21-24 NEWTOWN AVENUE

For Sale - Queens - Astoria

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Net Operating Income: $192,801

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Key Details

Property Type
MultiFamily
Neighborhood
Astoria
Property Dimensions
25.0 x 50.0
Property Area
7,500 sq.ft.
Total Units:
10
Stories:
6
NOI
$192,801
Price
Submit Best Offer
Price Per Unit
-
Cap Rate
4.8%

Listing Description

JLL has been retained on an exclusive basis to arrange for the sale of 21-24 Newtown Avenue, a 12-unit multifamily elevator building located in the heart of Astoria, Queens.

21-24 Newtown Avenue is situated in the heart of Astoria, Queens, one of New York City’s most rapidly evolving neighborhoods. With a seemingly endless supply of restaurants, bars, cafes and ample green space and cultural attractions, Astoria has become one of the most sought after submarkets for renters of all ages, from families to young professionals.

With its 421A benefit expiring in five years, 21-24 Newtown Avenue will be delivered as a fantastic candidate for a condominium conversion or rental repositioning play. Upon expiration of the tax benefit, all units are entitled to Free Market status upon vacancy, offering investors the opportunity to capitalize on future upside in rental income. The asset delivers in-place income that is well positioned to grow.

Property Details

Block/Lot:
543/24
Lot Dimensions
25.0 x 58.0
Lot Area
1,380 sq.ft
Zoning:
R7B
FAR as Built:
5.43
Max FAR:
3.0
Brendan MaddiganJLL
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Sales & Transactions

AddressSale PriceSale DateProperty Type
30-83 23RD STREET$8,400,00007/31/2018MultiFamily
31-31 30TH STREET$600,00007/24/2018MultiFamily
25-12 37TH STREET$400,00007/24/2018MultiFamily
28-08 23RD AVENUE$3,020,00007/24/2018MultiFamily
31-33 30TH STREET$1,200,00007/24/2018MultiFamily
25-16 18TH STREET$3,500,00007/24/2018MultiFamily
18-48 21ST DRIVE$1,750,00007/19/2018MultiFamily
24-37 41ST STREET$1,400,00007/19/2018MultiFamily
26-06 24TH AVENUE$1,560,00007/13/2018MultiFamily
21-51 32ND STREET$1,600,00007/12/2018MultiFamily