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25-21 23rd Street, Apt 24
Welcome to a prime investment opportunity in the heart of astoria! this well-maintained 24-unit property is ideally situated in one of astoria’s most vibrant and desirable neighborhoods, offering both convenience and strong appeal to residents and investors alike. With a net operating income of $403,000 and a current cap rate of 5. 9%, this property represents a lucrative opportunity with solid returns and long-term growth potential. The building features: 9 spacious, recently renovated free-market one-bedroom apartments – allowing flexibility in rental pricing to maximize income based on current market demand. 14 rent-stabilized one-bedroom units and 1 rent-stabilized two-bedroom unit – providing consistent cash flow. Notably, 12 of these apartments are currently rented below market value, and under current regulations, the landlord can charge market rent upon vacancy. Additional property highlights:
- building size: 38 ft x 93 ft. - lot size: 38. 09 ft x 105 ft. - new boiler installed. This property offers investors a unique blend of stable income and future upside potential through rent adjustments and property appreciation in a rapidly growing neighborhood.
Data is provided by The Real Estate Board of New York, Inc..