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    2815 24Th Ave Astoria, NY 11102

    Sponsored
    For Sale
    $7,250,000

    20-Unit Apartment Building, High ROI Potential

    Property size:
    13,344 SF

    Description

    Added:
    Feb 3, 2025
    Days on Market:
    339
    This exceptional 20-unit apartment building in Astoria, NY, presents a compelling investment opportunity. Situated on a 0.09-acre lot at 2815 24th Ave, this well-maintained corner property boasts 13,344 square feet and offers immediate income generation. The building comprises 19 residential units – 15 two-bedroom and 4 one-bedroom apartments – along with a ground-floor restaurant currently under lease. Sixteen of the residential units have recently undergone renovations. Further enhancing the property's appeal are a new roof, a well-maintained boiler system, and newly installed security systems. Seventeen units operate on free-market rents, providing significant upside potential. The current annual rental revenue stands at $521,215, with projections indicating an 8% increase to $610,552 annually through strategic rent adjustments. The property's prime location offers easy access to public transportation (short walk to the train station), Astoria Park, a vibrant array of restaurants and bars, shopping, grocery stores, and major highways. The seller is open to financing options, including a note with a minimum 50% down payment. This property is ideal for investors seeking a strong cash flow and significant appreciation potential in a thriving Astoria neighborhood. The combination of existing income, recent renovations, and the potential for rental increases makes this a truly attractive investment.

    Property Features for 2815 24Th Ave

    General Information

    Property type
    Other commercial real estate
    Square Feet
    13,344 SF
    Lot Size
    3,920 SF

    Building Details

    Year Built
    1913
    Property Profile Location Intelligence

    Current Use by Public Records

    Macoletta Pizza Restaurant

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Astoria
    County
    Queens
    State
    New York
    Longitude
    -73.91644
    Latitude
    40.77325

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    FAQs

    What type of property is this?
    Commercial real estate - 20-Unit Apartment Building, High ROI Potential
    Where is this commercial real estate located?
    The property is located at 2815 24Th Ave Astoria, NY.
    What is the asking price?
    The asking price for this property is $7,250,000.
    (914) 328-0333
    Request Owner's contact information
    2815 24Th Ave Astoria, NY 11102
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    Astoria, NY 11102
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2815 24Th Ave Astoria, NY 11102
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