2834 38th St
Astoria, NY 11103
Multifamily Property For Sale · 8 Units

28-34 38th Street presents a rare opportunity to acquire a modern, turnkey mixed-use asset in the heart of Astoria, one of Queens’ most sought-after and resilient investment markets. Built in 2010, the property consists of eight well-appointed residential units above a ground-floor retail space, offering investors a diversified income stream anchored by both residential and commercial tenancy. The residential units feature contemporary finishes and highly desirable amenities, including private balconies, elevator service, and in-unit laundry, supporting strong tenant demand and long-term retention. Combined with the property's modern construction, these features contribute to a low-maintenance ownership experience and efficient operating profile. Ideally located near the N/W subway lines, Steinway Street’s vibrant retail corridor, Astoria Park, and an abundance of restaurants, cafés, and neighborhood amenities, the asset is positioned within one of Queens’ most dynamic and supply-constrained rental markets. Strong occupancy fundamentals, consistent rental demand, and an exceptional location create a foundation for stable income generation and long-term value appreciation. For investors seeking a quality, income-producing asset with tax benefits, minimal management burden, and future upside in a premier Queens neighborhood, 28-34 38th Street offers an exceptional combination of stability, cash flow, and growth potential. Adding to its investment appeal, the property benefits from a 421 Tax Abatement in place through 2027, providing meaningful tax savings and enhancing near-term cash flow.