36-26 11th Street
Multifamily | 2 Units
Marketing description
36-26 11th Street presents a rare acquisition opportunity in Astoria, Queens. An oversized 4,250 SF site with grandfathered residential use, M1-1 manufacturing zoning, and one of the most difficult amenities to replicate in New York City: an 8-car private driveway.
The property sits in a low supply category between residential income, contractor focused live-work ownership, and long-term mixed-use redevelopment potential. The current configuration consists of two residential units and a finished basement office, fully renovated in 2017 with updated systems and separate utilities.
The existing income profile offers stable in-place cash flow with significant mark-to-market opportunity. Current rents remain substantially below prevailing Astoria market rents, creating immediate value-add potential for an investor targeting repositioning and NOI expansion.
The underlying land story is equally compelling. M1-1 zoning combined with a 50' x 85' lot creates approximately 10,200 buildable square feet under current FAR allowances. Properties with this level of flexibility, parking capacity, and frontage rarely become available in Astoria.
Investment highlights
- Rare M1-1 zoning with grandfathered residential use creates multiple exit and operational strategies unavailable in traditional multifamily products.
- Oversized 4,250 SF site is approximately 70% larger than a typical Astoria two-family parcel.
- 8 car private driveway materially differentiates the asset in a market where off-street parking remains severely constrained.
- Current rents are substantially below market, creating over $60,000 in projected annual income upside.
- Approximate 10,200 buildable SF under existing FAR creates future mixed use or commercial redevelopment optionality.
- No parking requirements under M1 zoning improve future site efficiency and redevelopment economics.
- Strong live-work demand from contractors, trade businesses, logistics operators, and owner users continues to accelerate throughout western Queens.
- Astoria continues to experience sustained rent growth driven by proximity to Manhattan and Long Island City.
- Asset benefits from both residential and commercial demand drivers, expanding long-term buyer depth.
- Existing improvements and recent renovations reduce near term capital expenditure exposure.
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