Six-Story Mixed-Use
New
For Sale
Contact for pricing
37-10 31st Avenue, Astoria, NY 11103
Modern residential and retail property with an elevator, updated building systems, and select apartments offering private outdoor space.
Property Size8,366 SF
Price / SF$788.91
Days on Market6
Property Features for 37-10 31st Avenue
General Information
Standard status
Active
Size
8,366 SF
Elevators
Yes
Property subtype
Retail, Multifamily, Mixed Use
Additional Details
Public Transit
Yes
Multifamily Units
9
Amenities
private outdoor space
Building Details
Year Built
2013
Buildings
1
Stories
6
Listing Agency:
SERHANT
Listed By:
Jade Shenker · License #10401352442
(786) 300-2869
Source:
Crexi
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 14 at 6:39AM
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.
Completed in 2013, this six-story mixed-use building combines nine residential apartments with a ground-floor retail component totaling approximately 8,366 square feet. The property includes an elevator, modern building systems, and private outdoor space attached to select apartments. A 421-a tax abatement remains in place through 2031.
The building is located at 37-10 31st Avenue in Astoria, along an established commercial corridor near restaurants, shops, and daily conveniences. Nearby N/W subway service provides access to Midtown Manhattan. The combination of residential occupancy, street-level retail, contemporary construction, and transit connectivity creates a diversified property configuration.
The building is located at 37-10 31st Avenue in Astoria, along an established commercial corridor near restaurants, shops, and daily conveniences. Nearby N/W subway service provides access to Midtown Manhattan. The combination of residential occupancy, street-level retail, contemporary construction, and transit connectivity creates a diversified property configuration.
Key Highlights
- Nine residential apartments plus ground‑floor retail space
- Approximately 8,366 square feet across a six‑story building
- Built in 2013 with modern building systems and an elevator
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
$204,502
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
3.10%
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%
$4,090,040
$4.1M
Cap Rate 7%
$2,921,457
$2.9M
Cap Rate 9%
$2,272,244
$2.3M
Market Conditions
NOI Build-Up for 8,366 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
$386.5K $46.20/SF
− Vacancy
−$14.7K −$1.76/SF
EGI
$371.8K $44.44/SF
− OpEx
−$167.3K −$20.00/SF
NOI
$204.5K $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%
$4,090,040
Cap Rate 7%
$2,921,457
Cap Rate 9%
$2,272,244
Alternative Uses
Best Use
Apartment 5plus
$2.92M
$2.56M – $3.41M
NOI $204,502 @ 7.0% cap · market cap 3.10%
Second Best
Retail
$2.13M
$1.87M – $2.49M
NOI $149,333 @ 7.0% cap · market cap 2.26%
Theoretical Best
Office A
$6.17M
$5.40M – $7.20M
NOI $431,726 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
8,159
Businesses Nearby
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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
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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 - Modern residential and retail property with an elevator, updated building systems, and select apartments offering private outdoor space.
Where is this mixed-use property located?
The property is located at 37-10 31st Avenue Astoria, NY.
What is the asking price?
The asking price for this property is $6,600,000.
What are key features of this property?
This property features: Nine residential apartments plus ground‑floor retail space; Approximately 8,366 square feet across a six‑story building; Built in 2013 with modern building systems and an elevator
