Property Details

Overview

This exceptional 7-unit apartment building There are three vacant units , 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 $15, 990 in monthly rental income, with five units rent-stabilized and two free market. Four units are currently occupied, averaging $1, 672 per unit. There are three vacant units FREE MARKET, two of which which can potentially be rented for $31, 00 each ( Current Market rent for four room two Bedrooms are between $33, 00 to $37, 00. Once all units are leased, the total monthly income will reach $15, 990, resulting in a gross annual income of $191, 880.000. With estimated expenses at approximately 30%, the property offers a cap rate of around 6%, presenting a strong investment opportunity. 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. Don’t miss out on this rare opportunity to invest in a prime Astoria location with spacious, well-maintained units and strong rental potential.