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45-44 Vernon Blvd
Long Island City, NY 11101
Multifamily Property For Sale
·
4 Units
INVESTMENT HIGHLIGHTS
- OneLIC Plan: Located within the rezoning area. Which seeks to upgrade 54 blocks of Long Island City to support housing and mixed-use growth.
- ncome-Producing Asset: Currently producing 6% cap rate and includes 4 renovated, free-market one-bedroom units and a 2,500 SF retail space w/ basement
- Location: Already an established avenue Vernon Boulevard is set to grow even further under the OneLIC Plan, which proposes 14,000+ new housing units.
EXECUTIVE SUMMARY
- VIRTUAL TOURS AVAILABLE
- ZONING UPGRADE - OneLIC
- INVESTMENT OR REDEVELOPMENT OPPORTUNITY
- MIXED USE - FIVE UNIT BUILDING
Located in the heart of Hunters Point with frontage on Vernon Boulevard, this mixed-use property features a fully renovated four-unit apartment building and a flexible retail space. The four free-market one-bedroom apartments are all leased at market rates. The retail component offers 2,500 SF of flexible space with an additional 1,250 SF basement. The building sits on a 25' x 100' lot within R6A, C1-5 zoning and a FAR of 3. The existing building is approximately 5,000 SF and still has 2,500 buildable that can be applied as it stands. With the proposed OneLIC plan this will increase to 5,000 additional buildable SF.
The building is accessible via the E, G, M, and 7 train lines along with the LIE. It is also conveniently located just steps away from the Gantry Plaza State Park, Murray Park, along with all the major restaurants, shops, and supermarkets that LIC has to offer. This is an excellent opportunity for investors, 1031 exchange buyers, or developers looking to capitalize on the potential of the OneLIC Neighborhood Plan.
OneLIC Rezoning (approved):
The OneLIC Neighborhood Plan unlocks major redevelopment potential in Long Island City, proposed the rezoning of 54 blocks to allow for approximately 14,700 new housing units. This property is located within the rezoning area, which increased the allowable FAR from the current 3.0 to 4.6. As a result, the buildable square footage rose from approximately 7,500 to over 11,500 square feet.
For more information regarding OneLIC planning, please visit their website: licplan.nyc
- ZONING UPGRADE - OneLIC
- INVESTMENT OR REDEVELOPMENT OPPORTUNITY
- MIXED USE - FIVE UNIT BUILDING
Located in the heart of Hunters Point with frontage on Vernon Boulevard, this mixed-use property features a fully renovated four-unit apartment building and a flexible retail space. The four free-market one-bedroom apartments are all leased at market rates. The retail component offers 2,500 SF of flexible space with an additional 1,250 SF basement. The building sits on a 25' x 100' lot within R6A, C1-5 zoning and a FAR of 3. The existing building is approximately 5,000 SF and still has 2,500 buildable that can be applied as it stands. With the proposed OneLIC plan this will increase to 5,000 additional buildable SF.
The building is accessible via the E, G, M, and 7 train lines along with the LIE. It is also conveniently located just steps away from the Gantry Plaza State Park, Murray Park, along with all the major restaurants, shops, and supermarkets that LIC has to offer. This is an excellent opportunity for investors, 1031 exchange buyers, or developers looking to capitalize on the potential of the OneLIC Neighborhood Plan.
OneLIC Rezoning (approved):
The OneLIC Neighborhood Plan unlocks major redevelopment potential in Long Island City, proposed the rezoning of 54 blocks to allow for approximately 14,700 new housing units. This property is located within the rezoning area, which increased the allowable FAR from the current 3.0 to 4.6. As a result, the buildable square footage rose from approximately 7,500 to over 11,500 square feet.
For more information regarding OneLIC planning, please visit their website: licplan.nyc
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
SITE AMENITIES
- Laundry Facilities
- On-Site Retail
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
PROPERTY TAXES
| Parcel Number | 00026-0002 | Improvements Assessment | $278,430 |
| Land Assessment | $4,275 | Total Assessment | $282,705 |
PROPERTY TAXES
Parcel Number
00026-0002
Land Assessment
$4,275
Improvements Assessment
$278,430
Total Assessment
$282,705
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