Listing Agency: 4 Points Properties Show Phone

Listed By: Listing Contact - 4 Points

Source: Moodyscre

Added: Dec 6, 2024 Changed: Oct 5 Last Checked: Oct 21 at 12:31AM

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Investment Insights

Based on property information with market context.

This 13,500-square-foot building is available for sale or lease and is located in a prime location on Steinway Street. The building features 4,500 square feet on the ground floor, 4,500 square feet on the second floor, and an additional 4,500 square feet in the full basement. The property has 50 feet of frontage and is situated between Broadway and 31st Avenue, directly across the street from a municipal parking lot with 46 spaces. It is also located one block from the [E], [M], and [R] trains. The space is currently built out as a clothing retail store, complete with fitting rooms, a warehouse, and registers, but all uses are considered.

Key Highlights

• Prime Steinway Street location with 50 feet of frontage.
• Total of 13,500 SF: Ground Floor (4,500 SF), Second Floor (4,500 SF), and Full Basement (4,500 SF).
• Located directly across from a municipal parking lot (46 spots) and one block from [E], [M], & [R] trains.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$240,975

Cap Rate

4.09%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,819,500 $4.8M

Cap Rate 7%

$3,442,500 $3.4M

Cap Rate 9%

$2,677,500 $2.7M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,500 SF

Gross rent

$405.0K $30.00/SF

− Vacancy

−$60.8K −$4.50/SF

EGI

$344.3K $25.50/SF

− OpEx

−$103.3K −$7.65/SF

NOI

$241.0K $17.85/SF

Area

Queens County, NY

Vacancy

15.00%

Lease Rate

$30.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,819,500

Cap Rate 7%

$3,442,500

Cap Rate 9%

$2,677,500

Alternative Uses

Best Use

Retail

$3.44M

$3.01M – $4.02M (±1% cap)

NOI $240,975 @ 7.0% cap · market cap 4.09%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$9.95M

$8.71M – $11.61M (±1% cap)

NOI $696,665 @ 7.0% cap · market cap 11.81%

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

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Retail space

Suggested Use

Top Pick Law Firm Parking Lot & Garage Nursing Home Garden Center (Bike/Boat/Book/etc) Store Pet Grooming Service

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

Location Intelligence

Trade Area within ½ mile

7,691

Businesses Nearby

233k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Dining 40% Groceries 29% Shops & Services 23% Electronics 4%

McDonald's Dining

28,219 visits/mo 0.4 miles

Key Food Supermarket Groceries

20,925 visits/mo 0.4 miles

Starbucks Dining

20,474 visits/mo 0.4 miles

Las Margaritas Dining

14,548 visits/mo 0.1 miles

C-Town Supermarkets Groceries

14,284 visits/mo 0.4 miles

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - 13,500 SF retail building in prime Steinway Street location.

Where is this retail space located?

The property is located at 3135 Steinway St Astoria, NY.

What is the asking price?

The asking price for this property is $5,899,000.

What are key features of this property?

This property features: Prime Steinway Street location with **50 feet of frontage**.; Total of 13,500 SF: Ground Floor (4,500 SF), Second Floor (4,500 SF), and Full Basement (4,500 SF).; Located directly across from a municipal parking lot (46 spots) and one block from [E], [M], & [R] trains.