27-57 Crescent St Queens, NY 11102
- Mixed-use properties
- 14,650 SF
Current Use by Public Records
- Astoria Locksmith & Security Systems / Locksmith / Key Duplication Service
Property Details for 27-57 Crescent St
- Year built
- 2014
- Property size
- 14,650 SF
- Property type
- Mixed-use properties
- Property subtype
- Apartment buildings
Description
This exceptional mixed-use investment opportunity presents a two-building, 16-unit apartment complex in Astoria, Queens. The property, totaling 14,650 square feet across four stories, includes 14 apartments and two retail spaces currently occupied by a single daycare tenant. The apartment mix consists of two studios, ten one-bedroom units, and two three-bedroom units. The building boasts 100% occupancy and a strong net operating income (NOI) of $500,674, resulting in a 6.11% capitalization rate. Built in 2014, this Class A property benefits from a 421-A tax abatement expiring in 2030, transitioning to free-market rents thereafter. The daycare tenant enjoys a favorable 4% annual rent increase, mitigating the potential impact of the abatement expiration. Situated on a 5,000 square foot lot zoned R6B, the property enjoys a prime location, steps from Mount Sinai Hospital and a three-minute walk from the 30th Avenue N/W train station. The asking price is $8,200,000, translating to $512,500 per unit and $559.73 per square foot. This presents a compelling investment opportunity with significant upside potential.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Queens
- County
- Queens
- State
- New York
- Longitude
- -73.9245
- Latitude
- 40.7689
