Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail Building in Astoria, NY Title is generated by Realmo AI

    28-50 31st St, Astoria, NY 11102

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Fully leased retail building with restaurant in vibrant Astoria.

    Type:Retail
    Property size:
    2,400 SF
    Price / SF:
    $1,166/SF
    Added:
    Feb 24, 2026
    Days on Market:
    81
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 28-50 31st St

    General Information

    Standard status
    Active
    Size
    2,400 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1928

    We can help!

    Listing Contact
    Sean Slattery

    Listing agent Sean Slattery License #NY 10301221373

    Listing office Lee & Associates - New York

    Listing date Feb 24, 2026

    Source Crexi

    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 Lee & Associates - New York

    HighLights

    • Fully leased retail building in the heart of Astoria.
    • Tenant responsible for all utilities and taxes above the base year of 2021/2022.
    • Lease duration until May 2031.
    • Full restaurant build‑out already in place.
    • Approximately 2,000 square feet on the ground floor with a retractable roof in the rear.
    • Includes a 1,200 square foot cellar and 1,200 square foot second floor.

    Overview

    The property at 28-50 31st Street, Astoria, New York 11102, is a retail building available for sale. It features approximately 2,000 square feet on the ground floor, including a retractable roof in the rear, along with a 1,200 square foot cellar and a 1,200 square foot second floor. The property is fully leased to Fresco’s Grand Cantina, a restaurant. The tenant is responsible for all utilities and taxes above the base year of 2021/2022. The lease extends until May 2031. This property offers the opportunity to acquire a fully leased retail building with a complete restaurant build-out in the center of Astoria, a dynamic submarket in Queens.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Fresco’s Grand Cantina Restaurant

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

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

    Similar Places Nearby

    • Burgos Design and Events — 25-21 36th Ave, Queens, NY 11106
    • Fiori Flowers — 31-22 Steinway St, Queens, NY 11103
    • NY City Succulents Inc — 32-57 Steinway St, Queens, NY 11103
    • Ivie Joy Floral Arts + Events — 32-06 35th St, Queens, NY 11106
    • Flowers By Lunelly — 29-22 36th Ave, Astoria, NY 11106

    Location Insight

    • Map
    • Local Demand
    City
    Astoria
    County
    Queens
    State
    New York
    Longitude
    -73.907711
    Latitude
    40.779117

    Nearby Similar for Sale

    • $179,000

      Astoria Deli & Grocery Opportunity

      Established deli and grocery business for sale in Astoria, NY.
      21-72 21st Street, Astoria, New York 11105, Queens, Astoria, NY 11105
      View Details
    • $550,000

      Astoria Commercial Condo Opportunity

      1,606 SF professional/community facility condo in the heart of Astoria.
      30-63 38th, Astoria, NY 11103
      View Details
    • $9,500,000
      19,000 SF

      Astoria Commercial Buildings Portfolio

      Three commercial buildings totaling approximately 27,000 SF in Astoria, NY.
      32-71 & 32-73 41st St Religious Community Development Portfolio, Astoria, NY 11103
      View Details
    • $1,990,000
      3,080 SF

      Renovated Astoria Multifamily Brick Home

      Spacious, renovated 7-bedroom multifamily home in the heart of Astoria.
      20-49 49th Street, Astoria, NY 11105
      View Details
    • $179,000
      3,143 SF

      Astoria Deli & Grocery Opportunity

      Established deli and grocery business for sale in Astoria, NY.
      2172 21st Street, Astoria, NY 11105
      View Details
    • $9,500,000
      21,730 SF

      Astoria Community Facility Portfolio For Sale

      Two community buildings totaling 21k+ sq ft on 11k sq ft.
      32-71 41St St, Unit portfolio, Astoria, NY 11103
      View Details
    • $1,240,000
      4,458 SF

      Astoria Multifamily Investment Opportunity

      Six-unit building in Astoria with income potential and vacant units.
      31-72 44th Street, Astoria, NY 11103
      View Details
    • $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 Street, Astoria, NY 11103
      View Details
    • $2,299,999
      1,500 SF

      Astoria Three-Family Home

      Renovated three-family home in Astoria's Ditmars-Steinway neighborhood.
      21-63 45th Street, Astoria, NY 11105
      View Details
    • $2,000,000
      5,056 SF

      Astoria Multi-Unit Income Property

      Five-unit residential building in Astoria with detached three-car garage.
      1426 30th Dr, Astoria, NY 11102
      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 Court, Astoria, NY 11102
      View Details
    • $13,500,000

      Luxury Astoria Multi-Unit Building

      Newly constructed luxury rental building in high-demand Astoria market.
      2631 3rd Street, Astoria, NY 11102
      View Details

    FAQs

    What type of property is this?
    Storefront property - Fully leased retail building with restaurant in vibrant Astoria.
    Where is this storefront property located?
    The property is located at 28-50 31st St Astoria, NY.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: Fully leased retail building in the heart of Astoria.; Tenant responsible for all utilities and taxes above the base year of 2021/2022.; Lease duration until May 2031.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sean Slattery
    Real Estate License ID: NY 10301221373
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    28-50 31st St, Astoria, NY 11102
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!