Welcome to this great investment opportunity in the vibrant neighborhood of Astoria. This well maintained 24-unit property is nestled in a great location, offering both convenience and desirability for residents and investors alike. With its net income of $367,468 this property presents a lucrative venture that promises a rewarding return on investment. Current Cap Rate is 5.4%.
Within this building, you will find 9 spacious and recently renovated free market one-bedroom apartments. These units offer the flexibility to set rental rates based on market demand, providing an opportunity for potentially higher rental income. Currently, these apartments are renting below market value, and the new owner can increase rents by $300 or more during lease renewals. As a result, the projected Cap Rate is expected to reach 8% or higher.
The building also features 14 rent-stabilized one-bedroom and 1 two-bedroom apartments, which provide a steady stream of income. Of these, 12 apartments are currently below market rent, but legal regulations allow the landlord to charge market rent on vacancy.
Building size 38 feet by 93 feet.
Lot size 38.09 feet by 105 feet.
New boiler.
Investing in this 24-unit property in Astoria offers not only a substantial income stream but also the potential for long-term value appreciation.
