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8 Unit Building For Sale 31-28 38th St 7 Unit Apartment Building £2,848,898 (£406,985/Unit) 7.84% Net Initial Yield Long Island City, NY 11103

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INVESTMENT HIGHLIGHTS

  • Luxury Seven-Unit Apartment Building with Community Facility – Ideal for Rental or Condo Conversion.
  • This boutique residence is surrounded by a vibrant mix of restaurants, cafés, shops, and entertainment, providing an unbeatable urban lifestyle.

EXECUTIVE SUMMARY

Seven-Unit Apartment Building with Community Facility – Ideal for Rental or Condo Conversion Presenting a partially finished seven-unit apartment building with an additional community facility, offering the perfect opportunity for investors. Located in the heart of Astoria, this boutique residence is surrounded by a vibrant mix of restaurants, cafés, shops, and entertainment, providing an unbeatable urban lifestyle. The building features condo-grade finishes, a premium window package, and stunning herringbone wood floors throughout, creating an unparalleled living experience. Each spacious residence includes a private balcony, seamlessly blending indoor and outdoor living. The crown jewel of the building, the penthouse duplex, showcases double-height windows and 22-foot ceilings, flooding the space with natural light. Meanwhile, the first-floor duplex offers two full bathrooms and an expansive 1,000-square-foot private backyard, a rare find in urban living. Whether positioned as high-end rentals or luxury condominiums, this exceptional property offers a combination of elegance, comfort, and investment potential in one of Queens’ most sought-after neighborhoods. Featured Commercial Sales

FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access

ANNUAL ANNUAL PER sq ft
Gross Rental Income $99,999 $9.99
Other Income - -
Vacancy Loss - -
Effective Gross Income $99,999 $9.99
Net Operating Income - -

FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per sq ft $9.99
Other Income
Annual -
Annual Per sq ft -
Vacancy Loss
Annual -
Annual Per sq ft -
Effective Gross Income
Annual $99,999
Annual Per sq ft $9.99
Net Operating Income
Annual -
Annual Per sq ft -

PROPERTY FACTS

Price £2,848,898
Price Per Unit £406,985
Sale Type Investment
Yield 7.84%
No. Units 7
Property Type Build-to-Rent
Property Subtype Apartment
Apartment Style Mid-Rise
Costar Property Class B
Total Plot Size 0.06 ac
Construction Status Under Construction
Property Size 4,999 sq ft
No. Floors 4
Year Built 2026
Use Class R6B - Medium density residential district

AMENITIES

UNIT AMENITIES

  • Air Conditioning
  • Balcony
  • Dishwasher
  • Washer/Dryer
  • Kitchen
  • Wooden Floors
  • Refrigerator
  • Oven
  • Range
  • Tub/Shower

SITE AMENITIES

  • 24 Hour Access
  • Smoke Free
  • Wi-Fi
  • Walk-Up
  • Smoke Detector

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT PCM sq ft
Studios 7 - -
Walk Score®
Excellent pedestrian access (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Good for cycling (80)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures how walkable a location is.
Transit Score® measures access to public transport.
Bike Score® measures how accessible a location is by bike
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures how walkable
a location is. Transit Score®
measures access to public transport. Bike Score®
measures how accessible a location is by bike®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
00657-0052
Land Assessment
£65,653 (2025)
Improvements Assessment
£96,442 (2025)
Total Assessment
£162,095 (2025)
  • Listing ID: 34741463

  • Date on Market: 06/02/2025

  • Last Updated:

  • Address: 31-28 38th St, Long Island City, NY 11103

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