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    249 49Th St New York, NY 10017

    Sponsored
    For Sale
    $6,100,000

    Prime Midtown location, high NOI, strong potential.

    Property size:
    4,344 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    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.

    Property Features for 249 49Th St

    General Information

    Property type
    Restaurants
    Square Feet
    4,344 SF
    Class
    C
    Lot Size
    1,742 SF

    Building Details

    Year Built
    1900
    Stories
    4
    Units
    4

    HighLights

    • Exceptional mixed‑use investment opportunity at 249 East 49th Street, Midtown East.
    • Prime Midtown East location in a highly desirable New York City neighborhood.
    • Building offers a compelling blend of commercial and residential space.
    Property Profile Location Intelligence

    Current Use by Public Records

    Okatte Tanto NY Japanese Restaurant Lillie's Victorian Establishment Cocktail Bar

    Suggested Use

    Restaurant Realty agency Spa & Massage Hair Salon Nail Salon Dental Office Food Market Grocery Store Daycare Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9693433
    Latitude
    40.7546434

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    FAQs

    What type of property is this?
    Restaurant - Prime Midtown location, high NOI, strong potential.
    Where is this restaurant located?
    The property is located at 249 49Th St New York, NY.
    What is the asking price?
    The asking price for this property is $6,100,000.
    What are key features of this property?
    This property features: Exceptional mixed-use investment opportunity at 249 East 49th Street, Midtown East.; Prime Midtown East location in a highly desirable New York City neighborhood.; Building offers a compelling blend of commercial and residential space.
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    249 49Th St New York, NY 10017
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