Six-Story Mixed-Use
For Sale
Contact for pricing
27-05 41st Ave, Long Island City, NY 11101
Mixed-use asset combines residential units, street-level retail, and underground parking in a six-story building.
Property Size41,342 SF
Price / SF$725.65
Days on Market183
Property Features for 27-05 41st Ave
General Information
Standard status
Active
Size
41,342 SF
Class
B
Total Parking Spaces
22
Property subtype
Mixed Use, Multifamily, Retail
Zoning
M1-2/R6A, LIC
Lease Type
Modified Gross
Investment Type
Stabilized
Net Operating Income
$1,564,774
Site & Location
Corner Location
Yes
Public Transit
Yes
Additional Details
Multifamily Units
36
Building Details
Year Built
2015
Buildings
1
Stories
6
Units
41
Tenancy
Multi
Listing Agency:
East Coast New York Inc.
Listed By:
Eric Li · License #10301218578
(917) 974-0992
Source:
Crexi
Added: Apr 16
Changed: Oct 5
Last Checked: Oct 15 at 12:01AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of East Coast New York Inc.
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Investment Insights
Based on property information with market context.
Constructed in 2015, this six-story mixed-use property includes 36 residential units totaling 23,885 SF and 7,226 SF of street-level retail arranged across five storefronts. An underground garage provides 22 parking spaces. The property is zoned M1-2/R6A, LIC, and the commercial leases extend as far as 2030.
The building occupies the corner of 41st Avenue and 27th Street in Long Island City, between the dining and nightlife areas of Astoria and LIC. Midtown Manhattan is approximately a 10-minute commute. Residential and parking components carry 15-year 421-A tax abatements, while the retail portion has a 25-year ICAP abatement.
The building occupies the corner of 41st Avenue and 27th Street in Long Island City, between the dining and nightlife areas of Astoria and LIC. Midtown Manhattan is approximately a 10-minute commute. Residential and parking components carry 15-year 421-A tax abatements, while the retail portion has a 25-year ICAP abatement.
Key Highlights
- 36 residential units across 23,885 SF
- 7,226 SF of retail across 5 storefronts
- 22‑space underground parking garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$1,010,581
Cap Rate
3.37%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$20,211,620
$20.2M
Cap Rate 7%
$14,436,871
$14.4M
Cap Rate 9%
$11,228,678
$11.2M
Market Conditions
NOI Build-Up for 41,342 SF
Gross rent
$1.91M $46.20/SF
− Vacancy
−$72.6K −$1.76/SF
EGI
$1.84M $44.44/SF
− OpEx
−$826.8K −$20.00/SF
NOI
$1.01M $24.44/SF
Area
Queens County, NY
Vacancy
3.80%
Lease Rate
$46.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$20,211,620
Cap Rate 7%
$14,436,871
Cap Rate 9%
$11,228,678
Alternative Uses
Best Use
Apartment 5plus
$14.44M
$12.63M – $16.84M
NOI $1,010,581 @ 7.0% cap · market cap 3.37%
Second Best
Retail
$10.54M
$9.22M – $12.30M
NOI $737,955 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$30.48M
$26.67M – $35.56M
NOI $2,133,446 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
36
Residential units
Location Intelligence
Trade Area within ½ mile
5,972
Businesses Nearby
Explore this area
Business Placement
Demographics for 11101, NY
48,867
Population
27,093
Households
1.8
Avg Household Size
33
Median Age
65%
College-Educated
90%
High-School Grad
2.6 sq mi
ZIP Area
18,795
Density / Sq Mi
$116,807
Median Household Income
$83,892
Median Earnings
$2,740
Median Rent
$995,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use asset combines residential units, street-level retail, and underground parking in a six-story building.
Where is this mixed-use property located?
The property is located at 27-05 41st Ave Long Island City, NY.
What is the asking price?
The asking price for this property is $30,000,000.
What are key features of this property?
This property features: 36 residential units across 23,885 SF; 7,226 SF of retail across 5 storefronts; 22‑space underground parking garage
