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    Broadway Astoria, NY 11106

    Sponsored
    For Sale
    $4,500,000

    Prime Astoria location, high NOI, value-add potential.

    Property size:
    5,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional mixed-use property in Astoria, Queens presents a compelling investment opportunity. The three-story, 1988-built brick building boasts approximately 5,500 square feet of net rentable space, situated on a 2,600 square foot lot (26' x 100'). Currently configured as a ground floor commercial space (previously a restaurant and bar, currently vacant and available for lease), and two upper-floor residential units, each featuring five bedrooms and two bathrooms. The building generates a current NOI of $290,000, representing a 6.44% cap rate. The apartments, totaling six bedrooms, are currently vacant, offering immediate upside potential for rental income. Significant value-add potential exists through lease-up of the vacant commercial and residential spaces and potential redevelopment. The property benefits from a C1-4/R6A zoning designation and includes substantial air rights (7,500 sq ft), allowing for potential expansion. Conveniently located near the Broadway subway station, providing easy access to Manhattan. The asking price is $4,500,000, with a price per unit of $1,125,000. This property is held in a corporate ownership structure. Ceiling height is 10 feet. The building underwent renovations in 2000. This is an ideal opportunity for owner-users or investors seeking a strong return in a prime Astoria location.

    Property Features for 0 Broadway

    General Information

    Property type
    Retail properties
    Square Feet
    5,000 SF
    Class
    C

    Building Details

    Year Built/Renovated
    1988/2000
    Buildings
    1
    Stories
    3
    Units
    4

    HighLights

    • Three‑story commercial building in prime Astoria location with air rights for an additional floor.
    • Ground floor: 2,200 sq. ft. restaurant/bar space (divisible into two units) currently month‑to‑month tenancy.
    • Second floor: Five‑bedroom, two‑bathroom apartment generating approximately $5,000 monthly income (vacant, free market).
    • Third floor: Five‑bedroom, two‑bathroom apartment generating approximately $6,000 monthly income (vacant, free market).
    • 1988 brick building.
    • Five‑minute walk to Broadway Subway Station (Manhattan access).
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Astoria
    County
    Queens
    State
    New York
    Longitude
    -73.9275548
    Latitude
    40.7627817

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    FAQs

    What type of property is this?
    Retail property - Prime Astoria location, high NOI, value-add potential.
    Where is this retail property located?
    The property is located at Broadway Astoria, NY.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: Three-story commercial building in prime Astoria location with air rights for an additional floor.; Ground floor: 2,200 sq. ft. restaurant/bar space (divisible into two units) currently month-to-month tenancy.; Second floor: Five-bedroom, two-bathroom apartment generating approximately $5,000 monthly income (vacant, free market).
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    Realmo Value Estimation

    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.

    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.

    Alternative use

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

    More about this property
    Broadway Astoria, NY 11106
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