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Vacant Legal 4 family detached brick home in Astoria featuring four 1 Bedroom apartments that could EASILY be converted to JR4s 2 Bedrooms, a full finished basement and an oversized 25 x142 feet lot with R6B zoning providing over 5, 000 sq ft of additional air rights (7, 100 as of right total buildable PLUS bonus for Community facility). Centrally located within 3 blocks to the N and W subway stations at 30th Ave. , and close to multiple cafes, restaurants, and entertainment venues. Mount Sinai is in close proximity and it is a great source of tenants. You could Live in one unit and rent the rest while you enjoy one of the best neighborhoods in New York City, or invest in an area with strong appreciation and a very healthy rental market. All the utilities are paid for by the tenants as the building has 4 separate boilers and 4 separate hot water heaters. This amazing property offers multiple user and investor options. As it is, it represents a ready to rent, turn key investment legal 4 family with extra parking and excellent income. You could also combine 2 units to create a larger home while still preserving good rental income. It also offers an opportunity to the savvy developer as the current structure could be left in place while enlarging it into a 10 unit building or a large community or medical facility (you would save construction costs, time and taxes by filing for an Alteration 1 instead of a New Building). The survey and an architectural opinion are available upon request but we encourage you to verify with your own architect. The oversized lot provides additional parking or outdoor space for entertaining. Perfect 1031 exchange candidate. Sites like this, delivered entirely vacant are a rare find in Astoria. Professional actual photos are next to the staged photos for visualization purposes. Projected income and expenses for the current building is available upon request (cap rate above 7%). All vacant, no rent stabilization, or free market rents. If you decide to develop to its maximum potential (8-10 units), the new property would qualify for the 485x , option C, tax abatement.
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Our Executive Mortgage Banker:
Our Insurance Division:
$2,025,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
VP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 347.223.0992
Sarah.Alvarez@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $1,620,000 | $1,620,000 | $1,620,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.875% | 6.500% | 6.250% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.335% | 6.612% | 6.433% |
Monthly Tax Payment | $2,710 | $2,710 | $2,710 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $9,583 | $10,240 | $13,890 |
Total Monthly Payment | $12,418 | $13,075 | $16,725 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.