Astoria Mixed-Use Investment
For Sale
$5,495,000
3801 31st Ave, Queens, NY 11103
Remodeled mixed-use elevator building with tax abatements in prime location.
Property Size9,932 SF
Lot Size0.07 Acres
Days on Market176
Property Features for 3801 31st Ave
General Information
Standard status
Active
Size
9,932 SF
Lot size
0.07 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$65,268
Building Details
Building Size
9,932 SF
Year Built
1970
Units
11
Listing Agency:
NY Space Finders Inc
(718) 440-8162
Listed By:
Luca DiCiero · License #10351202702
(718) 440-8162
Source:
Elliman
Added: Mar 11
Changed: Aug 31
Last Checked: Sep 1 at 10:20PM
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 NY Space Finders Inc
Investment Insights
Based on property information with market context.
Located on a high-visibility corner lot at 3801 31st Avenue, just off Steinway Street in Astoria, NY, this remodeled mixed-use elevator building presents a prime investment opportunity. The property, zoned C1-3/R6A, features nine spacious one-bedroom residential units and two generously sized commercial spaces, offering a blend of residential and commercial appeal. Each unit includes central HVAC, tasteful finishes, and modern fittings. The building benefits from exceptional exposure in a densely populated, high-traffic neighborhood. A 421A tax abatement, effective until 2031, reduces tax burdens on the residential units. The commercial units benefit from an ICAP tax abatement through 2030. The property is located minutes from the M and R subway lines at Steinway Street and multiple bus routes, providing accessibility to Midtown Manhattan and beyond. This turnkey investment is situated in one of Queens’ most sought-after neighborhoods.
Key Highlights
- Prime Astoria location on a high‑visibility corner lot, just off Steinway Street.
- Significant tax savings with a 421A abatement for residential units (until 2031) and an ICAP abatement for commercial units (through 2030).
- Remodeled mixed‑use elevator building with nine one‑bedroom residential units and two commercial spaces.
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
$242,782
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
4.42%
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%
$4,855,640
$4.9M
Cap Rate 7%
$3,468,314
$3.5M
Cap Rate 9%
$2,697,578
$2.7M
Market Conditions
NOI Build-Up for 9,932 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
$458.9K $46.20/SF
− Vacancy
−$17.4K −$1.76/SF
EGI
$441.4K $44.44/SF
− OpEx
−$198.6K −$20.00/SF
NOI
$242.8K $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%
$4,855,640
Cap Rate 7%
$3,468,314
Cap Rate 9%
$2,697,578
Alternative Uses
Best Use
Apartment 5plus
$3.47M
$3.03M – $4.05M
NOI $242,782 @ 7.0% cap · market cap 4.42%
Second Best
Mixed Use
$1.83M
$1.60M – $2.13M
NOI $127,825 @ 7.0% cap · market cap 2.33%
Theoretical Best
Office A
$7.32M
$6.41M – $8.54M
NOI $512,539 @ 7.0% cap · market cap 9.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,821
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Remodeled mixed-use elevator building with tax abatements in prime location.
Where is this mixed-use property located?
The property is located at 3801 31st Ave Queens, NY.
What is the asking price?
The asking price for this property is $5,495,000.
What are key features of this property?
This property features: Prime Astoria location on a high‑visibility corner lot, just off Steinway Street.; Significant tax savings with a 421A abatement for residential units (until 2031) and an ICAP abatement for commercial units (through 2030).; Remodeled mixed‑use elevator building with nine one‑bedroom residential units and two commercial spaces.
