Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Please reach out for a setup, pro-forma, or for any questions. 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. 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. The property’s mixed-use zoning allows for first floor retail, a condo conversion with a quick turnaround, as well as numerous other opportunities. 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 building has a cell phone net-lease in place paying $3,210/month (3% escalations) that has multiple offers around $600K.
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