Building Details

Building Size 2,600 SF

Year Built 1928

Buildings 1

Stories 2

Units 3

Tenancy Multi

Listing Agency: EXP Realty

Listed By: Xingye Fu Show Phone

Source: Elliman

Added: Oct 14 Changed: Oct 15 Last Checked: Oct 15 at 2:38AM

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Investment Insights

Based on property information with market context.

This R5-zoned mixed-use building contains approximately 2,600 square feet of interior space. The upper floor has two apartments: one with two bedrooms and one bathroom, and another with one bedroom and one bathroom. The ground floor is configured as commercial space, formerly arranged as an attorney’s office. The property is fully vacant and has three electric meters, three gas meters, three gas boilers, and three hot water tanks. Roof waterproofing has been updated; the building dates to 1928.

The property is in Astoria, Queens, near E, F, M, and R subway lines, as well as shopping, restaurants, and neighborhood amenities. Walk Score is 93, Transit Score is 79, and Bike Score is 89.

Key Highlights

• Two residential units above a ground‑floor commercial space
• Approximately 2,600 square feet of interior area
• Apartment mix: one 2‑bedroom, 1‑bathroom unit and one 1‑bedroom, 1‑bathroom unit

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$63,555

Cap Rate

3.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,271,100 $1.3M

Cap Rate 7%

$907,929 $907.9K

Cap Rate 9%

$706,167 $706.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,600 SF

Gross rent

$120.1K $46.20/SF

− Vacancy

−$4.6K −$1.76/SF

EGI

$115.6K $44.44/SF

− OpEx

−$52.0K −$20.00/SF

NOI

$63.6K $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 Rate 5%

$1,271,100

Cap Rate 7%

$907,929

Cap Rate 9%

$706,167

Alternative Uses

Best Use

Apartment 5plus

$907.9K

$794.4K – $1.06M (±1% cap)

NOI $63,555 @ 7.0% cap · market cap 3.66%

Second Best

Retail

$663.0K

$580.1K – $773.5K (±1% cap)

NOI $46,410 @ 7.0% cap · market cap 2.67%

Theoretical Best

Office A

$1.92M

$1.68M – $2.24M (±1% cap)

NOI $134,172 @ 7.0% cap · market cap 7.72%

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

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Law Firm Parking Lot & Garage Nursing Home Hotel & Motel Clothing & Fashion Store Home Appliance Store

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

Lease Details

2

Residential units

Multi-tenant

Tenancy

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

4,766

Businesses Nearby

112k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 48% Groceries 23% Dining 21% Hotels & Casinos 4%

C-Town Supermarkets Groceries

14,284 visits/mo 0.3 miles

BP Shops & Services

11,847 visits/mo 0.3 miles

Key Food Groceries

11,032 visits/mo 0.2 miles

Mobil Shops & Services

10,357 visits/mo 0.4 miles

Dunkin' Donuts Dining

9,422 visits/mo 0.4 miles

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 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?

Mixed-use property - A ground-floor commercial space and two upper-level apartments are served by separate utility systems.

Where is this mixed-use property located?

The property is located at 4509 28th Ave Queens, NY.

What is the asking price?

The asking price for this property is $1,738,000.

What are key features of this property?

This property features: Two residential units above a ground‑floor commercial space; Approximately 2,600 square feet of interior area; Apartment mix: one 2‑bedroom, 1‑bathroom unit and one 1‑bedroom, 1‑bathroom unit