0 BroadwayAstoria, NY 11106

Property Details for 0 Broadway

Year built

1988

Property size (Sq ft)

5,000 SF

Property type

Retail properties

Property subtype

Mixed-use properties

Description

This exceptional mixed-use property in Astoria, Queens presents a compelling investment opportunity. The three-story, 1988-built brick building boasts approximately 5,500 square feet of net rentable space, situated on a 2,600 square foot lot (26' x 100'). Currently configured as a ground floor commercial space (previously a restaurant and bar, currently vacant and available for lease), and two upper-floor residential units, each featuring five bedrooms and two bathrooms. The building generates a current NOI of $290,000, representing a 6.44% cap rate. The apartments, totaling six bedrooms, are currently vacant, offering immediate upside potential for rental income. Significant value-add potential exists through lease-up of the vacant commercial and residential spaces and potential redevelopment. The property benefits from a C1-4/R6A zoning designation and includes substantial air rights (7,500 sq ft), allowing for potential expansion. Conveniently located near the Broadway subway station, providing easy access to Manhattan. The asking price is $4,500,000, with a price per unit of $1,125,000. This property is held in a corporate ownership structure. Ceiling height is 10 feet. The building underwent renovations in 2000. This is an ideal opportunity for owner-users or investors seeking a strong return in a prime Astoria location.

Location Insight

City

Astoria

County

Queens

State

New York

Latitude

40.7628

Longitude

-73.9276

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