Property Details

Overview

This exceptional 7-unit apartment building gross annual income of $179, 064 There are Three vacant units two of them FAIR MARKET, which can potentially be rented for $3, 100 each ( Current Market rent for four room two Bedrooms are between $3, 300 to $37, 00. Third vacant unit legal rent $2, 129, Once all units are leased, the total monthly income will reach $14, 922, resulting in a gross annual income of $179, 064. With estimated expenses at approximately 30%, the property offers a cap rate of around 6%, presenting a strong investment opportunity. is situated just half a block from vibrant 30th Avenue and only two blocks from the 30th Avenue train station. Located in the heart of Astoria, this prime spot offers convenient access to an array of shopping, dining, and entertainment options. Building Income: The property currently generates $14, 922 in monthly rental income, with five units rent-stabilized and two fair market. Four units are currently occupied, averaging $1, 672 per unit. Spacious and Renovated Units: Each apartment offers around 925 square feet of living space, featuring two spacious bedrooms, a large living room, a generously sized kitchen, and a full bathroom. Ample closet space is provided in every unit for added convenience. Six of the units have been tastefully renovated with modern upgrades, while the remaining unit is well-maintained and currently occupied. Three of the units are vacant and ready for new tenants, presenting a great opportunity for future owners. Building Features: The building is equipped with a gas boiler and a private water heater, ensuring reliable and efficient utilities. The roof is in excellent condition, providing long-term peace of mind well-maintained building and strong rental potential.