18-65 Steinway StQueens, NY 11105

This exceptional investment opportunity presents a multi-tenant industrial property located at 18-65 Steinway Street in Astoria, Queens, NY 11105. The property, built in 1988, encompasses a substantial 14,860 square feet across one building, and features a 15-foot ceiling height. The asking price is $5,399,000, translating to a price per square foot of $363.32 and a price per unit of $599,888.89. The property boasts a strong pro-forma NOI of $300,000, resulting in a pro-forma cap rate of 5.56%. The layout includes nine units, comprising first-floor commercial space with two 4,000 square foot warehouses, and a second-floor 7,000 square foot executive office area currently leased to six individual tenants under short-term leases. A convenient handicap-accessible elevator services the office spaces. Adding to the property's appeal is a third-floor caretaker's studio apartment with a balcony. The lot size is 80x100 feet (8,000 sq ft) with 80 feet of frontage on Steinway Street. This prime location is situated near the Robert De Niro Wildflower Studios, a significant $400 million development project. This property offers a compelling blend of income generation and future development potential. The property is classified as Flex space and is an owner/user investment.