33-05 Broadway Queens, NY 11106
- Mixed-use properties
- 4,252 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 33-05 Broadway
- Year built
- 1927
- Property size
- 4,252 SF
- Property type
- Mixed-use properties
- Property subtype
- Hospitality properties
Description
This exceptional mixed-use property, located at 33-05 Broadway in Astoria, Queens, presents a compelling investment opportunity. The three-story, 4,252 square foot building, constructed in 1927 and renovated in 2020, sits on a 1,985 square foot lot and boasts a 5.2% cap rate. Currently operating at 100% occupancy with three tenants under a triple net lease with corporate guarantees, the property generates a net operating income (NOI) of $155,898. Leases expire March 31, 2031, providing a remaining lease term of 6.4 years. The building comprises a ground floor commercial space (currently a restaurant) and two 3-bedroom apartments, each approximately 1,050 square feet. The C4-2A zoning allows for a maximum residential floor area ratio (FAR) of 3.0 and a maximum commercial FAR of 3.0, suggesting a total buildable area of approximately 5,960 square feet. Tenants are responsible for all utilities and a portion of the property taxes, totaling $19,300 annually. Annual expenses are $21,702. This prime Astoria location on Broadway offers high foot traffic and proximity to the N/W subway station, providing easy access to Manhattan. The property's strong financials, desirable location, and significant development potential make it an attractive investment. All information is deemed reliable but should be independently verified.
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
- -73.9235
- Latitude
- 40.7611
