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    Two-Story Office and Apartment Building Title is generated by Realmo AI

    4509 28 ave, Astoria, NY 11103

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    For Sale
    $1,850,000

    Multi-Unit (2-4) - Astoria, NY

    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for 4509 28 ave

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active

    Taxes and HOA fees

    Tax Annual Amount
    9500

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Hyounghwaqn Khoo

    Listing agent Hyounghwaqn Khoo

    Listing office CANA REALTY 156-15 NORTHERN BLVD, FLUSHING, NY

    Listing date Jun 3, 2026

    MLS# 11800119 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Mixed‑use building with a store plus two apartments: front 2‑bedroom apartment and rear 1‑bedroom apartment (not a studio)
    • Each apartment has real oak wood floors and separate eat‑in kitchens with porcelain tiles and its own bathroom
    • Separate gas boilers and hot water tanks for each apartment and the store—tenants pay for heat and hot water
    • Each apartment has its own electric circuit breaker box
    • Basement storage room with locks and entrances from both the street and the backyard
    • Store includes two law offices and an accountant’s office, plus a bathroom and access to the basement and backyard

    Overview

    This two-story mixed-use building includes an office-level store area plus two residential units. The ground-floor space is set up for two law offices and an accountant’s office, along with a bathroom, stairs to a basement, and access to a partially cemented backyard. There is a separate hot water tank and separate gas boiler for the store area, and both apartments also have their own electric circuit breaker boxes, separate gas boilers for heat, and separate hot water tanks.

    The basement features a storage room with a lock and entrances from both the street and the backyard. The second floor front is a two-bedroom apartment with oak wood floors, an eat-in kitchen with porcelain tile, and an apartment bathroom. The second floor rear is a one-bedroom apartment (not a studio) with oak wood floors in the bedroom and living room, plus its own eat-in kitchen and bathroom.

    For occupants or buyers looking for an owner-managed or income-oriented setup, the existing layout supports separate office and residential use, while the separate mechanical and utility systems provide practical independence between spaces. Professional plumbing installation and NYC approval are noted for the building’s updated systems.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Astoria
    County
    Queens
    State
    New York
    Longitude
    -73.909187
    Latitude
    40.763608

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    FAQs

    What type of property is this?
    Duplex - Separate offices and apartments with individual heating and hot-water systems can support tenant-controlled utilities.
    Where is this duplex located?
    The property is located at 4509 28 ave Astoria, NY.
    What is the asking price?
    The asking price for this property is $1,850,000.
    What are key features of this property?
    This property features: Mixed‑use building with a store plus two apartments: front 2‑bedroom apartment and rear 1‑bedroom apartment (not a studio); Each apartment has real oak wood floors and separate eat‑in kitchens with porcelain tiles and its own bathroom; Separate gas boilers and hot water tanks for each apartment and the store—tenants pay for heat and hot water
    (646) 596-3657
    We can help!
    Listing Contact
    Hyounghwaqn Khoo
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    4509 28 ave, Astoria, NY 11103
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