2 FAm Astoria
2 FAm Astoria is a three-story, four-unit multifamily property in Long Island City offered at $1,980,000 with a 4.91% cap rate ($97,200 NOI). The building comprises two occupied 3-bed/2-bath apartments generating $2,400 and $2,700 per month, plus a vacant walk-in duplex apartment with finished basement ready for immediate occupancy or lease-up, making it ideal for an owner-occupant seeking both personal space and rental income.
Built on a 2,500 SF lot at 25-04 42nd Street in Astoria, the 2,540 SF structure includes four parking spaces plus a garage—a significant asset in this dense, highly desirable neighborhood. The income-producing units are leased, while the vacant duplex unit presents immediate upside through owner occupancy or additional rental revenue. The property is fully occupied at 100% and well-maintained, offering strong fundamentals and flexibility for the right buyer.
- Three-story, four-unit multifamily in prime Astoria location
- Two occupied units generating $5,100/month; one vacant unit ready for occupancy
- Four parking spaces plus garage—rare convenience in Long Island City
- Owner-user opportunity with rental income potential
- 4.91% cap rate on $97,200 NOI
More property details
Location
Located at 25-04 42nd Street, Astoria, NY 11103, this well-maintained multifamily investment property is offered at $1,980,000 and features two residential units plus a vacant walk-in duplex apartment with a finished basement, presenting an excellent opportunity for an owner-occupant or additional rental income. The second-floor unit offers 3 bedrooms and 2 bathrooms and is currently leased for $2,400 per month, while the third-floor unit also features 3 bedrooms and 2 bathrooms, generating $2,700 per month in rental income. The property includes four parking spaces plus a garage, providing valuable off-street parking in a highly desirable Astoria location. With an income-producing setup, a vacant unit ready for immediate occupancy or lease-up, and ample parking, this asset offers strong investment potential and future upside.