2815 24th Ave Astoria, NY 11102

This well-maintained and well-positioned corner 20-UNIT apartment building is a short walk from the train station, Astoria Park, restaurants, bars, shopping, grocery stores, and highways. The existing building and property features include 19 apartments (15 two-bedroom and 4 one-bedroom apartment...s) and a fully operating restaurant tenant on the ground floor. The building recently had renovations to 16 out of the 19 apartments, a new roof, a well-maintained boiler, and new entry security systems. 17 UNITS units are FREE MARKET RENTS. The current rent roll has room for improvement to capitalize on the full market value of the current apartments. The projected income increase percentage with appropriate rent improvements is approximately 8%. The current annual RR is $521,215. The projected annual RR is $610,552.00 **THE OWNER IS WILLING TO HOLD A NOTE WITH A MINIMUM OF 50% DOWN PAYMENT. Continue reading