21-12 31St Ave Queens, NY 11106
- Apartment buildings
- 2,850 SF
Current Use by Public Records
- Apartment buildings
Property Details for 21-12 31St Ave
- Year built
- 1910
- Property size
- 2,850 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a 2-story, 1-unit apartment building at 21-12 31st Avenue in Queens, New York, listed at $2,250,000. Built in 1910, the property boasts 2,850 square feet on a 2,850 square foot lot, offering a unique blend of existing income potential and significant redevelopment possibilities. The property is currently vacant and presents a rare chance to acquire a last-standing development site on 31st Avenue, between 21st and 23rd Streets. Zoned R6A/R7A, this location offers a substantial 8,909 buildable square feet, making it ideal for a variety of development projects. The property's location in the heart of South Astoria's burgeoning development area promises strong future returns. This is a first-time sale in 50 years, presenting a unique chance to capitalize on the area's growth. The asking price of $2,250,000 translates to $253 per square foot. This property is a prime example of a rare opportunity to acquire a multifamily property with significant upside potential in a rapidly developing neighborhood. The property's existing structure provides immediate income potential, while the zoning and buildable square footage offer substantial long-term development prospects. This is an ideal investment for those seeking a blend of immediate return and future growth in a highly desirable location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.9295
- Latitude
- 40.7669
