Astoria Multifamily Building with Garages

24-14 21st St, Queens, NY 11102

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For Sale

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Nine-unit building in Astoria with income potential and garages.

Type:Multifamily

Property size:

6,580 SF

Lot size:

0.17 Acres

Price / SF:

$486/SF

HighLights

High Net Operating Income: $123,642 annually
Nine‑family building featuring a mix of 8 two‑bedroom and 1 one‑bedroom apartments
Significant unused FAR: 5,062 SqFt available for expansion
Prime Astoria location: close proximity to subway, highways, and Manhattan access
Multiple Garages: Five garages with space for 10 additional cars
New Roof, Gas Boiler, and Separate 100‑Gallon Water Heater

We can help!

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Romero Papp

For Sale

Contact for pricing

Nine-unit building in Astoria with income potential and garages.

Type:Multifamily

Property size:

6,580 SF

Lot size:

0.17 Acres

Price / SF:

$486/SF

Added:: Jan 2, 2022
Days on Market:: 1648
Last Refresh:: Jul 2 at 8:53 am

Property Features for 24-14 21st St

General Information

Standard status: Active
Size: 6,580 SF
Lot size: 0.17 Acres
Property subtype: Multifamily

Building Details

Year Built: 1931

We can help!

Contact an agent

Romero Papp

Listing office Papp Realty

Listing date Jan 2, 2022

Source Crexi

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Papp Realty

HighLights

High Net Operating Income: $123,642 annually
Nine‑family building featuring a mix of 8 two‑bedroom and 1 one‑bedroom apartments
Significant unused FAR: 5,062 SqFt available for expansion
Prime Astoria location: close proximity to subway, highways, and Manhattan access
Multiple Garages: Five garages with space for 10 additional cars
New Roof, Gas Boiler, and Separate 100‑Gallon Water Heater

Overview

This nine-family building in Astoria features eight two-bedroom apartments and one one-bedroom apartment. The building has a total area of 3,525 square feet with 5,062 square feet of unused FAR. It includes a full basement, a new roof, a gas boiler, and a separate 100-gallon water heater. There are five garages with space for an additional 10 cars. The property is situated in an ideal location near the subway, highways, and with access to Manhattan. The gross annual income is $185,588, with yearly total expenses of $61,946, resulting in a net operating income of $123,642. The lot size is 50 x 150, and the zoning is R5B. The property must be purchased with adjacent land.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$304.0k	$46.20
− Vacancy	−$11.6k	−$1.76
EGI	$292.4k	$44.44
− OpEx	−$131.6k	−$20.00
NOI	$160.8k	$24.44

6,580 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$2.30M

$2.01M – $2.68M (±1% cap)

NOI $160,844 @ 7.0% cap · market cap 5.03%

Second Best

—

no second resolved use

Theoretical Best

Office A

$4.85M

$4.24M – $5.66M (±1% cap)

NOI $339,560 @ 7.0% cap · market cap 10.61%

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

Property Profile Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Location Insight

Map
Local Demand

City: Queens
County: Queens
State: New York
Longitude: -73.915319
Latitude: 40.782027

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For sale
Apartment buildings
NY
Queens
11102
24-14 21st St

What type of property is this?

Apartment building - Nine-unit building in Astoria with income potential and garages.

Where is this apartment building located?

The property is located at 24-14 21st St Queens, NY.

What is the asking price?

The asking price for this property is $3,200,000.

What are key features of this property?

This property features: High Net Operating Income: $123,642 annually; Nine‑family building featuring a mix of 8 two‑bedroom and 1 one‑bedroom apartments; Significant unused FAR: 5,062 SqFt available for expansion