43-02 Newtown Rd Queens, NY 11103

This exceptional mixed-use property, located at 43-02 Newtown Road (also known as 31-11 43rd Street) in Central Astoria, Queens, NY 11103, presents a rare value-add investment opportunity. The three-story brick building offers 2,310 square feet of space, including two residential units, one commercial unit, and a four-car garage. Each residential unit features high ceilings, triple exposure, ten windows, two bedrooms, an eat-in kitchen, and a windowed bath. The ground floor commercial space boasts 11-foot ceilings and frontage on both Newtown Road and 43rd Street. A full basement provides additional potential for expansion. The property sits on a 1,848 square foot lot (22.67 x 97) and is zoned R5 with a FAR of 1.25. Public records indicate a gross floor area of 1,998 square feet, with an additional 312 square feet of unbuilt floor area. The building is conveniently located three blocks from Steinway Street, one block from 30th Avenue, and one block from Broadway. The asking price is $1,695,000, representing a 7.07% cap rate and a NOI of $119,880. Annual property taxes are $8,760. The building will be delivered vacant. The adjacent block has recently been upzoned, presenting further development potential. Prospective buyers are urged to independently verify all information.