21-12 31St AveQueens, NY 11106

This exceptional investment opportunity presents a 2-story, 1-unit apartment building at 21-12 31st Avenue in Queens, New York, listed at $2,250,000. Built in 1910, the property boasts 2,850 square feet on a 2,850 square foot lot, offering a unique blend of existing income potential and significant redevelopment possibilities. The property is currently vacant and presents a rare chance to acquire a last-standing development site on 31st Avenue, between 21st and 23rd Streets. Zoned R6A/R7A, this location offers a substantial 8,909 buildable square feet, making it ideal for a variety of development projects. The property's location in the heart of South Astoria's burgeoning development area promises strong future returns. This is a first-time sale in 50 years, presenting a unique chance to capitalize on the area's growth. The asking price of $2,250,000 translates to $253 per square foot. This property is a prime example of a rare opportunity to acquire a multifamily property with significant upside potential in a rapidly developing neighborhood. The property's existing structure provides immediate income potential, while the zoning and buildable square footage offer substantial long-term development prospects. This is an ideal investment for those seeking a blend of immediate return and future growth in a highly desirable location.