27-24 21St St Astoria, NY 11102

Property Details for 27-24 21St St

Property size

16,900 SF

Property type

Retail properties

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.

Location Insight

City

Astoria

County

Queens

State

New York

Longitude

-73.9265

Latitude

40.7716