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    Astoria Retail Corner Space Available Title is generated by Realmo AI

    31-16 21st Street, Astoria, NY 11106

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    Claim this Listing
    For Lease
    $66 SF/Yr $6,611/Mo (calc)

    COMMERCIAL - Astoria, NY

    Type:Retail
    Property size:
    1,202 SF
    Added:
    Dec 9, 2024
    Days on Market:
    520
    Last Refresh:
    May 13 at 7:06 am

    Property Features for 31-16 21st Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Retail
    Standard status
    Active
    Size
    1,202 SF

    Taxes and HOA fees

    Tax Year
    2026

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Building materials
    Aluminum Siding

    We can help!

    Listing Contact
    Li Li

    Listing agent Li Li

    Listing office B Square Realty 13620 38th Ave Ste 3E, Flushing, NY

    Listing date Dec 9, 2024

    MLS# 803596

    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.

    HighLights

    • Only 1 unit remaining: Rare opportunity for a prime commercial space.
    • New construction in a luxury boutique building.
    • Highly visible corner unit with dual exposure.
    • Located at the vibrant intersection of 31st Avenue and 21st Street.
    • Approximately 1,202 SF of retail space.
    • Expansive show windows and lofty ceilings for maximum natural light.

    Overview

    A commercial retail corner space is available for rent within a new construction luxury boutique building. Located at the intersection of 31st Avenue and 21st Street in Astoria, NY, the space offers approximately 1,202 square feet. This corner unit provides dual exposure for maximum visibility. The space features expansive show windows and lofty ceilings designed to maximize natural light. The layout is suitable for a variety of business uses, subject to approval. The property benefits from heavy traffic in the area, providing strong exposure to potential customers. This is a prime corner space in a newly built development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

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

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

    Similar Places Nearby

    • Marigolds Florals — 19-19 24th Ave, Astoria, NY 11102
    • Athena's Flower Shop — 32-12 23rd Ave, Astoria, NY 11105
    • Astoria Florist — 2208 42nd St, Queens, NY 11105
    • LIC Florists — 3802 Ditmars Blvd, Long Island City, NY 11105

    Location Insight

    • Map
    • Local Demand
    City
    Astoria
    County
    Queens
    State
    New York
    Longitude
    -73.932614
    Latitude
    40.7642612

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    FAQs

    What type of property is this?
    Storefront property - New construction retail space in a high-traffic Astoria location.
    Where is this storefront property located?
    The property is located at 31-16 21st Street Astoria, NY.
    What is the lease rate?
    The lease rate is $66 SF/Yr.
    What are key features of this property?
    This property features: Only 1 unit remaining: Rare opportunity for a prime commercial space.; New construction in a luxury boutique building.; Highly visible corner unit with dual exposure.
    (646) 889-9988
    We can help!
    Listing Contact
    Li Li
    Learn More
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    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
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