5-46 50th Avenue
Description
This Mixed-use investment opportunity is situated in one of Long Island City’s most established and supply-constrained corridors, just moments from Vernon Boulevard and the East River waterfront. The location benefits from strong residential density, consistent retail foot traffic, and immediate proximity to transportation, open space, and neighborhood amenities.
The property spans approximately 5,190 square feet on a 2,500-square-foot lot and is configured as a 25-foot-wide...CONFIDENTIAL EXECUTIVE OVERVIEW
This Mixed-use investment opportunity is situated in one of Long Island City’s most established and supply-constrained corridors, just moments from Vernon Boulevard and the East River waterfront. The location benefits from strong residential density, consistent retail foot traffic, and immediate proximity to transportation, open space, and neighborhood amenities.
The property spans approximately 5,190 square feet on a 2,500-square-foot lot and is configured as a 25-foot-wide building consisting of:
Ground-floor retail
Rear artist studio
Four free-market residential apartments above
The asset offers a balanced profile of durable in-place income and near-term residential lease-up potential within a submarket that continues to demonstrate long-term rental depth and capital demand.
PROPERTY OVERVIEW
Lot Size: 2,500 SF
Building Dimensions: 25 ft x 42 ft
Current Building Area: 5,190 SF
Building Class: S3 – Primarily Four-Family with One Store & Office
Zoning: M1-4 / R6B
The property’s configuration allows for stable retail income at the base while preserving residential upside. The building width and layout provide efficient residential floor plates relative to many narrower mixed-use assets within the submarket.
INCOME PROFILE & CAP RATE ANALYSIS
The property currently generates:
In-Place Gross Revenue: $326,724
Expenses: $39,167
In-Place Net Operating Income: $287,557
Upon stabilization of the residential units to market levels:
Pro Forma Gross Revenue: $342,320
Pro Forma Net Operating Income: $303,160
This supports a pro forma capitalization rate of approximately 5.5%.
RESIDENTIAL COMPONENT
The four residential units are fully free-market and currently vacant. This presents an immediate opportunity to lease at prevailing market rents without regulatory restrictions.
Recent leasing benchmarks in the Vernon Boulevard / waterfront corridor indicate:
$70–$85 per square foot annually
One-bedroom units: approximately $3,400–$4,200 per month
Two-bedroom units: approximately $4,800–$6,000+ per month
Absorption within boutique buildings lacking full-service amenities remains steady due to strong tenant demand for proximity to the waterfront, Midtown Manhattan access, and neighborhood retail offerings.
The free-market nature of the residential units enhances flexibility and reduces regulatory exposure relative to rent-stabilized or partially regulated assets.
COMMERCIAL TENANCY
This provides predictable cash flow through the remaining lease term while preserving future flexibility for repositioning.
Retail corridors along Vernon Boulevard have demonstrated resilience due to consistent pedestrian traffic, growing residential density, and limited available frontage. The absence of a renewal clause allows ownership to reassess tenant mix and rental economics at lease expiration.
ZONING & STRATEGIC OPTIONALITY
The property is located within an M1-4 / R6B zoning district. This dual zoning structure supports continued mixed-use occupancy and offers strategic long-term flexibility, subject to customary approvals.
Investors may consider multiple strategies:
- Hold and stabilize for durable cash flow
- Incrementally enhance residential revenue
- Reposition the commercial component upon lease expiration
- Evaluate longer-term redevelopment potential
This flexibility adds structural value beyond the current income stream.
SUBMARKET FUNDAMENTALS
Long Island City continues to benefit from:
- Proximity to Midtown Manhattan (one subway stop)
- Capital demand in LIC has remained resilient due to its combination of accessibility, rental depth, and waterfront positioning. The Vernon Boulevard corridor in particular remains one of the submarket’s most sought-after residential pockets.
Amenities
- Exposed Brick
- Crown Mouldings
- Built-Ins
- High Ceilings
- Walk Up
- Washer / Dryer in Unit
- Voice Intercom
- Common Storage
Property Details for 5-46 50th Avenue
| Status | Active |
|---|---|
| Days on Market | 34 |
| Taxes | - |
| Maintenance | $1,522 / month |
| Min. Down Pymt | - |
| Total Rooms | 14.0 |
| Compass Type | Mixed Use |
| MLS Type | - |
| Year Built | 1931 |
| Lot Size | 2,500 SF / 25' x 100' |
| County | Queens County |
| Buyer's Agent Compensation | 0% |
Building
5-46 50th Ave
Location
Listing Courtesy of: .
Building Information for 5-46 50th Avenue
Payment Calculator
$30,372 per month
30 year fixed, 6.46% Interest
$27,695
$1,155
$1,522
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1Property History for 5-46 50th Avenue
| Date | Event & Source | Price | Appreciation |
|---|---|---|---|
| Mar 2, 2026 | Listed (Active) Manual | $5,500,000 | — |
| Date | Event & Source | Price |
|---|---|---|
| 03/02/2026 | Listed (Active) Manual | $5,500,000 |
For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 5-46 50th Avenue
Schools near 5-46 50th Avenue
Rating | School | Type | Grades | Distance |
|---|---|---|---|---|
| Public - | PK to 8 | |||
| Public - | 6 to 8 | |||
| Public - | 9 to 12 | |||
| Public - | 6 to 8 |
Rating | School | Distance |
|---|---|---|
P.S. 78 PublicPK to 8 | ||
Is 204 Oliver W Holmes Public6 to 8 | ||
Long Island City High School Public9 to 12 | ||
Hunters Point Community Middle Public6 to 8 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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