For Sale
$1,695,000

43-02 Newtown RdQueens, NY 11103

High-Yield Investment Opportunity in Queens

Overview

Added:
Dec 11, 2024
Days on market:
118
This exceptional mixed-use property, located at 43-02 Newtown Road (also known as 31-11 43rd Street) in Central Astoria, Queens, NY 11103, presents a rare value-add investment opportunity. The three-story brick building offers 2,310 square feet of space, including two residential units, one commercial unit, and a four-car garage. Each residential unit features high ceilings, triple exposure, ten windows, two bedrooms, an eat-in kitchen, and a windowed bath. The ground floor commercial space boasts 11-foot ceilings and frontage on both Newtown Road and 43rd Street. A full basement provides additional potential for expansion. The property sits on a 1,848 square foot lot (22.67 x 97) and is zoned R5 with a FAR of 1.25. Public records indicate a gross floor area of 1,998 square feet, with an additional 312 square feet of unbuilt floor area. The building is conveniently located three blocks from Steinway Street, one block from 30th Avenue, and one block from Broadway. The asking price is $1,695,000, representing a 7.07% cap rate and a NOI of $119,880. Annual property taxes are $8,760. The building will be delivered vacant. The adjacent block has recently been upzoned, presenting further development potential. Prospective buyers are urged to independently verify all information.

Highlights

  • $1,695,000 asking price for this mixed-use, value-add investment opportunity.
  • 2,310 square feet with a 7.07% cap rate and $119,880 NOI.
  • Three units: two residential and one commercial, plus a four-car garage.
  • Located in Central Astoria, Queens, NY, at 43-02 Newtown Rd (31-11 43rd Street), a prime corner location.
  • 1,848 square foot lot with R5 zoning.

Property Details for 43-02 Newtown Rd

Property type
Retail properties, Mixed-use properties
Square Feet
2,310 SF
Year Built
1930
Stories
3
Units
3

Location Insight

City
Queens
County
Queens
State
New York
Latitude
40.7598394
Longitude
-73.9147574
43-02 Newtown Rd, Queens, New York

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
43-02 Newtown Rd
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message