30-22 44TH Street

Meticulously Well-Maintained 6-Unit Multifamily in Beautiful Astoria

A premier investment opportunity in the heart of vibrant Astoria! This 6-unit apartment building, located at 30-22 44th Street, Astoria, NY, offers 5,262 square feet of well-maintained residential space, spanning three stories in one of New York City's most desirable neighborhoods. Priced below replacement costs, this property provides a fantastic value for investors seeking a stable asset with significant potential for long-term appreciation.
The property features a gas water boiler system, which runs on water rather than steam, offering a more efficient and environmentally friendly alternative to traditional heating systems. Additionally, there are two rentable storage corridors on each side of the building, each measuring 3.5 feet by 26 feet, providing an extra revenue stream. While no major capital improvements have been made, the property has been kept up to date, with units receiving cosmetic upgrades to maintain appeal.
Property Highlights:

• Prime Location:  Located at the crossroads of 30th Avenue & 44th Street, this property is surrounded by a mix of popular shops, trendy restaurants, laundromats, churches, and convenient mass transit options. The bustling Steinway Street is just minutes away, offering a variety of services and amenities. Plus, with a quick 20-minute ride to Manhattan, the property is ideally situated for those seeking easy access to the city while enjoying the quieter, more relaxed vibe of Astoria.
• 100% Leased Apartments:  With all units fully leased, this property offers immediate cash flow from day one, with the added benefit of strong long-term appreciation potential as the neighborhood continues to evolve.
• Updated Electrical Systems:  The building is equipped with modernized electrical infrastructure, including circuit breaker boxes in every apartment, which enhances the property's value and minimizes future maintenance concerns.
• Strong Financials:
  
  • Gross Income:  $126,000
  • Total Expenses:  $41,945.64
  • Net Operating Income (NOI):  $84,054.36
  • Cap Rate:  6.0%
• Stable Asset with Growth Potential:  Zoned R5, this property offers ample opportunity for future development or expansion, making it a solid long-term investment in one of Queens' most up-and-coming areas.

• The apartments have maintained for good appeal to current and future tenants.
• The property is equipped with updated security cameras in the hallways and exterior, ensuring safety and peace of mind for both residents and owners..