5-46 50th Ave Long Island City, 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. The property 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 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, with a pro forma net operating income of $303,160, supporting a pro forma capitalization rate of approximately 5.5%. The four residential units are fully free-market and currently vacant, presenting an opportunity to lease at prevailing market rents. 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 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. The retail corridors along Vernon Boulevard have demonstrated resilience due to consistent pedestrian traffic, growing residential density, and limited available frontage.