Property Details

Overview

Vacant Legal 4 family detached brick home in Astoria featuring four 1 Bedroom apartments that could EASILY be converted to JR4s 2 Bedrooms, a full finished basement and an oversized 25 x142 feet lot with R6B zoning providing over 5, 000 sq ft of additional air rights (7, 100 as of right total buildable PLUS bonus for Community facility). Centrally located within 3 blocks to the N and W subway stations at 30th Ave., and close to multiple cafes, restaurants, and entertainment venues. Mount Sinai is in close proximity and it is a great source of tenants. You could Live in one unit and rent the rest while you enjoy one of the best neighborhoods in New York City, or invest in an area with strong appreciation and a very healthy rental market. All the utilities are paid for by the tenants as the building has 4 separate boilers and 4 separate hot water heaters. This amazing property offers multiple user and investor options. As it is, it represents a ready to rent, turn key investment legal 4 family with extra parking and excellent income. You could also combine 2 units to create a larger home while still preserving good rental income. It also offers an opportunity to the savvy developer as the current structure could be left in place while enlarging it into a 10 unit building or a large community or medical facility (you would save construction costs, time and taxes by filing for an Alteration 1 instead of a New Building). The survey and an architectural opinion are available upon request but we encourage you to verify with your own architect. The oversized lot provides additional parking or outdoor space for entertaining. Perfect 1031 exchange candidate. Sites like this, delivered entirely vacant are a rare find in Astoria. Professional actual photos are next to the staged photos for visualization purposes. Projected income and expenses for the current building is available upon request (cap rate above 7%). All vacant, no rent stabilization, or free market rents. If you decide to develop to its maximum potential (8-10 units), the new property would qualify for the 485x , option C, tax abatement.