306 East 81st Street

Located just off the corner of 81st Street and 2nd Avenue, on the south side of the street sits 306 East 81st Street, a four story, two family mixed use townhouse that can be delivered vacant or with the two existing tenants in place. Property is not landmarked or in a historic district and with the existing air rights intact, opportunity to live with income or operate a business and rent out exists. At roughly 4,100 square feet this building is currently configured with ground floor retail and a total of two apartments above. The ground retail is occupied by Sandro's, a very well regarded Italian restaurant, with its own separate entrance and use of the full basement. Restaurant is currently paying $106,950 per annum. The restaurant is approximately 1,350 square feet plus use of the basement for storage purposes and is on a month to month basis. A stooped entrance takes you to the residential portion of the building. On the second floor is the entrance to a lovely one bedroom, 1.5 bath apartment with a large south facing terrace. This free market, 1,050 square foot unit has original details, pre-warm charm, a working fireplace, high ceilings and a large bedroom with plenty of closet space. The current lease is expiring in August of 2017 at which point it will be on a month to month. They are currently paying $3,000/month. The third and fourth floor is a 3 bedroom plus home office, 1.5 bath 1,700 square foot duplex apartment that offers high ceilings, an open, oversized kitchen, large living room and a washer/dryer. Currently vacant, rent is projected at roughly $6,000 per month. The entire building can be delivered with the existing tenants in place or completely vacant. Ideally suited as a single family conversion, continued mixed use, live/work for a restaurant operator, or the potential exists to use the ground floor for other retail use. Suitable for a 1031 exchange buyer. Building is gas heated and has had a new roof recently put on and has roughly 2,000 square feet of unused development rights. Highlights: -Mixed use building with ground floor retail -Sandro's Restaurant on ground floor is 1,350 square feet built 15' x 90' and can be delivered vacant or remain in place -2nd floor one bedroom, 1.5 bathroom with large terrace is 1,050 square feet built 15' x 70' and can be delivered vacant, or remain in place -3/4th floor 3 bedroom 1.5 bath duplex apartment with separate home office, is roughly 1,700 square feet, curr