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    Property profile & analytics

    28-08 Steinway St Queens, NY 11103

    • Retail properties
    • 3,822 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Fayrooz Hookha lounge and bar / Hookah Bar / Bar

    Property Details for 28-08 Steinway St

    Property size
    3,822 SF
    Property type
    Retail properties

    Description

    This exceptional 1,500 square foot retail space is located at 28-08 Steinway Street in Astoria, Queens, New York, zip code 11103. Situated on a prominent corner at the intersection of Steinway Street and 28th Avenue, this ground floor space is part of a three-story building totaling 3,822 square feet. The property is zoned C4-2A and offers a spacious basement for additional storage, ideal for inventory or equipment. The vibrant Astoria location boasts a wealth of nearby amenities, including a diverse selection of restaurants, cafes, shops, and cultural attractions. Its strategic location on Steinway Street ensures excellent accessibility to public transportation, major roadways, and surrounding neighborhoods, providing optimal convenience for both businesses and customers. This single-tenancy retail space presents a fantastic opportunity for businesses seeking a high-visibility location in a thriving commercial district within Queens County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Queens
    County
    Queens
    State
    New York
    Longitude
    -73.914
    Latitude
    40.7652

    Comparable in this City

    • Value Estimation by Request
      3,625 SF

      30-16 Steinway St

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      30-16 Steinway St, Queens, NY 11103
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    • Value Estimation by Request
      3,420 SF

      25-47 Steinway St

      Individual retail properties • 3,420 SF
      25-47 Steinway St, Astoria, NY 11103
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    • Value Estimation by Request
      13,900 SF

      4013-4015 Broadway

      Mixed-use properties • 13,900 SF
      4013-4015 Broadway, Queens, NY 11103
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    • Value Estimation by Request
      3,819 SF

      32-88 48Th St

      Retail properties • 3,819 SF
      32-88 48Th St, Queens, NY 11103
      View Details
    • Value Estimation by Request

      32-87 Steinway St

      Retail properties
      32-87 Steinway St, Queens, NY 11103
      View Details
    • Value Estimation by Request
      1,300 SF

      25-45 Steinway St

      Restaurants • 1,300 SF
      25-45 Steinway St, Queens, NY 11103
      View Details

    Similar Nearby for Sale

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      3,625 SF

      Prime Queens Retail Investment

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      Astoria Lounge Business Opportunity

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    Similar Nearby for Lease

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      700 SF

      Steinway Street Retail Space For Lease

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    • $85 SF/Yr
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      Modern Astoria retail space, newly renovated.
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      Astoria Medical Office Space For Lease

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    • $25 SF/Yr
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      Astoria Retail Gem: 11,000 SF

      Prime corner retail space, Astoria, NY. High-traffic location.
      32-87 Steinway St, Queens, NY 11103
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    • Contact for pricing
      1,944 SF

      Retail Building in Astoria, Queens

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    • $33 SF/Yr
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      Queens Commercial Space for Lease

      Prime Queens location, 6,538 sq ft restaurant/retail space.
      46-11 Broadway, Queens, NY 11103
      View Details
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    28-08 Steinway St
    Queens, NY 11103
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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.

    More about this property
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