Retail Building in Astoria,
For Sale
Contact for pricing
Pending
28-50 31st St, Astoria, NY 11102
Fully leased retail building with restaurant in vibrant Astoria.
Property Size2,400 SF
Days on Market173
Property Features for 28-50 31st St
General Information
Standard status
Pending
Size
2,400 SF
Property subtype
Retail
Zoning
C4-4A / R7A equiv.
Building Details
Year Built
1928
Year Renovated
2007
Buildings
1
Stories
2
Units
1
Tenancy
Single
Listing Agency:
Lee & Associates - New York
(646) 723-4011
Listed By:
Sean Slattery · License #NY 10301221373
Source:
Crexi
Added: Feb 24
Changed: Aug 10
Last Checked: Aug 15 at 6:34AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$111,078
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
3.97%
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%
$2,221,560
$2.2M
Cap Rate 7%
$1,586,829
$1.6M
Cap Rate 9%
$1,234,200
$1.2M
Market Conditions
NOI Build-Up for 2,400 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
$158.4K $66.00/SF
− Vacancy
−$10.3K −$4.29/SF
EGI
$148.1K $61.71/SF
− OpEx
−$37.0K −$15.43/SF
NOI
$111.1K $46.28/SF
Area
Queens County, NY
Vacancy
6.50%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,221,560
Cap Rate 7%
$1,586,829
Cap Rate 9%
$1,234,200
Alternative Uses
Best Use
Specialty Retail
$1.59M
$1.39M – $1.85M
NOI $111,078 @ 7.0% cap · market cap 3.97%
Second Best
Retail
$612.0K
$535.5K – $714.0K
NOI $42,840 @ 7.0% cap · market cap 1.53%
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,852 @ 7.0% cap · market cap 4.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,505
Businesses Nearby
214k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 47%
Groceries 25%
Shops & Services 18%
Office Supplies 8%
Burger King
Dining
36,225 visits/mo
0.3 miles
Starbucks
Dining
21,319 visits/mo
0.2 miles
Key Food Supermarket
Groceries
20,925 visits/mo
0.1 miles
Starbucks
Dining
20,474 visits/mo
0.4 miles
Staples
Office Supplies
17,925 visits/mo
0.4 miles
Demographics for 11102, NY
37,468
Population
19,431
Households
1.9
Avg Household Size
36
Median Age
58%
College-Educated
90%
High-School Grad
0.7 sq mi
ZIP Area
53,526
Density / Sq Mi
$102,996
Median Household Income
$70,557
Median Earnings
$2,248
Median Rent
$779,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
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.
