The subject is a new construction, luxury, elevator apartment building located at 25-19 27th Street. The seven-story building consists of 23 one-bedroom units and one studio, along with a separate commercial condo leased out to a preschool. All but two apartments have private outdoor space. Tenants in the building also benefit from 12 reserved parking spaces and 13 storage units. Washer dryers are included in each residential unit.
Located in the immediate vicinity of shopping districts on Astoria Boulevard, 31st Street and Ditmars Boulevard, tenants can enjoy a wide array of entertainment options when not utilizing the nearby Hoyt Playground or Astoria Park. Transportation options for both drivers and mass transit users are plentiful. Access to the Robert F. Kennedy (Triboro) Bridge and I-278 (The Grand Central Parkway / Brooklyn Queens Expressway) lies just north of the property. A Station serving the N & W subway lines is located just two blocks east, providing mass transit to Midtown Manhattan in just 30 minutes or less.
The property is prime for an investor or 1031 exchange buyer who can benefit from this turn-key, fully occupied, income producing asset. With slightly below market rents and several vacant storage units, the property offers immediate rent upside as leases expire. In addition, the property offers future condo conversion potential in a market that faces a shortage of available condos and increasing demand due to the recent Amazon announcement to enter Western Queens.
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|Size (Approx):||23355 SF|
|Pet Policy:||No Pets|