1435 27th Avenue, Astoria, NY 11102

Corner Astoria Assemblage

The properties are located at 14-35 27th Avenue and 26-36 18th Street, with a total lot size of 5,289 sq. ft. The zoning is R6B, and the floor area ratio is 2, allowing for a total residential buildable square footage of 10,578 sq. ft. The properties are currently being used as seven apartments, with 14-35 27th Avenue containing four apartments and 26-36 18th Street containing three apartments. The current use is free market, giving you the flexibility to renovate the existing apartments to bring the rent to market or demolish and rebuild anew. Approximate gross income of $144,000. The properties can be built into a 10,578 sq. ft. building with 15 apartments, presenting a fantastic investment opportunity for those seeking to generate income. The corner lot location is a huge advantage for developers, as it allows for 100% lot coverage ratio. This reduces construction costs, resulting in lower loss-factor and provides increased options for apartment layouts, Floorplates and Parking. Located in a quiet, thriving pocket of Astoria, the properties are within walking distance to public transportation, shopping, restaurants, and public attractions like parks and museums.