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    32-87 Steinway St Queens, NY 11103
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    32-87 Steinway St Queens, NY 11103

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    • Retail properties & Spaces
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rite Aid Pharmacy / Pharmacy
    • KeyMe / Locksmith
    • TD Bank ATM / Atm
    • higi / Physician
    • Spirit Halloween / (Bike/Boat/Book/etc) Store

    Property Details for 32-87 Steinway St

    Property type
    Retail properties & Spaces

    Description

    This exceptional commercial property at 32-87 Steinway Street in Astoria, Queens, presents a unique investment opportunity. The building offers a substantial 11,000 square feet of ground-level retail space, previously occupied by Rite Aid, providing ample room for a diverse range of businesses. The expansive layout is complemented by an additional 5,000 square feet of basement space, perfect for storage, expansion, or supplementary retail operations. A convenient freight elevator ensures efficient movement of goods and merchandise throughout the building. This prime corner location benefits from exceptional visibility and accessibility, situated directly adjacent to a subway station, ensuring convenient access for both customers and employees. The property's strategic placement, just one block from the Innovation QNS development, positions it ideally for businesses within the technology and innovation sectors. This high-traffic location in the vibrant Astoria neighborhood of Queens County, New York (zip code 11103) offers unparalleled potential for a thriving business. The property's size, location, and amenities make it an exceptional opportunity for businesses seeking a prominent presence in a rapidly growing area. This single-tenant retail space is ready for its next chapter.

    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
    -73.921
    Latitude
    40.7566

    Comparable in this City

    • Value Estimation by Request
      1,300 SF

      25-45 Steinway St

      Restaurants • 1,300 SF
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    • Value Estimation by Request
      2,310 SF

      43-02 Newtown Rd

      Mixed-use properties • 2,310 SF
      43-02 Newtown Rd, Queens, NY 11103
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    • Value Estimation by Request
      3,822 SF

      28-08 Steinway St

      Retail properties & Spaces • 3,822 SF
      28-08 Steinway St, Queens, NY 11103
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    • Value Estimation by Request
      3,819 SF

      32-88 48Th St

      Retail properties & Spaces • 3,819 SF
      32-88 48Th St, Queens, NY 11103
      View Details
    • Value Estimation by Request
      1,989 SF

      25-76 Steinway St

      Individual retail properties • 1,989 SF
      25-76 Steinway St, Queens, NY 11103
      View Details
    • Value Estimation by Request
      30,000 SF

      32-24 Steinway St

      Retail properties & Spaces • 30,000 SF
      32-24 Steinway St, Queens, NY 11103
      View Details

    Similar Nearby for Sale

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      6,822 SF

      Astoria Mixed-Use Investment Opportunity

      Mixed-use property in Astoria with a 7.56% CAP rate.
      31-53 Steinway St, Astoria, NY 11103
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      Astoria Mixed-Use Investment Opportunity

      Fully leased mixed-use building in prime Astoria location.
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      13,500 SF

      Prime Astoria Retail Building

      13,500 SF retail building in prime Steinway Street location.
      3135 Steinway St, Astoria, NY 11103
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    Similar Nearby for Lease

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      2,050 SF

      Turnkey Restaurant Space Available

      Restaurant space with beer & wine license in Astoria.
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      2,597 SF

      Retail Space on Steinway Street

      Retail property available for lease in New York, NY.
      31-59 Steinway St, New York, NY 11103
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      Retail/Office Space on Steinway

      Second floor retail/office space available for sublease.
      31-64 Steinway St, Long Island City, NY 11103
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    • $6,000 /Mo
      2,200 SF

      Finished Office Space in Astoria

      Full-service office space in prime Astoria, Queens for rent.
      2449 47Th St, Astoria, NY 11103
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    • $2,900 /Mo

      Retail/Office Space with Storage

      High-traffic location with basement storage and parking available.
      2590 41St St, Queens, NY 11103
      View Details
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    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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