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About the Listing 7222 - 68779,76523
CONFIDENTIAL EXECUTIVE OVERVIEW This Mixed-use investment opportunity is situated in one of Long Island City’s most established and supply-constrained corridors, just moments from Vernon Boulevard and the East River waterfront. The location benefits from strong residential density, consistent retail foot traffic, and immediate proximity to transportation, open space, and neighborhood amenities. The property spans approximately 5,190 square feet on a 2,500-square-foot lot and is configured as a 25-foot-wide building consisting of: Ground-floor retail Rear artist studio Four free-market residential apartments above The asset offers a balanced profile of durable in-place income and near-term residential lease-up potential within a submarket that continues to demonstrate long-term rental depth and capital demand. PROPERTY OVERVIEW Lot Size: 2,500 SF Building Dimensions: 25 ft x 42 ft Current Building Area: 5,190 SF Building Class: S3 – Primarily Four-Family with One Store & Office Zoning: M1-4 / R6B The property’s configuration allows for stable retail income at the base while preserving residential upside. The building width and layout provide efficient residential floor plates relative to many narrower mixed-use assets within the submarket. INCOME PROFILE & CAP RATE ANALYSIS The property currently generates: In-Place Gross Revenue: $326,724 Expenses: $39,167 In-Place Net Operating Income: $287,557 Upon stabilization of the residential units to market levels: Pro Forma Gross Revenue: $342,320 Pro Forma Net Operating Income: $303,160 This supports a pro forma capitalization rate of approximately 5.5%. RESIDENTIAL COMPONENT The four residential units are fully free-market and currently vacant. This presents an immediate opportunity to lease at prevailing market rents without regulatory restrictions. Recent leasing benchmarks in the Vernon Boulevard / waterfront corridor indicate: $70–$85 per square foot annually One-bedroom units: approximately $3,400–$4,200 per month Two-bedroom units: approximately $4,800–$6,000+ per month Absorption within boutique buildings lacking full-service amenities remains steady due to strong tenant demand for proximity to the waterfront, Midtown Manhattan access, and neighborhood retail offerings. The free-market nature of the residential units enhances flexibility and reduces regulatory exposure relative to rent-stabilized or partially regulated assets. COMMERCIAL TENANCY This provides predictable cash flow through the remaining lease term while preserving future flexibility for repositioning. Retail corridors along Vernon Boulevard have demonstrated resilience due to consistent pedestrian traffic, growing residential density, and limited available frontage. The absence of a renewal clause allows ownership to reassess tenant mix and rental economics at lease expiration. ZONING & STRATEGIC OPTIONALITY The property is located within an M1-4 / R6B zoning district. This dual zoning structure supports continued mixed-use occupancy and offers strategic long-term flexibility, subject to customary approvals. Investors may consider multiple strategies: - Hold and stabilize for durable cash flow - Incrementally enhance residential revenue - Reposition the commercial component upon lease expiration - Evaluate longer-term redevelopment potential This flexibility adds structural value beyond the current income stream. SUBMARKET FUNDAMENTALS Long Island City continues to benefit from: - Proximity to Midtown Manhattan (one subway stop) - Capital demand in LIC has remained resilient due to its combination of accessibility, rental depth, and waterfront positioning. The Vernon Boulevard corridor in particular remains one of the submarket’s most sought-after residential pockets.
Listing Highlights
Interior Details
- Bedrooms: 6
- Bathrooms: 6 Full
- Appliances:
- Air Cond:
- Heating:
- Fireplaces: 0
- Floor:
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement: Partial
- Other: Built-in Features,Crown Molding,High Ceilings,Building No,No,Pets Allowed
- Water:
Exterior Details
- Garage Capacity: N/A
- Lot Dimensions: 25.000000x100.000000
- Roof:
- Others: Private Outdoor Space Over 60 Sqft
- Sewer:
Financial Details
- Tax Amount: N/A
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: N/A
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5-46 50th Ave New York, NY 11101
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