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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

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 | Apartment Style | Mid-Rise |
| Price Per Unit | £406,985 | Costar Property Class | B |
| Sale Type | Investment | Total Plot Size | 0.06 ac |
| Yield | 7.84% | Construction Status | Under Construction |
| No. Units | 7 | Property Size | 4,999 sq ft |
| Property Type | Build-to-Rent | No. Floors | 4 |
| Property Subtype | Apartment | Year Built | 2026 |
| Use Class | R6B - Medium density residential district | ||
| 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 | - | - |
1 1
Walk Score®
Excellent pedestrian access (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Good for cycling (80)
PROPERTY TAXES
| Parcel Number | 00657-0052 | Improvements Assessment | £96,442 (2025) |
| Land Assessment | £65,653 (2025) | Total Assessment | £162,095 (2025) |
PROPERTY TAXES
Parcel Number
00657-0052
Land Assessment
£65,653 (2025)
Improvements Assessment
£96,442 (2025)
Total Assessment
£162,095 (2025)
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8 Unit Building For Sale | 31-28 38th St
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