Description

Amazing Development Site in Astoria offering a great opportunity to the savvy developer as the current structure could be left in place while enlarging it into a 10 unit building or a large community or medical facility. This would save construction costs (no excavation, no foundation, no shoring and little to no underpinning), time and taxes, by filing for an Alteration 1 instead of a New Building. The survey and an architectural opinion are available upon request but we encourage you to verify with your own architect. The oversized lot provides additional parking or outdoor space for entertaining. Currently Vacant and in average good condition this Legal 4 family detached brick home in Astoria features four 1 Bedroom apartments, a full finished basement on the oversized 25 x142 feet lot with R6B zoning which provides over 5, 000 sq ft of additional air rights. Centrally located within 3 blocks to the N and W subway stations at 30th Ave., and close to multiple cafes, restaurants, and entertainment venues. Mount Sinai is in close proximity and it is a great source of tenants. Aside from developing the site, you could use it as it is as a turn key investment in an area with strong appreciation and a very healthy rental market. All the utilities are paid for by the tenants and the building has 4 separate boilers and 4 separate hot water heaters You could combine 2 units to create a larger home while still preserving the rental income. Sites like this, delivered entirely vacant are a rare find in Astoria. Projected income and expenses for the current building is available upon request (cap rate of 6.5%).