3155 35th St
Multifamily investment in Astoria, Queens: six-unit apartment building at 3155 35th Street, offered at $2,490,000 with a 6.43% cap rate and $160,000 NOI. The Class C property generates approximately $210,000 in gross annual income, with one unit currently vacant and 50% of units in free market, presenting immediate leasing upside.
Built in 1925 and well-maintained, the 5,025 SF building spans three stories on a 0.06-acre R6-zoned lot. The structure is in excellent condition with recently renovated apartments. Located in the A+ Astoria neighborhood, the property benefits from strong transit access including subway, commuter rail, bus lines, and proximity to major airports, making it attractive to both owner-occupants and investors seeking cash flow in a transit-rich corridor.
- $160,000 NOI on $210,000 gross annual income
- 6.43% cap rate; 11.9x gross rent multiplier
- One vacant unit and 50% free-market rents—immediate leasing potential
- Three-story, six-unit building in excellent condition
- Prime Astoria location with direct subway and commuter rail access
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Features & amenities
Location
Located in a prime A+ Astoria neighborhood, this well-maintained multifamily property features six renovated apartments, with 50% of the units designated as free market and one unit currently vacant, providing immediate leasing or owner-occupancy potential. The property generates approximately $17,500 in gross monthly income, totaling about $210,000 annually, with operating expenses of roughly $50,000 and a net operating income of approximately $160,000. Offering a 6.4% cap rate and an 11.9x gross rent multiplier, the asset also presents upside potential through future rent growth. The building is in excellent condition, making it an attractive investment opportunity. Contact the listing broker for additional details.