Calling all Investors and Developers.
If you are an investor or developer you can be a part of this newly revitalized neighborhood in the heart of the Upper East Side at 81st and Second Avenue a few blocks from the Q train, restaurants, and shops. The subject property is built 15 ft. wide by 45 ft. on a 102.7 ft. lot. It is currently configured as a three-unit building with a thriving restaurant on the ground floor and two rental apartments. It is approximately 3,835 SF (500 SF in the basement) with additional development rights of approximately 2500 sq ft. Zoning is R8B. A large terrace of approximately 260 sq ft graces the back of the 1st-floor apartment. The current income is substantial- currently, $256,800. Tenants in the upper two units are in place until 2021. 3.8% cap rate. There are many uses for this property: a single-family conversion, mixed-use, live and work with a restaurant, retail or office. The owner is able to close quickly making it a great fit for a 1031 exchange buyer.