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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