3% Cap Rate for Astoria Apartments
A private buyer paid $11 million for two apartment buildings in the Astoria neighborhood of Queens, NY. That works out to $510 per square foot, and a very low capitalization rate of just 3 percent.
“As apartment rents in Astoria continue to rise, more investors are choosing to focus on growing a portfolio in Western Queens,” says Matt Fotis of Marcus & Millichap’s Manhattan office. “By marketing the property to the most likely and unlikely buyers, our team generated over a dozen offers in the first two weeks of the marketing process, three of which were at our asking price.”
The two four-story buildings at 2819-2821 33rd St. total 38 apartments, two blocks from the 30th Avenue N and Q subway stop, a short commute from Midtown Manhattan.
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