In the heart of Old Astoria, Queens, a rare investment opportunity has just hit the market. Alpha Realty is exclusively offering 23‑33 Astoria Boulevard, a newly constructed luxury elevator building priced at $17 million.
With 29 fully leased free-market apartments, one commercial space, and a 6% cap rate, this asset offers immediate income, upscale amenities and long-term growth potential in one of New York City’s most dynamic rental markets.
Astoria Boulevard Luxury Elevator Building Listing Overview
- Address: 23‑33 Astoria Boulevard, Astoria, NY 11102
- Residential Units: 29
- Commercial Unit: 1 (550 SF)
- Total SF: 25,841
- Lot Size: 50’ × 157.68’
- Zoning: R6A, R5D, C1‑3
- Cap Rate: 6.0%
- GRM: 13.1×
- Price/SF: $658
Astoria Multifamily Investment Highlights
This 7-story elevator building offers investors a rare combination of strong income, high-end construction and fully leased free-market units. The property generates approximately $1.29 million in effective gross income annually from 29 apartments and one commercial unit.
Residences feature one- and two-bedroom layouts, with select two-bedroom, two-bath units exceeding 1,000 square feet, making them especially attractive to long-term tenants. With a 6% cap rate, $658/SF pricing, and a stable tenant base, this asset delivers immediate cash flow and long-term upside in a market with limited new inventory of this quality.
Luxury Amenities and Turnkey Operations
Designed with both lifestyle and ownership efficiency in mind, this 7-story luxury elevator building offers a full suite of amenities that elevate tenant experience and reduce turnover:
- Fitness center
- Rooftop cabana lounge
- Co-working space
- Laundromat
- On-site parking for 15 vehicles
All units are free-market, and tenants pay for their own utilities, ensuring cost-effective operations and a strong net operating income. The building’s modern design and amenity-rich environment, combined with its efficient expense structure, make it a compelling turnkey asset for investors.
Why This Astoria Multifamily Investment Stands Out
Located in Old Astoria, one of Queens’ most resilient and desirable rental neighborhoods, 23-33 Astoria Boulevard offers unmatched location benefits. The building is just a few blocks from the Astoria Boulevard subway station (N/W lines), ensuring easy access to Midtown Manhattan and other key hubs.
Surrounded by a vibrant mix of restaurants, parks, and retail, the area continues to attract renters seeking both convenience and community. Astoria’s ongoing growth, fueled by infrastructure investment and a diverse tenant demographic, positions this property for continued appreciation and low vacancy. With its 100% free-market status and amenity-rich design, this building is a standout opportunity in one of NYC’s most competitive multifamily markets.
Interested in 23‑33 Astoria Boulevard? Contact the Listing Team
For pricing details, a full setup or to schedule a tour, contact the Alpha Realty team directly:
Lev Mavashev, Principal (212) 658‑0955, [email protected]
Ben Normatov [email protected]
Daniel Aminov [email protected]