5-11 47th ave, long island city, ny 11101

188 apartments consisting of studios, one and two bedrooms are outfitted with modern finishes, wood flooring and sleek stainless steel appliances. There are an abundance of local shops and restaurants within a 5 minute walk including a great wine store, children's' daycare, a new Trader Joe's, Food Cellar, and restaurant cuisines of every sort.Located between Long Island City's waterfront and the shopping and dining corridor of Vernon Boulevard, this is LIC's hottest new destination. The property is just 4 blocks from the Vernon Jackson #7 train subway stop and just 1 stop from Grand Central. Though thoroughly diverse now, that same character and neighborhood charm lives on today on this historic block. The rock bottom property taxes are also truly rare for a property of this size.Ĥ7th Ave also known as 'Joe Imps way' is a block steeped in history and character and has been one of the emotional centers for LIC dating back a hundred years when the area welcomed predominantly Italian American immigrants and everyone knew their neighbors and looked out for each other. Alternatively, a purchaser could keep the front building as an income property and live in the spacious single family house to the rear, lowering the monthly cost of the property to even less than some 3 bedroom condo's in the area. This property checks all the boxes as an income property priced at a 7 CAP with all major systems in good condition. In the current market the highest and best use of the property is either mixed use as currently configured or 100% residential which can be accomplished by converting the first floor of the front building into a 2 bedroom apartment. The property is zoned M1-4/R6B/LIC which is a favorable mixed use zoning.

The 2 buildings are separated by a spacious courtyard in which residents frequently 'sit out' in nicer weather under the evening sky. The unique 2 building layout of the lot is comprised of a 4 unit 3 floor mixed use building facing south onto 47th avenue and a 3 bedroom 2 bathroom home towards the rear of the property that has an additional 4th sleeping quarters, rec room and laundry room in the basement, central AC and warm southern light bathing the home season 'round.

5-11 47th ave, long island city, ny 11101