Current Use by Public Records
- Hayati Lounge / Bar & Pub / (Bike/Boat/Book/etc) Store
Property Details for 25-47 Steinway St
- Year built
- 1920
- Property type
- Retail properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional mixed-use property at 25-47 Steinway Street in Astoria, Queens, NY 11103 presents a compelling investment opportunity. The three-story, 3,420 square foot building, constructed in 1920, sits on a 1,900 square foot lot (19.33 x 100 feet building dimensions are 19.33 x 60 feet). The property boasts five residential units: three two-bedroom apartments, one one-bedroom apartment, and one additional two-bedroom unit that will be delivered vacant. All residential units are month-to-month tenancies, with tenants responsible for their own electricity and cooking gas. A significant portion of the building comprises a 1200 square foot commercial space with backyard and full basement access. Currently occupied by a restaurant under lease until 2030 with a five-year option, this tenant pays their own utilities and contributes 50% of the property taxes, along with a 3% annual rent increase. The property's net operating income (NOI) is $105,000, resulting in a 5.00% capitalization rate. The asking price is $1,995,000. Tentative property taxes are $43,557.00 annually. This property offers a blend of stable rental income and significant commercial potential in a thriving Astoria location. The combination of residential and commercial income streams provides a diversified investment strategy with strong potential for future appreciation.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Astoria
- County
- Queens
- State
- New York
- Longitude
- -73.9124
- Latitude
- 40.7667
