32-33/35/37/39 Steinway Street

Description

This rare and contiguous portfolio of four mixed-use buildings offers investors a unique opportunity to acquire a stable, income-producing asset in one of Astoria’s most sought-after commercial corridors. With a diversified tenant base comprised of free market medical and retail spaces and seven rent stabilized residential units, the portfolio delivers resilient cash flow and significant value-add potential. Strategically located on Steinway Street, a major commercial artery known for high foot traffic and ongoing public investment, this C4-2A zoned property portfolio benefits from excellent visibility, a strong local demographic and is an in-transit zone. All rent stabilized residential units and one commercial space are currently leased. This property has an upside benefit of unrealized rent for one free market commercial retail space expected to be delivered vacant. The mix of seven rent stabilized residential units (1 three bedroom; 1 two bedroom; 5 one bedrooms) and 2 commercial spaces (1 medical office; 1 retail space) offers income diversity and long-term stability, appealing to both value-add and yield-focused investors. Key Investment Points: 100% occupancy across all residential units, one free market commercial space occupied, one retail space is in legal transition and is expected to be delivered vacant. Flexible C4-2A zoning for mixed-use or potential future redevelopment - Located near N/W trains, major bus routes, and Queens roadways. Photos have been virtually cleaned. All info including but not limited to tax, size, lot, zoning, age of property deemed to be accurate but not guaranteed and should be verified by buyer.