1020 47th Ave - Apartments FOR SALE


Long Island City, NY 11101- Hunters Point
$3,000,000 USD
646-512-1300
1020 47th Ave, Long Island City, NY for Sale
$3,000,000 USD
Apartments - FOR SALE
1/4
null | Request Cap Rate

1020 47th Ave
Long Island City, NY 11101
Hunters Point


OVERVIEW

Welcome to an exceptional investment opportunity in the heart of Long Island City! This renovated three-family home is not just a property; it’s a savvy investor’s dream or an ideal choice for an end-user looking to occupy and benefit from rental income, perfectly positioned for maximum returns and future expansion. Nestled on a tranquil side street, yet just steps from the vibrant energy of Vernon Blvd, this turnkey residence offers unparalleled access to the best of LIC. You’ll find yourself flocked to the coveted waterfront at Gantry State Park, where breathtaking Manhattan skyline views await. With the subway only a short walk away, you’re just one stop from Manhattan, making it a commuter’s delight and a prime choice for renters seeking convenience and a quick commute to the city. Spanning approximately 1,710 square feet, this meticulously renovated home features a spacious ground-floor 1-bedroom, 1-bath unit with exclusive access to a beautiful 680 square foot backyard garden. The second and third floors each house a well-designed 2-bedroom, 1-bath unit. Each residence is flooded with natural light, showcasing the new wood floors, modern fixtures, and chef’s kitchens with marble countertops and stainless-steel appliances. The owners have meticulously renovated the property, ensuring all apartments were gut renovated with new kitchens, bathrooms, flooring, heating systems, plumbing, and electrical completed in 2016. The rental market in this area is consistently on the rise, driven by its proximity to Manhattan and the vibrant lifestyle that Long Island City offers. This property not only provides immediate rental income but also has the potential for further updates to increase its value even more. Plus, with 1,890 square feet of unused Floor Area Ratio (FAR), the possibilities for expansion are limitless! Whether you’re an investor or an end-user looking for a multifamily home that can generate income while you live in one of the units, this property offers tremendous versatility. Investors will appreciate the upside of owning this property in an A-plus location, where quiet residential living meets the bustling atmosphere of local restaurants, bars, and coffee shops. This is a rare opportunity to secure a multifamily home in one of NYC‘s hottest neighborhoods—don’t miss out on making this incredible property yours! For more information or to schedule a private showing, please reach out today.

FOR SALE DETAILS

PRICE

$3,000,000 USD

PRICE/SF

$1,304 USD /SF

# OF UNITS

3

PRICE/UNIT

$1,000,000

CAP RATE

Request Cap Rate

% LEASED

66%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1901

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,799 SF

ZONING

M1-4/R6B

APN/PARCEL ID

00046-0043

ASK ABOUT THIS PROPERTY

Alexander PereiraModern SpacesMore Info
646-512-1300

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Alexander PereiraModern SpacesMore Info
646-512-1300

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.