30-17 30th Avenue
Mixed Use | 4.50% CAP | 2,970 SqFt
Marketing description
30-17 30th Avenue presents investors with a statutorily free-market asset in the heart of Astoria. The property is ideally positioned along 30th Avenue, the neighborhood’s premier retail corridor, and is located just half a block from the subway. This provides seamless access to Midtown Manhattan, as well as the rest of Queens and Brooklyn, making it an exceptionally well-connected location for both residential and retail tenants.
Investment highlights
The property has been owned and meticulously maintained by the same family for approximately 35 years, resulting in a minimal violation count and strong overall condition. While the apartments are well-kept, rents have not been fully optimized, presenting a clear opportunity for an investor to renovate units to a higher standard and capture significant upside in a high-demand rental market. A conservative renovation program will result in doubling the residential rent roll. In addition, the property benefits from approximately 800 square feet of unused air rights, offering future development potential. Investors may look to extend the retail fully, as many of the neighbors have done, as retail demand is extremely valuable in this pocket of Astoria, where rents have consistently achieved ~$100/SF.
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