astoria, NY.
What is the asking price?
The asking price for this property is $2,588,888.
What are key features of this property?
This property features: Mixed‑use building at 2541 Steinway Street, Astoria, NY 11103; Approximately 3,420 sq ft building on a 1,900+ sq ft lot; Ground‑floor commercial space with two three‑bedroom residential units
