12-Unit Multifamily/ Upside in Prime Astoria Location
12 Unit / Fully Occupied, Income-Producing Asset with Upside in a High-Growth Astoria Location
Marketing description
Stabilized 12-Unit Multifamily Portfolio in Prime Astoria
32-72 & 32-70 48th Street is a 12-unit multifamily portfolio located in the heart of Astoria/Long Island City. Consisting of two adjacent 3-story walk-up buildings, the properties are fully occupied with rent-stabilized tenants and additional income from storage and subleases. Long-term ownership and strong in-place management. Significant upside through preferential rents. Prime location near Northern Blvd, M/R subway lines, and growing retail/dining scene. Ideal for investors seeking stable cash flow with long-term value-add potential.
32-70
All units have separate boilers. 4 Tenants cover their own heating expenses.
Investment highlights
Investment Highlights:
Two adjacent 6-family buildings (12 total units)
100% occupied with rent-stabilized tenants
Additional income from storage and subleases
Upside potential via preferential rent increases (legal rent gap)
Well-maintained by same ownership for 20+ years
Located near major transit, retail, and dining corridors
Strong rental demand in established neighborhood
Zoned R5 with recent City of Yes zoning changes offering potential redevelopment or density increase
Excellent long-term hold or value-add opportunity in appreciating submarket
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