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220 Unit Multifamily Portfolio

25-21 31st Avenue, Astoria
Description

The properties consist of four (4) walk-up apartment buildings located in the heart of Astoria, Queens two blocks from Broadway where the main retail corridor and N/Q Subway line is located. The buildings consist of 220 residential units (3 which are super’s units) which total approximately 165,675 gross square feet. Out of the 217 residential units, 211 are rent stabilized and 6 are rent controlled. The unit mix consists of sixty-two (62) studios, one-hundred and fourteen (114) one-bedrooms and forty-one (41) two-bedrooms. Residents enter each building through a central courtyard which has multiple entrances. The properties collectively generate approximately $3,016,008 in annual gross revenue and produce a net operating income of approximately $1,515,423. The average blended monthly rent is approximately $1,151 which equates to approximately $22.00 per net square foot. Compared to market rate units within the neighborhood, the portfolio is operating approximately (-30%) below market creating a tremendous opportunity for a prospective investor to recognize long-term upside potential.

Listing Highlights
Price:$30,100,000
Type:Multi-family
Pets:No Pets
Status:Closed
ID:61194
Agents