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A blog from CityRealty (Links below will take you to the 6sqft site)
In Contract

511 50th Avenue

$4,995,000 | 6+ beds, 4 baths
3475 days on Market

Key Details

  • Listed Mar 3, 2012
    Days on Market 3475
    Building Type Townhouse
    Neighborhood Long Island City
    Listing viewed 133 times
Est. Monthly Mortgage $16,847
Total Est. Monthly Carrying Cost $16,847

Description

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.

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Building Amenities

  • Post War

Similar Apartments Nearby

 

Pricing History

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Area info for 511 50th Avenue

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Subways

  1. 7
at 50th Ave 0.13 miles
  1. G
at Jackson Ave and 47th Ave 0.33 miles
30E31
Between Madison Avenue & Park Avenue South
Murray Hill
Own the Lifestyle Private full-floor residences • Floor-to-ceiling windows • 360-degree Manhattan views
Learn More
30 E 31 | Exterior View 30 E 31 | Kitchen View 30 E 31 | living Room 30 E 31 | Living Room 2 30 E 31 | Bedroom
Listing provided courtesy of Compass