28-29 35th Street, Astoria, NY 11103

Property Description

Presenting a rare opportunity to acquire a newly constructed eight-family multifamily property in the heart of Astoria, ideally situated just off 30th Avenue and 35th Street. The property consists of eight spacious one-bedroom, one-bathroom residences and offers an attractive combination of current income, operational efficiency, and meaningful future upside. The building was designed for long-term ownership with a streamlined, low-maintenance operating structure. It benefits from a valuable 15-year 421-a tax abatement in place through 2030, helping to significantly reduce real estate tax expenses and enhance current cash flow. Each apartment is separately metered, with tenants responsible for their own utilities, and all eight units are equipped with brand-new individual hot water tanks. A significant component of the investment opportunity is the property's rental upside. Current rents provide stable in-place income, while offering the potential for future rent growth and increased gross revenue as leases turn over and rents are adjusted where legally permitted. This creates an opportunity for a new owner to improve the property's income profile over time while benefiting from the existing tax abatement and efficient operating structure. Located in one of Queens' most desirable and established residential neighborhoods, the property is moments from the restaurants, cafés, shopping, nightlife, and conveniences that have made Astoria one of New York City's most sought-after rental markets. Convenient transportation provides easy access to Manhattan and further supports long-term tenant demand. With modern construction, eight income-producing units, low operating requirements, rental upside, favorable tax treatment, and a prime Astoria location, this property represents a compelling opportunity for an investor seeking both immediate cash flow and long-term appreciation potential.