Overview
Astoria Mixed-Use Building with Yard
This three-unit, free-market, mixed-use building is located in the heart of Astoria, a few blocks from the Ed Koch Queensboro Bridge, providing direct access to Manhattan. The property features signage, a large yard, and R5 zoning. It includes two free-market, two-bedroom apartments. The building has high 10-foot ceilings, separate meters, a skylight, and 200 amp power. New LED lighting and A/C have been installed. The property's neighbors include Hilton Hotels, Marriott Hotels, Wyndham Hotels, T-Mobile, The Home Depot, CubeSmart Self Storage, Best Buy, Dunkin', Planet Fitness, Marshalls, and Michaels. The property offers upside potential as a development site or a location for a business. The security company generates an annual income of $26,400 with a lease expiring on 12/31/24. The second-floor apartment (2 bedrooms, 1 bath) generates $22,800 annually, with a lease expiring on 12/31/24. The third-floor apartment (2 bedrooms, 1 bath) generates $25,671 annually, with a lease expiring on 12/31/24. The lower level is available and has a potential income of $18,000 annually. The pro forma gross income is $92,871 annually. Expenses include $3,860 annually for gas, $480 annually for electric (hallway only), $250 annually for maintenance and repairs, $2,823 annually for insurance, $9,687.68 annually for taxes, and $4,300 annually for water. Total expenses are $21,400.68 annually, resulting in a net operating income (NOI) of $71,470.32 annually.
