2521 23rd St APT 1, Astoria, NY 11102

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 $403,000 this property presents a lucrative venture that promises a rewarding return on investment. Current Cap Rate is 5.9%. 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. 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.