Welcome to a prime investment opportunity in the heart of Astoria! This well-maintained 24-unit property is ideally situated in one of Astorias most vibrant and desirable neighborhoods, offering both convenience and strong appeal to residents and investors alike. With a net operating income of $403,000 and a current cap rate of 5.9%, this property represents a lucrative opportunity with solid returns and long-term growth potential. The building features: 9 spacious, recently renovated free-market one-bedroom apartments allowing flexibility in rental pricing to maximize income based on current market demand. 14 rent-stabilized one-bedroom units and 1 rent-stabilized two-bedroom unit providing consistent cash flow. Notably, 12 of these apartments are currently rented below market value, and under current regulations, the landlord can charge market rent upon vacancy. Additional Property Highlights: - Building Size: 38 ft x 93 ft. - Lot Size: 38.09 ft x 105 ft. - New Boiler Installed. This property offers investors a unique blend of stable income and future upside potential through rent adjustments and property appreciation in a rapidly growing neighborhood.