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41-04 27th St - Queens Boro Tower 973 - 1,570 SF Retail Condo Units Offered at $778,400 - $2,119,500 Per Unit in Long Island City, NY 11101
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- Offering Memorandum
4 Units Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment | Cap Rate | 4.37% |
| Sale Type | Investment |
| Cap Rate | 4.37% |
Description
Approx. 1,325 SF total interior space (618 SF + 707 SF), configured as a fully built-out dentist’s office
Medical / professional use layout, ideal for owner-user or investor with stable tenancy
Located near Court Square, surrounded by new residential and office developments, supporting consistent patient demand
Unique Value: Established Medical Use & Functional Layout
The property is currently configured as a dentist’s office, featuring a purpose-built medical layout that enhances operational efficiency and long-term usability.
Key advantages include:
Medical-ready layout suitable for dental or related healthcare practices
Efficient room configuration supporting patient flow and clinical operations
Strong local demographics supported by surrounding residential growth and office population
This setup minimizes conversion costs for medical users and provides investors with a stable, professional-use asset.
Medical / professional use layout, ideal for owner-user or investor with stable tenancy
Located near Court Square, surrounded by new residential and office developments, supporting consistent patient demand
Unique Value: Established Medical Use & Functional Layout
The property is currently configured as a dentist’s office, featuring a purpose-built medical layout that enhances operational efficiency and long-term usability.
Key advantages include:
Medical-ready layout suitable for dental or related healthcare practices
Efficient room configuration supporting patient flow and clinical operations
Strong local demographics supported by surrounding residential growth and office population
This setup minimizes conversion costs for medical users and provides investors with a stable, professional-use asset.
| Sale Type | Investment | Cap Rate | 4.14% |
| Sale Type | Investment |
| Cap Rate | 4.14% |
Description
Approx. 973 SF retail space, currently operating as a Lash & Brow boutique
Turnkey beauty-use layout, ideal for lash, brow, facial, skincare, or similar personal service businesses
Located near Court Square, surrounded by dense new residential and office developments, supporting strong walk-in and repeat client
Turnkey beauty-use layout, ideal for lash, brow, facial, skincare, or similar personal service businesses
Located near Court Square, surrounded by dense new residential and office developments, supporting strong walk-in and repeat client
| Sale Type | Investment or Owner User | Cap Rate | 4.10% |
| Sale Type | Investment or Owner User |
| Cap Rate | 4.10% |
Description
Positioned in the heart of Long Island City, this fully leased retail investment features an established bagel store with strong neighborhood recognition and daily customer traffic.
Key Highlights
Key Highlights
- Approx. 1,468SF
- Long-term retail tenant with built-in rent escalations
Located near Court Square, surrounded by new residential and office developments
Sale Notes
Prime LIC Retail Investment – Bagel Store with Outdoor Seating
| Sale Type | Investment or Owner User | Cap Rate | 4.24% |
| Sale Type | Investment or Owner User |
| Cap Rate | 4.24% |
Description
Key Highlights
- Approx. 1,570 SF
- Long-term retail tenant with built-in rent escalations
- Located near Court Square, surrounded by new residential and office developments
Unique Value: Outdoor Patio Experience
A major differentiating feature of this property is the adjacent outdoor patio area, which is exclusively used by the bagel store and significantly enhances the customer experience.
The outdoor seating area increases:
- Daily foot traffic and dwell time
- Morning and weekend sales volume
- Street visibility and brand presence
While the patio is located within the building’s common area and is not deeded, it has historically functioned as a dedicated extension of the retail operation, adding meaningful operational and lifestyle value to the business.
Lease & Income Summary
- Lease Term: Through January 31, 2029
- Structured Annual Rent Increases
- Monthly CAM: approx. $790.79
Monthly Real Estate Tax (421-a): approx. $216.66
Sale Notes
25 years ICAP TAX ABATEMENT BUILDING
Long-term retail tenant with built-in rent escalations
Located near Court Square, surrounded by new residential and office developments
Long-term retail tenant with built-in rent escalations
Located near Court Square, surrounded by new residential and office developments
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit S3/S4 | 1,404 SF | Retail | $1,123,200 ($800.00/SF) | $49,119 |
| Unit S5 | 973 SF | Retail | $778,400 ($800.00/SF) | $32,234 |
| Unit S1 | 1,468 SF | Retail | $1,908,400 ($1,300.00/SF) | $78,275 |
| Unit S2 | 1,570 SF | Retail | $2,119,500 ($1,350.00/SF) | $89,833 |
Unit S3/S4
| Unit Size |
| 1,404 SF |
| Condo Use |
| Retail |
| Price |
| $1,123,200 ($800.00/SF) |
| NOI |
| $49,119 |
Unit S5
| Unit Size |
| 973 SF |
| Condo Use |
| Retail |
| Price |
| $778,400 ($800.00/SF) |
| NOI |
| $32,234 |
Unit S1
| Unit Size |
| 1,468 SF |
| Condo Use |
| Retail |
| Price |
| $1,908,400 ($1,300.00/SF) |
| NOI |
| $78,275 |
Unit S2
| Unit Size |
| 1,570 SF |
| Condo Use |
| Retail |
| Price |
| $2,119,500 ($1,350.00/SF) |
| NOI |
