24-14 43Rd St Queens, NY 11103

Property Details for 24-14 43Rd St

Year built

1929

Property size

3,780 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a six-unit multifamily apartment building located in the heart of Astoria, Queens, New York. The property, situated at 24-14 43rd Street, boasts a prime location with easy access to major transportation arteries, including I-278, a 30-minute commute to Manhattan, and a 10-minute drive to LaGuardia Airport. A nearby train station and the M42 bus stop provide convenient public transportation options. The building itself is a structurally sound, detached, three-story brick structure with a stucco finish on the lower front portion. Built in 1929, the property features 3,780 square feet and is zoned R5. The building is currently 100% occupied with six units: four two-bedroom apartments and two one-bedroom apartments, all in good condition and under one-year leases. Tenants consistently pay rent on time, contributing to a strong financial performance. The property generates a gross annual income of approximately $126,000, resulting in a net operating income (NOI) of approximately $82,400, yielding a 4.60% cap rate. Recent improvements include seven new gas meters and two fuel tanks in the basement, one of which is relatively new. The roof is also in good condition. The asking price is $1,700,000, representing a price per unit of $300,000. This well-maintained, income-producing property offers significant potential for value-add opportunities and represents a compelling investment in a thriving Queens neighborhood. Nearby amenities include delis, restaurants, laundromats, places of worship, and supermarkets.

Location Insight

City

Queens

County

Queens

State

New York

Longitude

-73.9086

Latitude

40.7681