249 49Th StNew York, NY 10017

This exceptional mixed-use property at 249 East 49th Street in New York City's coveted Turtle Bay neighborhood presents a unique investment opportunity. The 4-story, 4,344 square foot building, constructed in 1900, features a ground-floor Japanese restaurant and vacant upper floors ready for immediate occupancy. The second and third floors offer versatile retail or office space, while the fourth floor comprises a four-bedroom apartment with spacious living, kitchen, and dining areas overlooking a private backyard. The property is zoned R8B, allowing for a maximum buildable square footage of 7,200, presenting significant future development potential. Currently generating a Net Operating Income (NOI) of $187,444 and boasting a 3.07% cap rate, this asset offers a compelling return on investment. The asking price is $6,100,000, translating to $1,404.24 per square foot. Located between Second and Third Avenues, this property benefits from its proximity to Grand Central Station and the upscale residential character of the surrounding area. The 0.04-acre lot provides a solid foundation for a variety of uses, making it an ideal acquisition for both seasoned investors and discerning entrepreneurs. All floors, except the ground floor restaurant, will be delivered vacant.