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Rare 2-Family Home on Oversized Lot in M1 Zone – Grandfathered Residential Use – Astoria, Queens Unique opportunity to own a grandfathered 2-family home situated on a massive 50X85lot in the highly sought-after industrial/residential pocket of Astoria, Queens. Zoned M1, this property offers a rare blend of residential comfort and light commercial flexibility—perfect for contractors, business owners, or savvy investors. The home features a 3-bedroom unit over a 2-bedroom unit, each updated just 7 years ago and in excellent condition. Both units are bright, well-maintained, and offer functional layouts, ideal for living or rental income. The finished lower level includes a dedicated office space, perfect for a home-based business or additional storage needs. One of the standout features is the huge private driveway, with room for up to 8 vehicles—a dream for any contractor or business requiring vehicle or equipment storage. Previously used by a contractor, the property offers the kind of space rarely found in this part of Queens. Located in an M1-zoned district, the property holds grandfathered residential use, allowing continued residential occupancy while offering the flexibility for future commercial or mixed-use development (consult your architect or zoning attorney for specific options). Conveniently located near major roadways, public transportation, and all the amenities that make Astoria a top Queens destination.
All information is intended only for the Registrant’s personal, non-commercial use. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. RLS Data display by William Raveis Real Estate, Inc.
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Our Executive Mortgage Banker:
Our Insurance Division:
$2,499,000
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Senior Vice President - Coaching & Strategic
William Raveis Mortgage, LLC
Phone: 203.980.8025
Frank.Kolb@raveis.com
NMLS Mortgage Loan Originator ID 81725
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5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
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|---|---|---|---|
| Loan Amount | $1,999,200 | $1,999,200 | $1,999,200 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 4.875% | 5.750% | 5.500% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 5.925% | 5.858% | 5.681% |
| Monthly Tax Payment | N/A | N/A | N/A |
| H/O Insurance Payment | $125 | $125 | $125 |
| Initial Principal & Interest Pmt | $10,580 | $11,667 | $16,335 |
| Total Monthly Payment | $10,705 | $11,792 | $16,460 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.