Avison Young, as exclusive agent, is pleased to offer for sale 306 East 81st Street (the "Property"), a 100% free market, mixed-use building located in the heart of the Upper East Side. The ±4,000 SF property features 15 feet of frontage on the south side of the tree-lined East 81st Street between First Avenue and Second Avenue. 306 East 81st Street is comprised of two residential units above a ground-floor restaurant. The second floor is configured as a one-bedroom, one-anda- half-bathroom apartment featuring a large private terrace. The third and fourth floors serve as a four-bedroom, one-and-a-half-bathroom duplex apartment featuring a large master bedroom and a massive kitchen on the third floor. Significant untapped potential can still be captured effortlessly by maximizing floorplans and implementing cosmetic upgrades throughout the units and common areas. The retail space, which spans the entirety of the first floor and benefits from basement storage space, is currently vacant. The previous tenant, Sandro's, occupied the space for 20 years, including lasting through covid, before vacating at the expiration of their lease to expand into a larger space. Given its prime location and turnkey restaurant buildout, a new owner should be able to lease up the storefront effortlessly. The Property also lends itself well to a variety of end-users. Whether a restauranteur wants to operate the first-floor space and live upstairs, or a townhouse-seeker would look to combine the residential units while collecting significant income from the ground-floor retail space, 306 East 81st Street is an ideal opportunity. The Property sits in the heart of the Upper East Side and is within short walking distance from all the amenities the neighborhood has to offer, including the quaint streets bustling with popular shops and restaurants. There are also numerous transportation options surrounding the property. The 77th Street subway station is a few blocks away and services the 4 & 6 trains. The 86th Street subway station is a few blocks in the other direction and services the Q train. The M15 bus runs north and south and is located on 2nd Avenue and 82nd Street, and on 86th Street, the M86 runs east and west. 306 East 81st Street offers a potential investor the opportunity to acquire a stable cash-flowing asset with upside potential through cosmetic renovations and a thoughtful commercial lease-up strategy. Given the Property's configuration, this could also be the perfect owner-user opportunity, with the potential to combine the two residential units and either operate or collect income from the restaurant space.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
