5-46 50Th Ave Queens, NY 11101

This mixed-use property is located in Long Island City, near Vernon Boulevard and the East River waterfront. The building spans approximately 5,190 square feet on a 2,500-square-foot lot. It is configured as a 25-foot-wide building consisting of a ground-floor retail space, a rear artist studio, and four free-market residential apartments above. The property's configuration allows for stable retail income while preserving residential upside. The building width and layout provide efficient residential floor plates. The four residential units are fully free-market and currently vacant, presenting an opportunity to lease at prevailing market rents. The ground-floor retail tenant is secured under lease through 2029 and does not hold a renewal option. The property is located within an M1-4 / R6B zoning district, which supports continued mixed-use occupancy and offers strategic long-term flexibility. Investors may consider multiple strategies, including holding and stabilizing for durable cash flow, incrementally enhancing residential revenue, repositioning the commercial component upon lease expiration, and evaluating longer-term redevelopment potential. Long Island City benefits from proximity to Midtown Manhattan, accessibility, rental depth, and waterfront positioning. The Vernon Boulevard corridor remains one of the submarket's most sought-after residential pockets.