Astoria Real Estate Offers Prime Investment Opportunity in Highly Sought-After Location

Astoria Real Estate Offers Prime Investment Opportunity in Highly Sought-After Location

Dec 21, 2023

We are thrilled to present an incredible investment opportunity in the highly sought-after location of Astoria, Queens. This commercial real estate property, located at 23-12 30th Rd., Astoria, NY 11102, is the perfect chance for savvy investors to expand their portfolio and capitalize on the potential for substantial returns.

With four existing units, each equipped with their own boilers and hot water heaters, this property is already generating revenue. However, the true value lies in the potential to add additional floors, creating up to 10 apartments with parking in the rear. The existing masonry and semi-detached structure on a 25×143 lot provide a significant advantage, saving the buyer a substantial amount of money on excavation, new foundations, and shoring. This translates to a quicker and more cost-effective building process.

One of the key benefits of this project is that it falls under the category of an Alteration 1 filing, rather than a new building filing. This means that the approval time for plans will be significantly quicker, and the architect fees will be notably cheaper. Additionally, the buyer will benefit from lower real estate taxes, as they won’t be taxed on a new building.

The location of this property is highly desirable, with rents commanding premium prices regardless of economic situations. In fact, there is even a waiting list in a nearby building that finished just last year, and tenants are eager to rent in this location due to its proximity to Mount Sinai Hospital on Crescent Street and 30th Ave. Doctors and nurses, in particular, will find this location highly appealing.

“This site is a rare gem in the Astoria market that won’t be on the market for long,” says Steve Kaziyev broker at Asking Price Realty. “Don’t miss your chance to capitalize on this fantastic investment opportunity!”

For more information or to schedule a viewing, please contact us at your earliest convenience.