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The River by R & R 2631 3rd St 16 Unit Apartment Building $13,500,000 ($843,750/Unit) 4.66% Cap Rate Astoria, NY 11102
Investment Highlights
- Luxury Rentals With Condo Finishes
- East And west exposure
- Elevator Building
Executive Summary
Upside Upside !!!!
Welcome to 2631 3rd St Astoria, NY 11102 A High Demand luxury Rental Market With easy Travels to Manhattan And the outer Boroughs. Surrounded By New Luxury High rise Rentals & Luxury Condo developments This Asset presents a Great opportunity to acquire a newly constructed Luxury Rental building with Great tax incentives and long-term upside. This Five -story elevator property features 16 residential units—ranging from studios , 1 bedrooms & two-bedrooms All Built With Modern Standards And Condo Finishes , Tenants are Responsible For All Utilities , Building Also Features a 4915 SQ Ft Community Facility Delivered Vacant Giving The New Owner Flexibility In Pricing . The building benefits from 421a tax abatement through 2048 offering significant savings and enhanced investment returns.
Located in a rapidly evolving neighborhood Of Halets Cove , the property is surrounded by new developments and offers seamless access to Manhattan, Brooklyn, and other parts of Queens via the N, W, and the NY FERRY or Bus service Also Located just a Minute Away . This asset is ideal for investors seeking a Strong income stream with Great future upside.
Welcome to 2631 3rd St Astoria, NY 11102 A High Demand luxury Rental Market With easy Travels to Manhattan And the outer Boroughs. Surrounded By New Luxury High rise Rentals & Luxury Condo developments This Asset presents a Great opportunity to acquire a newly constructed Luxury Rental building with Great tax incentives and long-term upside. This Five -story elevator property features 16 residential units—ranging from studios , 1 bedrooms & two-bedrooms All Built With Modern Standards And Condo Finishes , Tenants are Responsible For All Utilities , Building Also Features a 4915 SQ Ft Community Facility Delivered Vacant Giving The New Owner Flexibility In Pricing . The building benefits from 421a tax abatement through 2048 offering significant savings and enhanced investment returns.
Located in a rapidly evolving neighborhood Of Halets Cove , the property is surrounded by new developments and offers seamless access to Manhattan, Brooklyn, and other parts of Queens via the N, W, and the NY FERRY or Bus service Also Located just a Minute Away . This asset is ideal for investors seeking a Strong income stream with Great future upside.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$755,592
|
$33.77
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$755,592
|
$33.77
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$126,114
|
$5.64
|
| Net Operating Income |
$629,478
|
$28.13
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $755,592 |
| Annual Per SF | $33.77 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $755,592 |
| Annual Per SF | $33.77 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $126,114 |
| Annual Per SF | $5.64 |
| Net Operating Income | |
|---|---|
| Annual | $629,478 |
| Annual Per SF | $28.13 |
Property Facts
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Patio
Site Amenities
- Laundry Facilities
- Security System
- Wheelchair Accessible
- Smoke Free
- Roof Terrace
- Elevator
- Fiber Optic Internet
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | - |
| 1+1 | 9 | - | - |
| 2+1 | 3 | - | - |
1 1
Walk Score®
Very Walkable (73)
Transit Score®
Excellent Transit (73)
Bike Score®
Very Bikeable (81)
Property Taxes
| Parcel Number | 00910-0008 | Improvements Assessment | $0 (2024) |
| Land Assessment | $233,000 (2024) | Total Assessment | $233,000 (2024) |
Property Taxes
Parcel Number
00910-0008
Land Assessment
$233,000 (2024)
Improvements Assessment
$0 (2024)
Total Assessment
$233,000 (2024)
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Presented by
East Coast NY Inc
The River by R & R | 2631 3rd St
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