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3552 Steinway St
Long Island City, NY 11101
Excellent Location- 20 Units Motivated Seller · Multifamily Property For Sale
·
20 Units
Investment Highlights
- EXCELLENT LOCATION
- CLOSE TO MANHATTAN
- 20 UNIT APT BUILDING
- ONE BLOCK FROM SUBWAY STATION
Executive Summary
Multifamily Investment Offering
35-52 Steinway Street | Astoria, Queens, NY
Property Overview-----------------------------------------------------------------------------------------
Rare opportunity to acquire a 20-unit rent-stabilized multifamily building located on the highly desirable Steinway Street corridor in Astoria, Queens. This income-producing asset offers stable, predictable cash flow in one of New York City’s strongest rental markets.
The property consists of 20 residential units, including 15 spacious two-bedroom apartments and 5 additional units with efficient layouts. The asset is well-suited for investors seeking long-term stability with upside potential in a high-demand location.
Financial Overview on $4999000------------------------------------------------------
Gross Scheduled Income: $404,040
Operating Expenses: $144,500
Net Operating Income (NOI): $259,540
Cap Rate: 5.19%
Gross Rent Multiplier (GRM): 13.61
Price Per Unit: $275,000
Investment Highlights-----------------------------------------------------------
20-unit rent-stabilized building
Strong, consistent in-place income
Majority two-bedroom unit mix
Located on a prime commercial corridor
High tenant demand and low vacancy area
Long-term hold with stable returns
Astoria, Queens
Positioned in the heart of Astoria along the vibrant Steinway Street corridor, the property benefits from immediate access to a wide range of retail, restaurants, and neighborhood amenities.
Astoria is one of Queens’ most desirable residential neighborhoods, known for its diverse dining scene, cultural attractions, and convenient access to public transportation with a short commute to Midtown Manhattan. The area continues to attract steady renter demand, making it a proven and resilient multifamily submarket.
35-52 Steinway Street | Astoria, Queens, NY
Property Overview-----------------------------------------------------------------------------------------
Rare opportunity to acquire a 20-unit rent-stabilized multifamily building located on the highly desirable Steinway Street corridor in Astoria, Queens. This income-producing asset offers stable, predictable cash flow in one of New York City’s strongest rental markets.
The property consists of 20 residential units, including 15 spacious two-bedroom apartments and 5 additional units with efficient layouts. The asset is well-suited for investors seeking long-term stability with upside potential in a high-demand location.
Financial Overview on $4999000------------------------------------------------------
Gross Scheduled Income: $404,040
Operating Expenses: $144,500
Net Operating Income (NOI): $259,540
Cap Rate: 5.19%
Gross Rent Multiplier (GRM): 13.61
Price Per Unit: $275,000
Investment Highlights-----------------------------------------------------------
20-unit rent-stabilized building
Strong, consistent in-place income
Majority two-bedroom unit mix
Located on a prime commercial corridor
High tenant demand and low vacancy area
Long-term hold with stable returns
Astoria, Queens
Positioned in the heart of Astoria along the vibrant Steinway Street corridor, the property benefits from immediate access to a wide range of retail, restaurants, and neighborhood amenities.
Astoria is one of Queens’ most desirable residential neighborhoods, known for its diverse dining scene, cultural attractions, and convenient access to public transportation with a short commute to Midtown Manhattan. The area continues to attract steady renter demand, making it a proven and resilient multifamily submarket.
Property Facts
| Price Per Unit | $249,950 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 5.19% | Building Size | 12,800 SF |
| No. Units | 20 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1912 |
| Apartment Style | Mid-Rise | Opportunity Zone |
Yes
|
| Zoning | M14R7A - Light industrial with offices, hotels, and most retail uses permitted | ||
| Price Per Unit | $249,950 |
| Sale Type | Investment |
| Cap Rate | 5.19% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.10 AC |
| Building Size | 12,800 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1912 |
| Opportunity Zone |
Yes |
| Zoning | M14R7A - Light industrial with offices, hotels, and most retail uses permitted |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Property Taxes
| Parcel Number | 00668-0040 | Improvements Assessment | $454,860 |
| Land Assessment | $101,250 | Total Assessment | $556,110 |
Property Taxes
Parcel Number
00668-0040
Land Assessment
$101,250
Improvements Assessment
$454,860
Total Assessment
$556,110
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