31-40 35th Street
Tax Class 2A | 6-Unit Multifamily
Marketing description
This 3-story, Tax Class 2A protected walkup consists of 5,600 square feet with 6 residential units, all of which are rent stabilized. The property is currently 83% occupied and located in one of Queens' most sought-after rental markets. Astoria is defined by a dense mix of pre-war walk-ups, low-rise brick apartment buildings, and tree-lined residential streets that contribute to its enduring appeal. Well-established retail corridors along Broadway and Steinway Street, together with nearby amenities such as Sean’s Place Park and the Queens Public Library, further enhance the area’s livability. The property also benefits from excellent connectivity, with access to the E, F, M, R, N, and W subway lines, as well as the Q18, Q101, and Q104 bus routes, providing convenient transportation throughout New York City. A broad mix of retailers, restaurants, and everyday conveniences adds to the neighborhood’s strength as a stable and attractive residential market.
Investment highlights
- Tax Class 2A protected which prevents the assessed value from increasing more than 8% for one year and no more than 30% over a five-year period.
- 83% Occupied
- Potential future rent law reform could substantially enhance the investment’s value by enabling greater rent growth and repositioning opportunities.
- Desirable location just a short distance from Broadway & Steinway Street, Sean's Place Park, and Queens Public Library.
- The asset is proximate to the E, F, M, R, N, and W subway lines, as well as the allowing tenants affordable and easy access to public transportation.
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