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21-11 31st Ave 43 Unit Apartment Building For Sale 5% Cap Rate Astoria, NY 11106
INVESTMENT HIGHLIGHTS
- New Construction Rental Building
- Prime Location in Astoria and close to all
- Over 25,000 applicants in affordable housing lottery
- Stable Income Producing Portfolio
- Located near subway, ferry, and cultural landmarks
- Two retail units with strong income potential
EXECUTIVE SUMMARY
Mixed Used Affordable Multifamily and Commercial Rental Building for Sale
43 units of affordable units on offer for sale to be fully occupied via housing lottery - sale EXCLUDES the office retail condo portion.
Presenting a distinguished opportunity at 21-11 31st Avenue strategically positioned in one of Queens'
most dynamic and culturally rich neighborhoods. The property benefits from unparalleled accessibility,
situated near major transportation hubs including the N and W subway lines, the Astoria Ferry, and
several bus routes. In close proximity to renowned cultural landmarks such as the Museum of the
Moving Image, Socrates Sculpture Park, and the Noguchi Museum. Additionally, nearby educational
institutions contribute to the area's robust foot traffic.
The property consists of 43 residential 1 bedroom rental units and 2 ground floor free market retail
spaces. All residential units are participating in the HPD Inclusionary Affordable Housing Program.
Currently the residential units are listed for lease on the New York City housing connect website with
over 25,000 applicants who have joined the lottery process. The affordable residential units are
expected to be fully leased by 1Q2025.
The owner is willing to sell either the whole building or to split the residential and commercial.
43 units of affordable units on offer for sale to be fully occupied via housing lottery - sale EXCLUDES the office retail condo portion.
Presenting a distinguished opportunity at 21-11 31st Avenue strategically positioned in one of Queens'
most dynamic and culturally rich neighborhoods. The property benefits from unparalleled accessibility,
situated near major transportation hubs including the N and W subway lines, the Astoria Ferry, and
several bus routes. In close proximity to renowned cultural landmarks such as the Museum of the
Moving Image, Socrates Sculpture Park, and the Noguchi Museum. Additionally, nearby educational
institutions contribute to the area's robust foot traffic.
The property consists of 43 residential 1 bedroom rental units and 2 ground floor free market retail
spaces. All residential units are participating in the HPD Inclusionary Affordable Housing Program.
Currently the residential units are listed for lease on the New York City housing connect website with
over 25,000 applicants who have joined the lottery process. The affordable residential units are
expected to be fully leased by 1Q2025.
The owner is willing to sell either the whole building or to split the residential and commercial.
PROPERTY FACTS
| Sale Type | Investment | Building Class | B |
| Cap Rate | 5% | Lot Size | 0.16 AC |
| Sale Condition | Bulk/Portfolio Sale | Building Size | 40,365 SF |
| No. Units | 43 | No. Stories | 9 |
| Property Type | Multifamily | Year Built | 2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | C2-3 overlays R7A & R6A - C2 - Commercial district predominantly residential in character. R7 - Medium-density apartment house district with lower parking requirements | ||
| Sale Type | Investment |
| Cap Rate | 5% |
| Sale Condition | Bulk/Portfolio Sale |
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.16 AC |
| Building Size | 40,365 SF |
| No. Stories | 9 |
| Year Built | 2024 |
| Opportunity Zone |
Yes |
| Zoning | C2-3 overlays R7A & R6A - C2 - Commercial district predominantly residential in character. R7 - Medium-density apartment house district with lower parking requirements |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Elevator
- Public Transportation
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 43 | - | - |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Excellent Transit (83)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 00551-0012 | Improvements Assessment | $3,151,350 |
| Land Assessment | $217,890 | Total Assessment | $3,369,240 |
PROPERTY TAXES
Parcel Number
00551-0012
Land Assessment
$217,890
Improvements Assessment
$3,151,350
Total Assessment
$3,369,240
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21-11 31st Ave
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