Prime Investment Opportunity: Corner Property in Astoria’s Opportunity Zone
Astoria, NY, known for its vibrant community and prime location, is presenting a golden opportunity for savvy investors with the listing at 42-20 34th Ave. Priced at $1,850,000, this corner property stands out in a highly desirable Opportunity Zone, right in the heart of a major redevelopment area. This strategic location promises not only immediate benefits but also significant long-term growth potential.
The property features two large, whole-floor residential units that are currently without leases. This scenario offers an incredible chance for investors to capitalize on the market dynamics, with the potential for over a 100% increase in rent. Presently, these units are paying 50% below market rates but can be rented as-is for $3,000 each or fully renovated for $3,500 each. This flexibility provides multiple avenues to maximize returns based on your investment strategy.
A key highlight of this property is its impeccable maintenance status. The building is violation-free and fully up to code, ensuring a hassle-free ownership experience. Recent upgrades include a new roof, skylight/hutch/coping completed in 2023, and all utilities (including gas heat) being less than eight years old. These updates not only enhance the property's value but also reduce future maintenance costs.
Additionally, the ground-floor store comes with a lease in place until 2033. The current rent is $3,300 in 2025 with incremental increases until the end of the lease term. This long-term commercial tenant provides a stable income stream and adds another layer of financial security to this investment.
In summary, 42-20 34th Ave offers an exceptional investment opportunity in one of Astoria’s most promising areas. With its prime location in an Opportunity Zone, potential for significant rent increases, and solid maintenance history, this property is poised to deliver substantial returns. Whether you’re looking to expand your portfolio or make a strategic entry into the Astoria market, this listing deserves serious consideration. Don’t miss out on securing a cornerstone asset in one of New York City’s most dynamic neighborhoods!
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