32-25 30Th St Queens, NY 11106

This exceptional Astoria investment opportunity presents a rare chance to acquire a 2-family dwelling situated on a substantial 5,450 sq ft lot. Currently configured as a legal SRO with 10 rooms and 4 bathrooms, registered with HPD, the property offers immediate income potential through room rentals. Alternatively, the property's R5 zoning and significant 9,500 sq ft air rights unlock substantial development potential, allowing for the creation of a 10-unit building. The building, constructed in 1930, boasts a total net rentable area of 5,000 sq ft across its two stories. The asking price is $4,000,000, representing a compelling $2,000,000 per unit price and a 10% cap rate. The property can be delivered vacant upon closing, providing flexibility for immediate occupancy or redevelopment. Its prime location in Astoria, coupled with the substantial lot size and zoning allowances, makes this a truly unique opportunity for discerning investors seeking a value-add project with significant upside potential. Consult with your architect to explore the full range of development possibilities. This is one of the last remaining legal SROs in Astoria, presenting a rare chance to capitalize on a highly sought-after asset class.