5-46 50th Avenue Queens, NY 11101

This mixed-use building is located in Long Island City, near Vernon Boulevard and the East River waterfront. The property has a building area of 5,190 square feet on a 2,500-square-foot lot. The building dimensions are 25 feet by 42 feet. The building class is S3, primarily four-family with one store and office. The zoning is M1-4 / R6B. The property is configured with ground-floor retail, a rear artist studio, and four free-market residential apartments above. The four residential units are fully free-market and currently vacant, presenting an opportunity to lease at market rents. The property generates in-place gross revenue of $326,724 with expenses of $39,167, resulting in an in-place net operating income of $287,557. Upon stabilization of the residential units to market levels, the pro forma gross revenue is $342,320 and the pro forma net operating income is $303,160, supporting a pro forma capitalization rate of approximately 5.5%. The property's configuration allows for stable retail income while preserving residential upside. The building width and layout provide efficient residential floor plates. The property is located within an M1-4 / R6B zoning district, supporting continued mixed-use occupancy and offering strategic long-term flexibility. Investors may consider holding and stabilizing for cash flow, enhancing residential revenue, repositioning the commercial component upon lease expiration, or evaluating longer-term redevelopment potential. Long Island City benefits from proximity to Midtown Manhattan, accessibility, rental depth, and waterfront positioning.