2815 24th Ave Long Island City, NY 11102-1671

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.