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.