19
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Listing Courtesy of Compass
$6,750,000
Est. payment /mo
20 Beds
24 Baths
17,670 SqFt
New
25-21 23rd Street #24 Queens, NY 11102
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Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 17,670 sqft
Price per Sqft $382
Subdivision Astoria
MLS Listing ID RLS20025199
Style Walk-Up
Bedrooms 20
Full Baths 20
HOA Fees $500/mo
HOA Y/N Yes
Year Built 1916
Annual Tax Amount $136,056
Property Sub-Type Multi Family
Property Description
Welcome to a prime investment opportunity in the heart of Astoria! This well-maintained 24-unit property is ideally situated in one of Astoria's most vibrant and desirable neighborhoods, offering both convenience and strong appeal to residents and investors alike. With a net operating income of $403,000 and a current cap rate of 5.9%, this property represents a lucrative opportunity with solid returns and long-term growth potential.
The building features: 9 spacious, recently renovated free-market one-bedroom apartments – allowing flexibility in rental pricing to maximize income based on current market demand.
14 rent-stabilized one-bedroom units and 1 rent-stabilized two-bedroom unit – providing consistent cash flow. Notably, 12 of these apartments are currently rented below market value, and under current regulations, the landlord can charge market rent upon vacancy.
Additional Property Highlights:
- Building Size: 38 ft x 93 ft.
- Lot Size: 38.09 ft x 105 ft.
- New Boiler Installed.
This property offers investors a unique blend of stable income and future upside potential through rent adjustments and property appreciation in a rapidly growing neighborhood.
The building features: 9 spacious, recently renovated free-market one-bedroom apartments – allowing flexibility in rental pricing to maximize income based on current market demand.
14 rent-stabilized one-bedroom units and 1 rent-stabilized two-bedroom unit – providing consistent cash flow. Notably, 12 of these apartments are currently rented below market value, and under current regulations, the landlord can charge market rent upon vacancy.
Additional Property Highlights:
- Building Size: 38 ft x 93 ft.
- Lot Size: 38.09 ft x 105 ft.
- New Boiler Installed.
This property offers investors a unique blend of stable income and future upside potential through rent adjustments and property appreciation in a rapidly growing neighborhood.
Location
State NY
County Queens
Rooms
Basement Full
Interior
Interior Features High Ceilings
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
View Y/N Yes
View City
Private Pool No
Building
Dwelling Type Multi Family
Story 5
New Construction No
Others
Ownership None
Monthly Total Fees $11, 838
Pets Allowed Building Cats OK, Cats OK
RLS Data display by Coastal Property Advisors