19-17 Ditmars Boulevard, Astoria, NY 11105
Free-market, renovated residential: 4 upgraded units positioned for stable tenancy
Marketing description
19-17 Ditmars Blvd is a turnkey, systems-upgraded mixed-use asset in a strong Ditmars/Astoria corridor location. The property features four renovated, free-market apartment units delivered vacant at closing, above a ground-floor commercial space currently built out as an office. The current commercial tenant has not completed tenant improvements or taken possession, creating a near-term opportunity to deliver the commercial space vacant and re-lease at market (or reposition to a more durable neighborhood use).
Investment highlights
Free-market, renovated residential: 4 upgraded units positioned for stable tenancy and strong rent growth prospects. Seller represents that units will be delivered vacant at closing.
Commercial upside with clean story: Office tenant default provides a path to vacant delivery and re-tenanting.
Systems are up to date: Reduced near-term capex risk
Strong neighborhood draw: Half-block to a park and a quick walk/citibike ride to the N/W and R subway, providing fast access into Manhattan.
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