Building Details

Building Size 5,962 SF

Year Built 1923

Buildings 1

Stories 4

Tenancy Multi

Listing Agency: Winzone Realty Inc i***@winzonere.com Show Phone

Listed By: Eric Pang · License #10301219193 Show Phone

Source: Croninreale

Added: Jan 22 Changed: Oct 23 Last Checked: Oct 23 at 3:59PM

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Investment Insights

Based on property information with market context.

This four-story mixed-use property combines three storefronts on the first floor with six apartments above. The residential mix includes three two-bedroom, one-bath units and three one-bedroom, one-bath units, arranged across the second through fourth floors. A partially finished basement adds another component to the building’s configuration.

Built in 1923, the property contains 5,962 square feet and is zoned C1-3 and R6A. Its storefront and apartment components bring retail and residential uses together within one building.

Key Highlights

• Three ground‑floor storefronts and six upper‑floor apartments
• Residential mix: three 2‑bedroom, 1‑bath apartments and three 1‑bedroom, 1‑bath apartments
• 5,962 square feet

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$145,738

Cap Rate

3.89%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,914,760 $2.9M

Cap Rate 7%

$2,081,971 $2.1M

Cap Rate 9%

$1,619,311 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,962 SF

Gross rent

$275.4K $46.20/SF

− Vacancy

−$10.5K −$1.76/SF

EGI

$265.0K $44.44/SF

− OpEx

−$119.2K −$20.00/SF

NOI

$145.7K $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 Rate 5%

$2,914,760

Cap Rate 7%

$2,081,971

Cap Rate 9%

$1,619,311

Alternative Uses

Best Use

Apartment 5plus

$2.08M

$1.82M – $2.43M (±1% cap)

NOI $145,738 @ 7.0% cap · market cap 3.89%

Second Best

Retail

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,422 @ 7.0% cap · market cap 2.84%

Theoretical Best

Office A

$4.40M

$3.85M – $5.13M (±1% cap)

NOI $307,668 @ 7.0% cap · market cap 8.20%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Nursing Home Pet Grooming Service (Bike/Boat/Book/etc) Store Adult Day Care Garden Center Clothing & Fashion Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

6,176

Businesses Nearby

Explore this area Business Placement

Demographics for 11106, NY

41,722

Population

21,681

Households

1.9

Avg Household Size

37

Median Age

52%

College-Educated

89%

High-School Grad

0.9 sq mi

ZIP Area

46,358

Density / Sq Mi

$85,573

Median Household Income

$62,254

Median Earnings

$2,032

Median Rent

$639,200

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Three ground-floor retail spaces are paired with six apartments across the upper levels.

Where is this mixed-use property located?

The property is located at 31-02 35th Street Astoria, NY.

What is the asking price?

The asking price for this property is $3,750,000.

What are key features of this property?

This property features: Three ground‑floor storefronts and six upper‑floor apartments; Residential mix: three 2‑bedroom, 1‑bath apartments and three 1‑bedroom, 1‑bath apartments; 5,962 square feet