28-29 35th ST Astoria, NY 11103
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 1045361
Rental Info No
Year Built 2015
Annual Tax Amount $3,500
Property Sub-Type Multi Family
Source onekey2
Property Description
The building was designed for long-term ownership with a streamlined, low-maintenance operating structure. It benefits from a valuable 15-year 421-a tax abatement in place through 2030, helping to significantly reduce real estate tax expenses and enhance current cash flow. Each apartment is separately metered, with tenants responsible for their own utilities, and all eight units are equipped with brand-new individual hot water tanks.
A significant component of the investment opportunity is the property's rental upside. Current rents provide stable in-place income, while offering the potential for future rent growth and increased gross revenue as leases turn over and rents are adjusted where legally permitted. This creates an opportunity for a new owner to improve the property's income profile over time while benefiting from the existing tax abatement and efficient operating structure.
Located in one of Queens' most desirable and established residential neighborhoods, the property is moments from the restaurants, cafés, shopping, nightlife, and conveniences that have made Astoria one of New York City's most sought-after rental markets. Convenient transportation provides easy access to Manhattan and further supports long-term tenant demand.
With modern construction, eight income-producing units, low operating requirements, rental upside, favorable tax treatment, and a prime Astoria location, this property represents a compelling opportunity for an investor seeking both immediate cash flow and long-term appreciation potential.
Location
State NY
County Queens
Rooms
Basement Finished, Full
Interior
Heating Baseboard, Natural Gas
Cooling Electric
Fireplace No
Exterior
Parking Features None
Utilities Available Cable Available, Electricity Available, Electricity Connected, Natural Gas Available, Natural Gas Connected, Sewer Available, Sewer Connected, Trash Collection Public, Water Available, Water Connected
Building
Sewer Public Sewer
Water Public
Structure Type Brick
Schools
Elementary Schools Ps 17 Henry David Thoreau
Middle Schools Is 10 Horace Greeley
High Schools Queens 30
School District Queens 30
Others
Special Listing Condition None
