Updated 4 years ago
Off Market
11-15 47th Road
Long Island City, Queens | 11th Street & Jackson Ave
20 Rooms10 Beds8 Baths5,401 Square FeetMulti-Family
$6,000,000
floors / apts4 / 5
Lot Size25'x100'
Built Size25'x54'
ZoneM1-4/R
Building TypeHouse
RE Taxes$33,144
Price Per SF
$1,111
Outdoor space and views
- Backyard
- Terrace
Building Amenities
- Video Intercom
Property Description for 11-15 47th Road
This newly constructed multifamily property sits in the Hunters Point section of Long Island City; Close proximity to the Vernon Jackson 7 Train station (1 stop to Grand Central), E/M Trains (1 stop to Lex/53rd) and the G train. The building is one block away from Vernon Boulevard, the area's prime retail corridor for shops and restaurants. It is also centrally located 3 blocks away from both Long Island City's beautiful waterfront parks and Court Square's booming skyscrapers/ retail area. All essential shopping such as Trader Joe's, Food Cellar Market, Duane Reade, multiple coffee and sandwich shops are just 2-3 blocks away. The Long Island City neighborhood of NYC has transformed itself over the past 10 years from a sleepy bedroom community of Manhattan to destination neighborhood for young families and professionals, drawn by the neighborhood feel and easy commute.
100% occupied, the rental units of 11-15 47th Road offer tenants condo quality finishes with porcelain wood grain tile floors, stainless steel appliances and quartz counter tops. Each unit also has a washer dryer which is rare for walk up apartments in the LIC market. The 2,500 sf 3 bedroom garden triplex boasts even higher levels of finishes and represents a rare opportunity for a large family to have a private backyard.
The property is currently managed as an owner's triplex with 4 income properties above.
As an income property owner, you will not have the burden both financially and logistically to deal with any previous owners' deferred maintenance issues. Just 4 years old, the building's mechanical, plumbing and electrical systems are all brand new and in top condition. Additionally, the building was built with central AC for the triplex and electric heating for the upper 4 rental units, which the tenants are responsible for. With the majority of multi-families in the area being subject to rent stabilization laws, 11-15 47th Road is an instant standout from an investment perspective, providing 100% freedom of ownership and management.
ProForma Net Operating Income (NOI): $240,813
4.0 Cap RateEmail me for a complete set-up
100% occupied, the rental units of 11-15 47th Road offer tenants condo quality finishes with porcelain wood grain tile floors, stainless steel appliances and quartz counter tops. Each unit also has a washer dryer which is rare for walk up apartments in the LIC market. The 2,500 sf 3 bedroom garden triplex boasts even higher levels of finishes and represents a rare opportunity for a large family to have a private backyard.
The property is currently managed as an owner's triplex with 4 income properties above.
As an income property owner, you will not have the burden both financially and logistically to deal with any previous owners' deferred maintenance issues. Just 4 years old, the building's mechanical, plumbing and electrical systems are all brand new and in top condition. Additionally, the building was built with central AC for the triplex and electric heating for the upper 4 rental units, which the tenants are responsible for. With the majority of multi-families in the area being subject to rent stabilization laws, 11-15 47th Road is an instant standout from an investment perspective, providing 100% freedom of ownership and management.
ProForma Net Operating Income (NOI): $240,813
4.0 Cap RateEmail me for a complete set-up
Building Details for 11-15 47th Road
OwnershipMulti-Family
Building TypeHouse
Service LevelVideo Intercom
AgePost-War
AccessWalk-up
Year Built2015
Floors/Apts4/5
Transit and Citi Bike
Subway
21 St
0.01 miles
Hunters Point Av
0.13 miles
Vernon Blvd-Jackson Av
0.23 miles
Court Sq
0.3 miles
Court Sq-23 St
0.32 miles
Railroad
Hunterspoint AvenueLong Island Rail Road
0.19 miles
Long Island CityLong Island Rail Road
0.46 miles
Citi Bike
49 Ave & 21 St
0.12 miles
46 Rd & 11 St
0.13 miles
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: 82678TH
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