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14-18 31st Ave
Astoria, NY 11106
Multifamily Property For Sale
·
6 Units
Investment Highlights
- Six Immaculate, Meticulously Constructed Apartments.
- Advanced Security and Smart Systems
- Gourmet Custom Kitchens
- Stateof the Art Barthrooms
Executive Summary
Azure Realty is proud to exclusively present 14-18 31st Avenue, a trophy 6-unit multifamily asset in the heart of Astoria, Queens, representing a rare, premier acquisition opportunity direct from the original developer. Custom designed and completed in 2016 by renowned architect Steven Kuo, this striking residential masterpiece seamlessly fuses contemporary luxury with elite investment fundamentals, showcasing six immaculate apartments equipped with gourmet quartz kitchens, ultra-contemporary designer bathrooms, rich hardwood flooring, extra-large windows, and a premium video intercom security system. Built for the sophisticated investor, the asset is fully stabilized by a proven roster of premium tenants yielding a strong cap rate near 6%, while offering immediate capital protection through a protected Tax Class 2A designation and an active 421-a tax abatement through 2032, at which point all units legally revert to lucrative Free Market status. Furthermore, a new owner can immediately supercharge revenue and asset valuation through incredible value-add upside, including converting the massive 8-foot-high cellar into 12 to 15 tenant storage units (projected to generate an additional $24,000 to $36,000 annually), installing a coin-operated multi-machine laundry room, and styling the outdoor footprint into a communal tenant lounge. Perfectly situated just steps from the vibrant dining and entertainment along 30th Avenue and Broadway, and within seamless walking distance to the N and W subway stations for an efficient Manhattan commute, this transit-oriented location ensures a perpetual pool of top-tier professional renters.
Property Facts
| Price Per Unit | $479,167 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | A |
| Cap Rate | 6.07% | Lot Size | 0.04 AC |
| No. Units | 6 | Building Size | 5,300 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 2016 |
| Zoning | R6B - High Density Residential | ||
| Price Per Unit | $479,167 |
| Sale Type | Investment |
| Cap Rate | 6.07% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | A |
| Lot Size | 0.04 AC |
| Building Size | 5,300 SF |
| No. Stories | 4 |
| Year Built | 2016 |
| Zoning | R6B - High Density Residential |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 3 | - | - |
| 1+1.5 | 2 | - | - |
Property Taxes
| Parcel Number | 00533-0031 | Improvements Assessment | $548,126 |
| Land Assessment | $35,524 | Total Assessment | $583,650 |
Property Taxes
Parcel Number
00533-0031
Land Assessment
$35,524
Improvements Assessment
$548,126
Total Assessment
$583,650
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