22-05 Astoria Blvd 5,307 SF 100% Leased Retail Building Long Island City, NY 11102 $4,100,455 CAD ($772.65 CAD/SF) 4% Cap Rate

fully leased currently, short term leases. lots of opportunities here as investment, upgrade renovated the units to obtain my better return., add on or Development project as Condos or rental. Ground floor is fully built out, basement as storage for the business, 4 apartments on top. lots of upside here ,prime Astoria location. great investment opportunity in a hard to obtain market.
This is not simply a purchase based on the property's current income. The true value lies in the significant upside potential and multiple redevelopment strategies available to a new owner.
The residential units offer substantial value-add opportunities. As apartments become vacant, they can be renovated and repositioned to achieve significantly higher rental income. The retail component also presents considerable upside through improved leasing, tenant mix, and market-rate rents.
In addition, the property offers exceptional long-term development potential. A future owner may choose to redevelop the site into a mixed-use rental building with retail and commercial space on the ground floor and cellar, maximizing income and asset value. Alternatively, the site may be suitable for a condominium development, allowing an investor to capitalize on the strong demand and premium sales prices achieved in the Astoria market.
Whether pursuing a value-add investment strategy or a full redevelopment plan, this property provides multiple avenues for substantial appreciation and increased returns.
Please feel free to call me to discuss all opportunities.