28-34 38th St | 8-Unit Apartment Building

28-34 38th St | 8-Unit Apartment Building | $4,700,000 | Astoria, NY 11103

Investment Highlights

• Renovated Mixed-Use Asset with Diversified Income
• Turnkey Investment in a High-Demand Residential Submarket
• Low-Maintenance Asset with Strong Rental Fundamentals
• Prime Astoria Location

28-34 38th Street presents a rare opportunity to acquire a modern, turnkey mixed-use asset in the heart of Astoria, one of Queens’ most sought-after and resilient investment markets.

Built in 2010, the property consists of eight well-appointed residential units above a ground-floor retail space, offering investors a diversified income stream anchored by both residential and commercial tenancy.

The residential units feature contemporary finishes and highly desirable amenities, including private balconies, elevator service, and in-unit laundry, supporting strong tenant demand and long-term retention. Combined with the property's modern construction, these features contribute to a low-maintenance ownership experience and efficient operating profile.

Ideally located near the N/W subway lines, Steinway Street’s vibrant retail corridor, Astoria Park, and an abundance of restaurants, cafés, and neighborhood amenities, the asset is positioned within one of Queens’ most dynamic and supply-constrained rental markets.

Strong occupancy fundamentals, consistent rental demand, and an exceptional location create a foundation for stable income generation and long-term value appreciation.

For investors seeking a quality, income-producing asset with tax benefits, minimal management burden, and future upside in a premier Queens neighborhood, 28-34 38th Street offers an exceptional combination of stability, cash flow, and growth potential.

Adding to its investment appeal, the property benefits from a 421 Tax Abatement in place through 2027, providing meaningful tax savings and enhancing near-term cash flow.