Compass has been retained on an exclusive basis to arrange for the sale of 5-11 50th Avenue in Prime Long Island City -- a 6100 SF, condo-quality building consisting of 4-units with a two-car garage and numerous outdoor spaces. The property's mixed-use zoning allows for first floor retail, a condo conversion with a quick turnaround, as well as numerous other opportunities.
The building has a cell phone net-lease in place paying $3,210/month (3% escalations) that has multiple offers around $600K, allowing an owner to purchase in full and then lower their basis to ~$4.35M.
With condos in the area selling for upwards of $1,250/SF and rents over $60/SF, 5-11 50th Ave has excellent potential as an income-based investment, as a condo conversion, or for an end-user, either as a residential single-family with parking, or for a commercial end-user as prime retail with residence(s) above.
Please reach out for a setup, pro-forma, or for any questions. Co-brokers always welcome.