Your email has been sent.
5-01 47th Rd - Net-Leased LIC Retail - 100% Occupied 2,208 SF Retail Condo Unit Offered at $2,055,000 CAD in Long Island City, NY 11101
Investment Highlights
- A Net-Leased ±2,393 SF Retail Condominium Located on the Corner of 47th Road and 5th Street in Long Island City
- Modified Gross Lease Structure with Tenant Responsible for 100% of CAM and Real Estate Taxes Above Base Year
- Prime LIC Location Surrounded by New Luxury Developments and Steps From Gantry Plaza State Park and the 7 Train
- 100% Leased to Fred Astaire Dance Studios Through January 2034 with Three Percent Annual Rent Increases
- Corner Unit Featuring Private Ground-Floor Entrance and Elevator Access to Lower-Level Space
1 Unit Available
Unit Retail
| Unit Size | 2,208 SF | Sale Type | Investment |
| Price | $2,055,000 CAD | Cap Rate | 6.08% |
| Price Per SF | $930.71 CAD | NOI | $124,991.95 CAD |
| Condo Use | Retail |
| Unit Size | 2,208 SF |
| Price | $2,055,000 CAD |
| Price Per SF | $930.71 CAD |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 6.08% |
| NOI | $124,991.95 CAD |
Description
The unit has an entrance on the corner, with a private elevator that goes down to the lower level. The unit is Use Group 6, and it allows for all retail uses. The
space has a 185-square-foot private entrance on the ground floor, and the additional 2,208 square feet are on the lower level. Positioned in an outstanding
pocket of Long Island City, the offering is surrounded by thousands of new construction luxury apartments, and the streets are lined with local restaurants
and retailers. It is located directly across the street from Duane Reade, and Foodcellar & Co Supermarket. The property is also just a short walk to both
the waterfront, Gantry Plaza State Park, as well as the Vernon Blvd-Jackson Ave subway station (7 Train)
Sale Notes
The subject offering consists of a 2,393-square-foot retail condominium located on the corner of 47th Road and 5th Street in Long Island City (Queens). The unit sits at the base of a five-story, nine-unit boutique condominium building that was constructed brand-new in 2023. The property is fully occupied and leased to Fred Astaire Dance Studios on a ten-year lease that runs through January 31, 2034. The tenant has three percent annual increases.
Theyare responsible for paying 100 percent of the Condo Maintenance Fees, and 100 percent of the real estate taxes above their base-year of 2024/2025 (base year taxes were $10,725).
Property Facts
Amenities
Site Amenities
- 24 Hour Access
- Controlled Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
Major Tenant Information Click Here to Access
| TENANT | SF Occupied | LEASE END DATE |
|---|---|---|
| Fred Astaire Dance Studio |
-
|
Jan 0000
|
| LIC ballroom dance studio dba Fred Astaire dance |
-
|
Jan 0000
|
Presented by
5-01 47th Rd - Net-Leased LIC Retail - 100% Occupied
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.