Updated 4 years ago
Off Market
5-14 50th Ave
Long Island City, Queens | 5th Street & Vernon Blvd
6 Beds3,750 Square FeetIncome Property
$1,350,000
floors / apts3 / 6
Lot Size25'x100'
Built Size25'x50'
ZoneM1-4
Building TypeLow-Rise
RE Taxes$12,934
Price Per SF
$360
Building Amenities
- Voice Intercom
Property Description for 5-14 50th Ave
Ariel Property Advisors is proud to offer 5-14 50th Avenue in Hunters Point in Long Island City. The fully occupied property has 6 units configured as 1 bedroom’s, one Free Market, one Rent Controlled and the rest Rent Stabilized. Current average rents are at $29/sqft in a market that can easily achieve $50/sqft, providing new ownership runway for growth. Because of the mostly rent stabilized status vacancy in the property will remain low, allowing for strong cash flow for the potential buyer. In addition, the property is Tax Class 2A which is a protected tax class that caps future tax increases to 8% and/ or 30% over five years.
The 3-story building is on the same block as the 7 train stop on Vernon Boulevard, which connects residents to Hudson Yards within 15 minutes and the rest of Queens. Vernon Boulevard is a major retail thoroughfare offering tenants access to major retailors as well as mom and pop shops. One can find restaurants, bars, parks, banks, churches and grocery stores all along the Boulevard. Plus the building’s location provides easy access to the Brooklyn Queens Expressway.
5-14 50th Avenue will provide a new owner with the opportunity to add a cash flowing asset in one of New York City’s strongest neighborhoods to their portfolio. In addition to not having to worry about investing in an asset where economic occupancy can potentially be low since rents are low and the quality of all 6 units being relatively high.
Listing History for 5-14 50th Ave
Now
08/05/2022
POM by Alexander Taic
Ariel Property Advisors
06/07/2022
$1,350,000 [-$300,000] [18.2%]
Price Drop by Alexander Taic
Ariel Property Advisors
Building Details for 5-14 50th Ave
OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1931
Floors/Apts3/6
Transit and Citi Bike
Subway
Vernon Blvd-Jackson Av
0.12 miles
21 St
0.33 miles
Hunters Point Av
0.37 miles
Railroad
Long Island CityLong Island Rail Road
0.15 miles
Hunterspoint AvenueLong Island Rail Road
0.48 miles
Citi Bike
5 St & 51 Ave
0.06 miles
48 Ave & 5 St
0.1 miles
Ferry
Hunters Point South
0.3 miles
Long Island City
0.39 miles
Contact Agents
Contact Agents
Alexander Taic
Ariel Property Advisors
Dorit Pinhas
Ariel Property Advisors
Long Island City | Queens
Quick Profile
Long Island City, the name does sound a little far away, like it requires a lengthy drive to get to. Think, again. Long Island City, also known as LIC, is nestled in the western corner of Queens along the East River. Midtown Manhattan is closer to Long Island City than it is to downtown Manhattan.
LIC is bordered by Sunnyside to the east, the East River to the west, Astoria to the north, and Newton Creek which separates Queens from Greenpoint Brooklyn to the south.
A once-shabby manufacturing epicenter, the neighborhood is a mix of industrial, commercial and residential. In recent years it’s seen a rise in some seriously cool factors. Populated by young professionals, multi-ethnic immigrants, and hipsters, LIC has a happening nightlife scene, fantastic restaurants (some of them Michelin starred), art museums and galleries. Much of the waterfront access has been redeveloped into sustainable public green spaces with modern design.
Although much of the industrial / manufacturing companies have since left LIC, many still reside there. They tend to co-exist with new residential building development the same way they do in other neighborhoods like Williamsburg and Greenpoint.
Office building developers and business tenants play a vital role in LIC too. It’s considered New York City’s fourth central business district next to Midtown, downtown Manhattan and downtown Brooklyn.
As you traverse the streets of LIC, you’ll notice the change from block to block. Industrial warehouses on one block, a bustling Main Street, followed by a park block with sleek luxury high-rise buildings. It’s all part of the LIC vibe.
For a small neighborhood, the transportation links are excellent. For starters, you just can’t beat living one subway stop from Manhattan (7 train). Other train lines include E, M, R, N, Q, and the G lines. There are also less conventional methods of transportation like the NYC Ferry, which offers three ferry landings. There is no shortage of CitiBike’s in LIC either. Many folks commute to work by way of cycling over the Queensboro Bridge.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 81591TH
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