2815 24Th Ave Astoria, NY 11102

Property Details for 2815 24Th Ave

Year built

1913

Lot size

0.09 lot acres

Property size

13,320 SF

Zone code

R5D

Property type

Retail residential properties

APN

00843-0076

APU

8430076

Description

This exceptional 20-unit apartment building in Astoria, NY, presents a compelling investment opportunity. Situated on a 0.09-acre lot at 2815 24th Ave, this well-maintained corner property boasts 13,344 square feet and offers immediate income generation. The building comprises 19 residential units – 15 two-bedroom and 4 one-bedroom apartments – along with a ground-floor restaurant currently under lease. Sixteen of the residential units have recently undergone renovations. Further enhancing the property's appeal are a new roof, a well-maintained boiler system, and newly installed security systems. Seventeen units operate on free-market rents, providing significant upside potential. The current annual rental revenue stands at $521,215, with projections indicating an 8% increase to $610,552 annually through strategic rent adjustments. The property's prime location offers easy access to public transportation (short walk to the train station), Astoria Park, a vibrant array of restaurants and bars, shopping, grocery stores, and major highways. The seller is open to financing options, including a note with a minimum 50% down payment. This property is ideal for investors seeking a strong cash flow and significant appreciation potential in a thriving Astoria neighborhood. The combination of existing income, recent renovations, and the potential for rental increases makes this a truly attractive investment.

Location Insight

City

Long Island City

County

Queens

State

New York

Longitude

-73.9165

Latitude

40.7733

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments