25-33 Steinway StAstoria, NY 11103

Property Details for 25-33 Steinway St

Property type

Mixed-use properties

Description

This three-story mixed-use property at 25-33 Steinway Street in Astoria, Queens, NY 11103, presents a compelling value-add investment opportunity. Priced at $2,150,000, the building boasts a current NOI of $119,285 and a 5.55% cap rate, with a pro-forma NOI of $143,285 and a pro-forma cap rate of 6.66%. Currently, the building enjoys 100% occupancy, featuring a ground-floor restaurant with a short-term lease and two three-bedroom apartments with expired leases, offering immediate upside potential. Located on a bustling section of Steinway Street, the property benefits from its proximity to numerous restaurants and cafes, attracting significant foot traffic. Low taxes and expenses contribute to strong cash flow. This property has been off the market for over two years and is now available for purchase. The building's prime location and potential for increased rental income make it an attractive investment for those seeking a value-add opportunity in a highly desirable Astoria neighborhood. The two upper-floor apartments are currently vacant and ready for lease at market rates.

Location Insight

City

Astoria

County

Queens

State

New York

Latitude

40.7671

Longitude

-73.9122

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