25-21 23rd Street 24, NewYorkCity, NY

$6,999,000

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20

Beds

20

Baths

17,670

Square feet

About 25-21 23rd Street 24

Welcome to this great investment opportunity in the vibrant neighborhood of Astoria. This well maintained 24-unit property is nestled in a great location, offering both convenience and desirability for residents and investors alike. With its net income of $361,115 and expenses totaling $175,069, this property presents a lucrative venture that promises a rewarding return on investment. Current Cap Rate is 5.2%. Within this building, you will find 9 spacious and recently renovated free market one-bedroom apartments. These units offer the flexibility to set rental rates based on market demand, providing an opportunity for potentially higher rental income. Currently, these apartments are renting below market value, and the new owner can increase rents by $300 or more during lease renewals. As a result, the projected Cap Rate is expected to reach 7% or higher. The building also features 14 rent-stabilized one-bedroom and 1 two-bedroom apartments, which provide a steady stream of income. Of these, 12 apartments are currently below market rent, but legal regulations allow the landlord to charge market rent on vacancy. Building size – 38 feet by 93 feet. Lot size – 38.09 feet by 105 feet. New boiler. Investing in this 24-unit property in Astoria offers not only a substantial income stream but also the potential for long-term value appreciation.

Features of 25-21 23rd Street 24

MLS® # COMP-151251149680576
Price $6,999,000
Bedrooms 20
Bathrooms 20.00
Full Baths 20
Square Footage 17,670
Year Built 1916
Type Residential
Sub-Type Multi Family
Status Active

Community Information

Address 25-21 23rd Street 24
Area Queens
Subdivision Astoria
City NewYorkCity
County Queens
State NY
Zip Code 11102

Amenities

Is Waterfront No
Has Pool No

Interior

Fireplace No

Exterior

Lot Description 38.090000x105.000000

Additional Information

Listing Courtesy of Compass
Date Listed July 10th, 2023
Days on Market 30
Foreclosure No
Short Sale No
RE / Bank Owned No
HOA Fees 415
HOA Fees Freq. Monthly

Listing Details

OfficeCompass

Listing Map

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