Four-Story Mixed-Use
For Sale
Contact for pricing
31-47 Steinway Street, Astoria, NY 11103
Commercial space is combined with five free-market residential units in an Astoria building on Steinway Street.
Property Size6,600 SF
Price / SF$439.39
Days on Market11
Property Features for 31-47 Steinway Street
General Information
Standard status
Active
Size
6,600 SF
Property subtype
Mixed Use
Additional Details
Multifamily Units
5
Building Details
Stories
4
Listing Agency:
SERHANT
Listed By:
Owen Toland · License #10301224759
Source:
Crexi
Added: Sep 1
Changed: Sep 9
Last Checked: Sep 11 at 7:31AM
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 SERHANT
Investment Insights
Based on property information with market context.
This four-story mixed-use building contains 6,600 SF and combines commercial space with five residential units. The apartments are described as 100% free-market, providing a residential component alongside the property’s commercial use.
The property is located at 31-47 Steinway Street in Astoria, Queens, NY 11103. Steinway Street is identified as a retail corridor, placing the building within an established commercial setting.
The property is located at 31-47 Steinway Street in Astoria, Queens, NY 11103. Steinway Street is identified as a retail corridor, placing the building within an established commercial setting.
Key Highlights
- 4‑story mixed‑use property with 6,600 SF
- Five 100% free‑market residential units
- Commercial and residential components in one building
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
$161,333
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
5.56%
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%
$3,226,660
$3.2M
Cap Rate 7%
$2,304,757
$2.3M
Cap Rate 9%
$1,792,589
$1.8M
Market Conditions
NOI Build-Up for 6,600 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
$304.9K $46.20/SF
− Vacancy
−$11.6K −$1.76/SF
EGI
$293.3K $44.44/SF
− OpEx
−$132.0K −$20.00/SF
NOI
$161.3K $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%
$3,226,660
Cap Rate 7%
$2,304,757
Cap Rate 9%
$1,792,589
Alternative Uses
Best Use
Apartment 5plus
$2.30M
$2.02M – $2.69M
NOI $161,333 @ 7.0% cap · market cap 5.56%
Second Best
Retail
$1.68M
$1.47M – $1.96M
NOI $117,810 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$4.87M
$4.26M – $5.68M
NOI $340,592 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,465
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial space is combined with five free-market residential units in an Astoria building on Steinway Street.
Where is this mixed-use property located?
The property is located at 31-47 Steinway Street Astoria, NY.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 4‑story mixed‑use property with 6,600 SF; Five 100% free‑market residential units; Commercial and residential components in one building
