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Status: Active

25-21 23rd Street, #24

Old Astoria

$6,750,000
 |  20 Beds  |  20 Baths  |  17,670SF

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.

Property Details

  • Multi Family

Amenities

  • Interior: High Ceilings
  • Attendance: None
  • View: City
  • Laundry: See Remarks
  • Pets: Building Cats O K, Cats O K
  • Basement: Full

The Neighborhood

Old
Astoria
Old Astoria

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For information on 25-21 23rd Street, #24 contact:

realtor top real estate agent

David Soltero

Licensed RE Salesperson

(917) 974-0431

Licensed RE Salesperson
dsoltero@brickandmortar.com
(917) 974-0431

Listing courtesy of Compass
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