Updated 5 years ago
Sold
10-13 47th Ave
Long Island City, Queens | Vernon Blvd & 11th Street
10 Rooms7 Beds5.5 Baths4,286 Square FeetMulti-Family
$2,200,000
floors / apts3 / 3
Lot Size25'x100'
Built Size22'x36'
ZoneM1-4/R
Building TypeTownhouse
RE Taxes$8,339
Price Per SF
$513
This property was sold for $2,125,000 on 02/18/22.
Building Amenities
- Courtyard
- Laundry Room
Property Description for 10-13 47th Ave
One of a kind income property for sale featuring 5 units and 2 buildings. Just steps from Vernon Boulevard in the heart of Long Island City, this one in a generation opportunity offering combines the best of both worlds.
The unique 2 building layout of the lot is comprised of a 4 unit 3 floor mixed use building facing south onto 47th avenue and a 3 bedroom 2 bathroom home towards the rear of the property that has an additional 4th sleeping quarters, rec room and laundry room in the basement, central AC and warm southern light bathing the home season 'round. The 2 buildings are separated by a spacious courtyard in which residents frequently "sit out" in nicer weather under the evening sky.
The property is zoned M1-4/R6B/LIC which is a favorable mixed use zoning. In the current market the highest and best use of the property is either mixed use as currently configured or 100% residential which can be accomplished by converting the first floor of the front building into a 2 bedroom apartment.
This property checks all the boxes as an income property priced at a 7 CAP with all major systems in good condition. Alternatively, a purchaser could keep the front building as an income property and live in the spacious single family house to the rear, lowering the monthly cost of the property to even less than some 3 bedroom condo's in the area. The rock bottom property taxes are also truly rare for a property of this size.
47th Ave also known as "Joe Imps way" is a block steeped in history and character and has been one of the emotional centers for LIC dating back a hundred years when the area welcomed predominantly Italian American immigrants and everyone knew their neighbors and looked out for each other. Though thoroughly diverse now, that same character and neighborhood charm lives on today on this historic block.
The property is just 4 blocks from the Vernon Jackson #7 train subway stop and just 1 stop from Grand Central. There are an abundance of local shops and restaurants within a 5 minute walk including a great wine store, children's' daycare, a new Trader Joe's, Food Cellar, and restaurant cuisines of every sort.
The unique 2 building layout of the lot is comprised of a 4 unit 3 floor mixed use building facing south onto 47th avenue and a 3 bedroom 2 bathroom home towards the rear of the property that has an additional 4th sleeping quarters, rec room and laundry room in the basement, central AC and warm southern light bathing the home season 'round. The 2 buildings are separated by a spacious courtyard in which residents frequently "sit out" in nicer weather under the evening sky.
The property is zoned M1-4/R6B/LIC which is a favorable mixed use zoning. In the current market the highest and best use of the property is either mixed use as currently configured or 100% residential which can be accomplished by converting the first floor of the front building into a 2 bedroom apartment.
This property checks all the boxes as an income property priced at a 7 CAP with all major systems in good condition. Alternatively, a purchaser could keep the front building as an income property and live in the spacious single family house to the rear, lowering the monthly cost of the property to even less than some 3 bedroom condo's in the area. The rock bottom property taxes are also truly rare for a property of this size.
47th Ave also known as "Joe Imps way" is a block steeped in history and character and has been one of the emotional centers for LIC dating back a hundred years when the area welcomed predominantly Italian American immigrants and everyone knew their neighbors and looked out for each other. Though thoroughly diverse now, that same character and neighborhood charm lives on today on this historic block.
The property is just 4 blocks from the Vernon Jackson #7 train subway stop and just 1 stop from Grand Central. There are an abundance of local shops and restaurants within a 5 minute walk including a great wine store, children's' daycare, a new Trader Joe's, Food Cellar, and restaurant cuisines of every sort.
Building Details for 10-13 47th Ave
OwnershipMulti-Family
Building TypeTownhouse
AgePre-War
AccessWalk-up
Year Built1921
Floors/Apts3/3
Transit and Citi Bike
Subway
21 St
0.18 miles
Vernon Blvd-Jackson Av
0.21 miles
Hunters Point Av
0.3 miles
Court Sq-23 St
0.38 miles
Court Sq
0.4 miles
Railroad
Hunterspoint AvenueLong Island Rail Road
0.37 miles
Long Island CityLong Island Rail Road
0.39 miles
Citi Bike
Vernon Blvd & 47 Rd
0.06 miles
46 Rd & 11 St
0.1 miles
Ferry
Long Island City
0.34 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: 82748TH
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