2321 28Th AveAstoria, NY 11102

Property Details for 2321 28Th Ave

Year built

1923

Lot size

0.06 AC

Property size (Sq ft)

3,960 SF

Zone code

R6A

Property type

Apartment buildings

APN

00544-0037

APU

5440037

Description

This well-maintained six-family multifamily property in Astoria, NY, presents a compelling investment opportunity. Located at 2321 28th Ave, the building boasts a substantial 3,960 square feet on a 0.06-acre lot. Recent upgrades significantly enhance its value and appeal. The brick pointing and roof were replaced just two years ago, ensuring long-term structural integrity. Electrical systems have been updated to include circuit breakers, and security cameras provide enhanced safety and security throughout the hallways and exterior. Modernizations extend to the hallways, featuring updated tile floors, new apartment doors, emergency and exit lighting, a new intercom system, and new mailboxes. Window replacements further contribute to energy efficiency. The property also benefits from a new stainless steel chimney liner and two new 275-gallon oil tanks, coupled with a high-efficiency oil boiler. Five of the six apartments have undergone renovations within the past decade. Recent successful inspections include a parapit inspection and a gas inspection, ensuring compliance with safety regulations. The property generates a substantial yearly income of $125,778, with a net operating income (NOI) of $93,605. While four apartments are currently on preferential rent, the legal income for the building is $133,687.68. The property is zoned R6A, offering significant potential for future development due to unused floor area ratio (FAR). Additional amenities include a two-car garage and outdoor parking. The building dimensions are 20 x 73 feet. All provided information is believed to be accurate, but verification with legal counsel is recommended.

• CAP approach

  CAP return

  Valuation

  6%

  $811,836

  6.5%

  $749,387

  7%

  $695,859

• Comparable approach

  Method

  Valuation

  Relative Method

  $801,991

  Geo Method

  $801,991

• Alternative Use

  Use

  Valuation

  Residential

  $749,387

  Hospitality

  $686,434

  Educational

  $571,105

  Medical

  $590,746

  Retail

  $888,386

Location Insight

City

Long Island City

County

Queens

State

New York

Latitude

40.7704

Longitude

-73.9245

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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