Current Use by Public Records
- Retail properties & Spaces
Property Details for 25-76 Steinway St
- Property type
- Retail properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional mixed-use property, located at 25-76 Steinway Street in Astoria, Queens, NY 11103, presents a compelling investment opportunity. The building boasts a total of 1,989 square feet and comprises three units: a 1,100-square-foot ground-floor convenience store/grocery storefront with a full basement, and two 1,000-square-foot apartments on the upper floors. The property sits on a 1,781-square-foot lot and is zoned C4-2. The store currently has a lease in place with a remaining term of four years, extending to August 2028. The apartments are currently vacant, offering immediate potential for rental income. The building, constructed in 2010, is a three-story structure in excellent condition. The property enjoys a prime location in a highly desirable area, characterized by high pedestrian traffic and proximity to Astoria Park, the subway, and LaGuardia Airport. This translates to strong rental demand for both commercial and residential spaces. The current annual net operating income (NOI) is $124,400, representing a 5.53% cap rate on the asking price of $2,250,000. This is a rare opportunity to acquire a well-situated mixed-use property with significant upside potential in a thriving Queens neighborhood. The property is offered as an owner/user investment.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.9132
- Latitude
- 40.7661
