Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    23-56 Broadway Queens, NY 11106

    • Retail properties
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties

    Property Details for 23-56 Broadway

    Property type
    Retail properties

    Description

    This exceptional 5,500 square foot retail space is located at 23-56 Broadway in Astoria, Queens, New York, 11106. The single-story building sits on a corner lot and features high ceilings (12 feet or higher), providing ample space for a variety of retail uses. The property includes one parking space, a significant advantage in this high-traffic area. Its prime location near the Broadway subway station ensures excellent visibility and accessibility for pedestrians and transit riders. The building is zoned R6A/C1-4 and is being delivered as a "white box" space, allowing for complete customization to suit the tenant's specific needs. This presents a unique opportunity for businesses seeking high exposure in a vibrant and thriving neighborhood. The property's convenient location and adaptable space make it ideal for a wide range of retail concepts, from boutiques and cafes to showrooms and other commercial ventures. The address is easily accessible via public transportation and offers significant foot traffic. This is a rare opportunity to secure a prominent retail location in a highly desirable area of Queens.

    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
    -73.9285
    Latitude
    40.7634

    Comparable in this City

    • Value Estimation by Request

      9-03 35Th Ave

      Retail properties
      9-03 35Th Ave, Queens, NY 11106
      View Details
    • Value Estimation by Request
      2,450 SF

      31St St

      Restaurants • 2,450 SF
      0 31St St, Queens, NY 11106
      View Details
    • Value Estimation by Request
      1,800 SF

      24-02 34Th Ave

      Retail properties • 1,800 SF
      24-02 34Th Ave, Queens, NY 11106
      View Details
    • Value Estimation by Request

      34-15 Broadway

      Restaurants
      34-15 Broadway, Queens, NY 11106
      View Details
    • Value Estimation
      $2,295,000
      113,146 SF

      3326 Vernon Blvd

      DEPARTMENT STORE • 113,146 SF
      3326 Vernon Blvd, Long Island City, NY 11106
      View Details
    • Value Estimation by Request
      55,000 SF

      35-01 36Th Ave

      Restaurants • 55,000 SF
      35-01 36Th Ave, Queens, NY 11106
      View Details

    Similar Nearby for Sale

    • $1,900,000
      2,000 SF

      Prime Queens Manufacturing Facility

      1-Story, 2,000 SF Manufacturing Building, 100% Occupied
      34-26 31St St, Queens, NY 11106
      View Details
    • $4,500,000
      5,000 SF

      Astoria Mixed-Use Investment

      Prime Astoria location, high NOI, value-add potential.
      0 Broadway, Astoria, NY 11106
      View Details
    • $1,470,000

      Astoria Multifamily Building For Sale

      Six-unit building in Astoria near subway and retail.
      31-42 34Th St, Queens, NY 11106
      View Details
    • $3,850,000
      0.04 Acres

      Astoria Mixed-Use Investment Opportunity

      Four-story building with apartments and a restaurant in Astoria.
      34-55 32Nd St, Astoria, NY 11106
      View Details
    • $1,470,000
      Pending

      Astoria Multifamily Building with Parking

      Six-unit building with parking in prime Astoria location.
      3142 34Th St, Astoria, NY 11106
      View Details
    • $3,850,000
      6,480 SF

      Astoria Multifamily Building with Restaurant

      Four-story building with apartments and a restaurant in Astoria.
      34-55 32Nd St, Astoria, NY 11106
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,300 SF

      Broadway Retail Space - Queens

      High-traffic retail space, flexible lease options.
      31-09 Broadway, Queens, NY 11106
      View Details
    • $85 SF/Yr

      New Retail Space in Astoria

      New construction retail space in a luxury boutique building.
      31-16 21St St, Astoria, NY 11106
      View Details
    • $9,500 /Mo

      Astoria Restaurant Space for Lease

      Prime 1,200 sq ft restaurant space in vibrant Astoria.
      25-24 Broadway, Queens, NY 11106
      View Details
    • $12,000 /Mo

      Retail Space for Lease

      3000 SF retail space available for lease.
      24-28 34Th Ave, Queens, NY 11106
      View Details
    • $1,500 /Mo
      2,178 SF

      Storefront in Long Island City

      Storefront in Long Island City, ideal for various businesses.
      35-60 9Th St, Long Island City, NY 11106
      View Details
    • $8,000 /Mo

      Corner Storefront Available for Rent

      Corner storefront property with approximately 2000 square feet available for rent.
      24 34Th Ave, Astoria, NY 11106
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    23-56 Broadway
    Queens, NY 11106
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.