Description

Here is a rare opportunity to own a well-maintained, mixed use property on Williamsburg's most vibrant retail/restaurant corridor. 345 Grand Street consists of two bright and airy 2 bedroom apartments over a superbly designed and very successful destination restaurant. 345 Grand is a 'solid earner' generating $234,000 gross income per year. Expenses top out at $17,000 resulting in an NOI of $217K and generating a cap rate over 6. This prime location is a few blocks from the L train Bedford or Lorimer stop and the J, M, Z at Marcy Ave and moments away from Williamsburg's most desirable food, retail and lifestyle hot spots. The main floor is currently occupied by one by one of Williamsburg's most successful food and entertainment destinations. The restaurant space is a unique and meticulously hand-crafted interior space with ample bar seating, a space for live entertainment and a charming garden area with real grape vines hanging from a pergola. The fixtures, color scheme, tile work, antique lighting and finish carpentry were conceived and executed by one of Brooklyn's most renowned restaurant design pioneers whose work has appeared in countless magazine and online editorials. Downstairs, there is a unique and romantic, antique wood clad additional dining area that seats 52 patrons. This room truly makes you feel as if you've been transported to a wine cellar in the middle of Tuscany. The kitchen is fully equipped with prep stations, wash stations, a walk-in refrigerator, ice-maker, and a large grease trap in the basement. The buildings mechanicals are solid and well maintained with separate boilers and hot water heaters for the apartments and the restaurant. The 3rd floor apartment is a light-filled 2 bedroom configured in a desirable 'box' layout. On the 2nd floor, there is very large, 2 bedroom, 2 bathroom apartment which was tastefully and thoughtfully designed. This apartment offers a gourmet kitchen with an island, along with a separate dining space. From there, step up into the living room which sits atop the building's extension. Sliding glass doors off the living room provide access to an actual secluded oasis, the beautiful terrace is perfect for gardening, year round outdoor entertaining and grilling. There have been many high quality upgrades to the 2nd floor apartment including top shelf stainless steel kitchen appliances such as a Fisher Paykel refrigerator, white Italian carrara marble in the bathrooms, solid dark Brazilian cherry 5 wide wood planks floors throughout. Special sound remediation material has been installed between the first and second floor so the 2nd floor apartment is shielded from any restaurant noise.This property is 'turn key' - it doesn't need any major updating or renovation. It's perfect and ready for the proper investor or investor/user. Simply put, if you are looking for a solid earning, mixed use property located in prime Williamsburg, there just isn't anything on the market with the qualities and characteristics of 345 Grand Street. Call us to set up a time to have a look for yourself.
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$3,395,000

$105,000  -  17 days ago

Listed on Jul 22, 2020

70 Days on Market

Also listed for Rent

2 Beds / 1.0 Bath / - ft²

Total Monthly expenses: $662

Maintenance: - / R.E. Taxes $662

Other Details:

Mixed Use (1-6 Family)

Lot Size: 21.67' x 100.0' Built: 21.67' x 40.0'

Zoning: S1-5, S9

Exclusively listed with: The Corcoran Group Source: RLS

Sarah A
Adler

saadler@corcoran.com

(917) 817-7783

Lewis
Canfield

lcanfield@corcoran.com

(212) 533-1511

Listing Courtesy of The Corcoran Group View Listing

Unit listing history

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