Mixed-Use Corner Brick
For Sale
$3,200,000
4229 Newtown Road, Astoria, NY 11103
Ground-floor commercial units paired with four residential apartments make this corner brick building a versatile mixed-use asset.
Property Size5,408 SF
Lot Size0.16 Acres
Price / SF$591.72
Days on Market465
Property Features for 4229 Newtown Road
General Information
Standard status
Active
Size
5,408 SF
Lot size
0.16 Acres
Property subtype
Multi Family
Zoning
R5- with C1-2 Overlay
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$57,046
Building Details
Building Size
5,408 SF
Year Built
1928
Listing Agency:
Golden One Realty Group LLC
Listed By:
Alina Yukhtman · License #10301218803
(718) 229-2922
Source:
Cbwarburg
Added: Jun 4, 2025
Changed: Aug 31
Last Checked: Sep 10 at 5:30AM
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 Golden One Realty Group LLC
Investment Insights
Based on property information with market context.
This mixed-use brick corner building includes two commercial units on the ground floor and four residential units. The residential component consists of two two-bedroom, one-bath apartments and two one-bedroom, one-bath apartments. The property is situated on a 101 x 66 lot.
The building is in Astoria and benefits from nearby transit access, described as a few short blocks to subway lines R, F, E, N and W. The property is noted as being in the heart of Astoria, with retail space nearby. Zoning is listed as R5 with a C1-2 overlay.
For buyers or operators seeking a combined income stream, the layout provides both street-level commercial space and residential units within the same asset. Two commercial units on the ground floor can support storefront-style tenancy, while the four apartments offer additional dwelling count within the building. Interested parties can request a rent roll and expense information for review.
The building is in Astoria and benefits from nearby transit access, described as a few short blocks to subway lines R, F, E, N and W. The property is noted as being in the heart of Astoria, with retail space nearby. Zoning is listed as R5 with a C1-2 overlay.
For buyers or operators seeking a combined income stream, the layout provides both street-level commercial space and residential units within the same asset. Two commercial units on the ground floor can support storefront-style tenancy, while the four apartments offer additional dwelling count within the building. Interested parties can request a rent roll and expense information for review.
Key Highlights
- Corner brick mixed‑use building with 2 commercial units and 4 residential units in Astoria
- Ground floor features 2 commercial units plus 2 two‑bedroom, 1‑bath apartments
- Additional residential units include 2 one‑bedroom, 1‑bath apartments
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
$132,195
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
4.13%
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%
$2,643,900
$2.6M
Cap Rate 7%
$1,888,500
$1.9M
Cap Rate 9%
$1,468,833
$1.5M
Market Conditions
NOI Build-Up for 5,408 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
$249.8K $46.20/SF
− Vacancy
−$9.5K −$1.76/SF
EGI
$240.4K $44.44/SF
− OpEx
−$108.2K −$20.00/SF
NOI
$132.2K $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%
$2,643,900
Cap Rate 7%
$1,888,500
Cap Rate 9%
$1,468,833
Alternative Uses
Best Use
Apartment 5plus
$1.89M
$1.65M – $2.20M
NOI $132,195 @ 7.0% cap · market cap 4.13%
Second Best
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,511 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$3.99M
$3.49M – $4.65M
NOI $279,079 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
7,213
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
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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?
Quadplex - Ground-floor commercial units paired with four residential apartments make this corner brick building a versatile mixed-use asset.
Where is this quadplex located?
The property is located at 4229 Newtown Road Astoria, NY.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Corner brick mixed‑use building with 2 commercial units and 4 residential units in Astoria; Ground floor features 2 commercial units plus 2 two‑bedroom, 1‑bath apartments; Additional residential units include 2 one‑bedroom, 1‑bath apartments