| $89,833 |
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Unit S3/S4
| Unit Size | 1,404 SF |
| Condo Use | Retail |
| Price | $1,123,200 ($800.00/SF) |
| NOI | $49,119 |
| Sale Type | Investment |
| Cap Rate | 4.37% |
| Description | |
| Approx. 1,325 SF total interior space (618 SF + 707 SF), configured as a fully built-out dentist’s office<br> <br> Medical / professional use layout, ideal for owner-user or investor with stable tenancy<br> <br> Located near Court Square, surrounded by new residential and office developments, supporting consistent patient demand<br> <br> Unique Value: Established Medical Use & Functional Layout<br> <br> The property is currently configured as a dentist’s office, featuring a purpose-built medical layout that enhances operational efficiency and long-term usability.<br> <br> Key advantages include:<br> <br> Medical-ready layout suitable for dental or related healthcare practices<br> <br> Efficient room configuration supporting patient flow and clinical operations<br> <br> Strong local demographics supported by surrounding residential growth and office population<br> <br> This setup minimizes conversion costs for medical users and provides investors with a stable, professional-use asset.</li></ul> |
1 of 0
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Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Unit S5
| Unit Size | 973 SF |
| Condo Use | Retail |
| Price | $778,400 ($800.00/SF) |
| NOI | $32,234 |
| Sale Type | Investment |
| Cap Rate | 4.14% |
| Description | |
| Approx. 973 SF retail space, currently operating as a Lash & Brow boutique<br> Turnkey beauty-use layout, ideal for lash, brow, facial, skincare, or similar personal service businesses<br> Located near Court Square, surrounded by dense new residential and office developments, supporting strong walk-in and repeat client</li></ul> |
1 of 1
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Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Unit S1
| Unit Size | 1,468 SF |
| Condo Use | Retail |
| Price | $1,908,400 ($1,300.00/SF) |
| NOI | $78,275 |
| Sale Type | Investment or Owner User |
| Cap Rate | 4.10% |
| Description | |
| Positioned in the heart of Long Island City, this fully leased retail investment features an established bagel store with strong neighborhood recognition and daily customer traffic.<br> <br> Key Highlights<br> <ul style="list-style: disc; padding: 0px 0px 0px 40px"><li> Approx. 1,468SF <br> </li><li> Long-term retail tenant with built-in rent escalations<br> Located near Court Square, surrounded by new residential and office developments</li></ul> | |
| Sale Notes | |
| Prime LIC Retail Investment – Bagel Store with Outdoor Seating</li></ul> |
1 of 6
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Matterport 3D Tour
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Street View
Street
Map
Unit S2
| Unit Size | 1,570 SF |
| Condo Use | Retail |
| Price | $2,119,500 ($1,350.00/SF) |
| NOI | $89,833 |
| Sale Type | Investment or Owner User |
| Cap Rate | 4.24% |
| Description | |
| Key Highlights<br> <ul style="list-style: disc; padding: 0px 0px 0px 40px"><li> Approx. 1,570 SF <br> </li><li> Long-term retail tenant with built-in rent escalations<br> </li><li> Located near Court Square, surrounded by new residential and office developments<br> <br> Unique Value: Outdoor Patio Experience<br> <br> A major differentiating feature of this property is the adjacent outdoor patio area, which is exclusively used by the bagel store and significantly enhances the customer experience.<br> <br> The outdoor seating area increases:<br> </li><li> Daily foot traffic and dwell time<br> </li><li> Morning and weekend sales volume<br> </li><li> Street visibility and brand presence<br> <br> While the patio is located within the building’s common area and is not deeded, it has historically functioned as a dedicated extension of the retail operation, adding meaningful operational and lifestyle value to the business.<br> <br> Lease & Income Summary<br> </li><li> Lease Term: Through January 31, 2029<br> </li><li> Structured Annual Rent Increases<br> </li><li> Monthly CAM: approx. $790.79<br> Monthly Real Estate Tax (421-a): approx. $216.66</li></ul> | |
| Sale Notes | |
| 25 years ICAP TAX ABATEMENT BUILDING<br> Long-term retail tenant with built-in rent escalations <br> Located near Court Square, surrounded by new residential and office developments</li></ul> |
Property Facts
The following property facts and amenities apply to the entire building. Details for individual condo units may vary and are listed in the unit information above.
| Total Building Size | 24,987 SF | Typical Floor Size | 3,583 SF |
| Property Type | Multifamily | Year Built | 2018 |
| Property Subtype | Apartment | Lot Size | 0.11 AC |
| Building Class | B | Opportunity Zone |
Yes
|
| Floors | 9 | ||
| Zoning | M1-5/R7-3 | ||
| Total Building Size | 24,987 SF |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Floors | 9 |
| Typical Floor Size | 3,583 SF |
| Year Built | 2018 |
| Lot Size | 0.11 AC |
| Opportunity Zone |
Yes |
| Zoning | M1-5/R7-3 |
Amenities
Site Amenities
- Elevator
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 32 | - | - |
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Major Tenant Information
| TENANT | SF Occupied | LEASE END DATE |
|---|---|---|
| Long Island City Cafe |
-
|
September 2022
|
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41-04 27th St - Queens Boro Tower
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