Current Use by Public Records
- Astoria Bud / (Bike/Boat/Book/etc) Store
- Coffee & Green / Cafe & Coffee Shop
Property Details for 27-24 21St St
- Property type
- Retail properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional Astoria investment opportunity presents a five-story, mixed-use building boasting 30 units in a prime location. The property, situated on a 5,000 square foot lot (50x100), encompasses approximately 16,900 square feet and features a mix of one- and two-bedroom apartments. Currently operating at 100% occupancy with a Net Operating Income (NOI) of $403,150, this asset offers a compelling 4.48% cap rate at an asking price of $9,000,000. The building benefits from a gross lease structure with a remaining lease term of one year for the commercial spaces. The 30 tenants enjoy convenient access to Manhattan via the N and W subway lines on Astoria Boulevard. Significant upside potential exists, with approximately 10+ apartments currently renting at approximately 25% below market value. The building has recently undergone improvements including a new boiler and electrical system, and potential tax benefits through MCI and J-51 filings are possible. The property is zoned R7X and C2-3, offering a residential Floor Area Ratio (FAR) of 5 and a facility FAR of 5, with an additional 8,100 square feet of unused residential air rights. The three ground-floor commercial spaces have been occupied for over 25 years, each with a history of annual rent increases of $100. This property represents a rare opportunity to acquire a well-maintained, high-performing asset in a rapidly appreciating market. Ownership history spans 26 years, and there is no rent control.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Astoria
- County
- Queens
- State
- New York
- Longitude
- -73.9265
- Latitude
- 40.7716
