Astoria Mixed-Use Development
For Sale
Contact for pricing
Pending
42-01 28th Avenue, New York, NY 11103
Prime corner lot in Astoria with significant development potential.
Property Size14,725 SF
Lot Size0.34 Acres
Days on Market1037
Property Features for 42-01 28th Avenue
General Information
Standard status
Pending
Size
14,725 SF
Lot size
0.34 Acres
Property subtype
Mixed Use
Zoning
R6AR5,C1-2
Listing Agency:
NY SPACE FINDERS INC,
Listed By:
LUCA DICIERO · License #10351202702
(347) 242-0353
Source:
Crexi
Added: Nov 2, 2023
Changed: Aug 14
Last Checked: Aug 14 at 7:21AM
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 NY SPACE FINDERS INC,
Investment Insights
Based on property information with market context.
This mixed-use development opportunity is located on a corner lot in Astoria, New York. The property, situated on the northeast corner of 42nd and 28th Avenue, is zoned R6 A, R5, C1-2 with a Zoning FAR of 47,100 square feet. The lot size is approximately 14,725 square feet, allowing for a project of approximately 67,861 total buildable square feet for residential and commercial development. Complete building plans offer a total of 60 units, divided as approximately 4,486 square feet of commercial space, approximately 42,600 square feet for 45 market-rate rental units, and 15 MIH units, plus approximately 8,240 square feet for 28 parking spaces. The project benefits from an Affordable New York 35-year real estate tax abatement and a 421A Footing Documented. Complete plans and a survey are available, and demolition has been completed and signed off, with SOE complete. The property's corner location, close to Steinway Street and Astoria Boulevard, provides visibility and accessibility, attracting foot traffic. It offers direct access to Midtown Manhattan in under 30 minutes and is adjacent to the N & W subway lines and bus lines. This development site is positioned to cater to Astoria's escalating needs, taking advantage of premium retail rentals and the demand for condos and high-priced rental apartments. The property presents an investment opportunity to join Astoria's progressive trajectory.
Key Highlights
- Large‑scale mixed‑use development opportunity with approximately 67,861 total buildable square feet.
- Benefit of Affordable New York 35‑year real estate tax abatement and 421A Footing Documented.
- Complete plans and survey available, demolition completed and signed‑off, and SOE complete.
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
$469,359
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
4.47%
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%
$9,387,180
$9.4M
Cap Rate 7%
$6,705,129
$6.7M
Cap Rate 9%
$5,215,100
$5.2M
Market Conditions
NOI Build-Up for 14,725 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
$883.5K $60.00/SF
− Vacancy
−$132.5K −$9.00/SF
EGI
$751.0K $51.00/SF
− OpEx
−$281.6K −$19.13/SF
NOI
$469.4K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$9,387,180
Cap Rate 7%
$6,705,129
Cap Rate 9%
$5,215,100
Alternative Uses
Best Use
Mixed Use
$6.71M
$5.87M – $7.82M
NOI $469,359 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$36.65M
$32.07M – $42.76M
NOI $2,565,684 @ 7.0% cap · market cap 24.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,096
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Prime corner lot in Astoria with significant development potential.
Where is this mixed-use property located?
The property is located at 42-01 28th Avenue New York, NY.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Large‑scale mixed‑use development opportunity with approximately 67,861 total buildable square feet.; Benefit of Affordable New York 35‑year real estate tax abatement and 421A Footing Documented.; Complete plans and survey available, demolition completed and signed‑off, and SOE complete.
