3552 Steinway Street, Long Island City, NY 11101

• 12,800 sqft

Property Description

Multifamily Investment Offering 35-52 Steinway Street | Astoria, Queens, NY Property Overview---------------------------- Rare opportunity to acquire a 20-unit rent-stabilized multifamily building located on the highly desirable Steinway Street corridor in Astoria, Queens. This income-producing asset offers stable, predictable cash flow in one of New York City’s strongest rental markets. The property consists of 20 residential units, including 15 spacious two-bedroom apartments and 5 additional units with efficient layouts. The asset is well-suited for investors seeking long-term stability with upside potential in a high-demand location. Financial Overview------------------------ Asking Price: $5,500,000 Gross Scheduled Income: $404,040 Operating Expenses: $144,500 Net Operating Income (NOI): $259,540 Cap Rate: 5.19% Gross Rent Multiplier (GRM): 13.61 Price Per Unit: $275,000 Investment Highlights------------------- 20-unit rent-stabilized building Strong, consistent in-place income Majority two-bedroom unit mix Located on a prime commercial corridor High tenant demand and low vacancy area Long-term hold with stable returns Location Overview---------------------Astoria, Queens Positioned in the heart of Astoria along the vibrant Steinway Street corridor, the property benefits from immediate access to a wide range of retail, restaurants, and neighborhood amenities. Astoria is one of Queens’ most desirable residential neighborhoods, known for its diverse dining scene, cultural attractions, and convenient access to public transportation with a short commute to Midtown Manhattan. The area continues to attract steady renter demand, making it a proven and resilient multifamily submarket.

Listing Status:

Active

Data Last Updated:

May 11, 2026 at 5:22AM

Listing Office:

Mega Homes Realty Inc : 718-392-5635

MLS ID:

980250

Interior

• Basement: Finished
• A/C: Multi UnitsWall/Window Unit(s)
• Heating: Radiant

Exterior

• Parking: Parking spaces: 0

Location

• Originating MLS: onekey2
• School District: Queens 30
• County: Queens

Lot

• Zoning: M14R7A00668-0040

Utilities

• Utilities: Cable ConnectedElectricity ConnectedNatural Gas ConnectedPhone ConnectedSewer ConnectedTrash Collection PublicWater Connected
• Water: Public
• Sewer: Public Sewer

Financial

• Source: onekey2