Multi Family, 11-46 WELLING Court #, Old Astoria - Real Estate New York

Description

11-46 Welling Court Astoria, Queens
Free Market Six-Family + 2 Parking Spaces One Unit Delivered Vacant Backyard + Value-Add Upside

Investment Overview:
11-46 Welling Court presents a rare opportunity to acquire a fully free-market six-family building in the heart of Old Astoria. Built in 1990 and spanning approximately 4,425 SF across three stories, the property features six residential units, two on-site parking spaces, and a large, private backyard-with one 2-bedroom unit (and one parking space) delivered vacant at closing.

Investment Highlights:
-All Free Market Units - No rent stabilization or control.
-Delivered Vacant Unit - Includes one parking space. Perfect for live-plus-income buyers or immediate leasing.
-Private Backyard - Expansive rear yard accessible to select units; potential for shared outdoor space or exclusive-use rental premium.
-Strong in-place income with projected upside potential through upgrades and full lease-up.
-Two On-Site Parking Spaces - One leased, one delivered vacant.
-Multiple Value-Add Plays -
-Install income-generating storage cages
-Add laundry room or shared amenities
-Upgrade roof deck for tenant enjoyment
-Renovate interiors for stronger rental premiums
-Efficient Layout - Two apartments per floor (front and rear). Several units with outdoor access.
-Zoning - R4-1 Built FAR: 1.65 Lot: 2,685 SF (buyer to confirm development rights).
-Low Operating Expenses - Mostly separately metered utilities, low-maintenance layout.

Location:
Ideally located in Old Astoria, just blocks from Socrates Sculpture Park, the NYC Ferry, local shops, parks, and an increasingly vibrant restaurant scene. Listing courtesy of Corcoran Group ...
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