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------------------------
Asking Price: $5,500,000
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
Location Overview---------------------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.