Overview
This exceptional 7-unit apartment building 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 $8, 500 in monthly rental income from the five occupied units, with an average rent of $1, 700 per unit. There are three vacant units, Two of which have the potential to be rented for $2, 800 each. Once rented, the total monthly income would increase to $14, 100, bringing the gross annual income to $169, 000. With estimated expenses of around 30%, the cap rate for this property stands at approximately 6%, making it a solid investment. 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.