Triplemint | 245A/247 South First Street

2,300-SQUARE-FOOT RETAIL SPACE
FULLY EQUIPPED VENTED KITCHEN
FULLY FINISHED BASEMENT
100 SQUARE FEET OF PRIVATE OUTDOOR SPACE
FOUR ONE-BEDROOM APARTMENTS
RENOVATED IN 2008

245A/247 South First Street is an ideal food and beverage opportunity for restaurant owners seeking presence amongst the locals that have defined Williamsburg as synonymous with creativity and craft.

This is a fantastic development opportunity with two separate APNs and two separate lots in one building. View the architectural zoning reports below.

Get to know the building

RETAIL
This retail space boasts 10-foot-high ceilings, exposed brick walls, and original oak wood floors. The ground floor is over 2,300 square feet, and the lower level is equally as large. The over 100 square feet of private outdoor space requires no key money.

3D Tour of Retail Space

The vented kitchen is fully equipped with a 24" open flame industrial range, 36” grill, deep fryer, 20' hood, prep stations, triple wash stations, and a large grease trap in the basement.

The restaurant area can accommodate close to 100 guests. There is great private outdoor space accessible from this level. The bar has all the needed bar fixtures and can easily seat over a dozen patrons.

The lower level is a full-height floor with plenty of storage throughout. The locker area, ice-maker, a double walk-in massive fridge, and a long list of essential cookware and tabletop will help get you started. Additionally, a private manager’s office and two additional bathrooms are located here. The long 1,000-square-foot hall is street accessible

RESIDENTIAL

This mixed-use property is a fantastic opportunity for an investor. This property housed one of Williamsburg’s iconic Michelin-starred restaurants for over ten years, making the location well-known in the neighborhood.

The two affixed properties offer one large retail space and four residential units. Asking commercial rents in the surrounding area along Grand Street average $100 per square foot and Northern Bedford Avenue at $200 per square foot.

The four residential units offer additional immediate cash flow. All units are market rate with a mix of MTM and 1-year leases. Once fully stabilized and with minimal updates, this property can easily see north of 5.0% cap rate.

Your Dedicated Building Specialists

SUSAN DUNCAN
LICENSED REAL ESTATE SALESPERSON
susan.duncan@triplemint.com
310.701.3073

MACARENA BEECHE
LICENSED REAL ESTATE SALESPERSON
macarena.beeche@triplemint.com
516.270.5741

TERESA STAIANO
LICENSED ASSOCIATE REAL ESTATE BROKER
teresa.staiano@triplemint.com
917.596.5538

RENT ROLL

Apartment 1
Apartment 2
Apartment 3
Apartment 4
Retail Space
Total Annual Revenue
Gross Income

CURRENT

$2,200
$2,200
$2,200
$1,950
vacant
$102,600

PROFORMA

$2,200
$2,200
$2,200
$2,200
$10,000
$225,600
$225,600

PROFORMA

~$5,108
TBD*
$700
$4,500
$3,700
$17,508
8%

CURRENT

$5,108
$26,359*
$700
$4,500
$3,700
$47,367

EXPENSES

Taxes Residential
Taxes Commercial
Electric
Insurance
Water/Gas
Total Annual Expenses
Cap Rate

There are four one-bedroom apartments on the second floor of this building.

3D Tour of 247 - Rear

South First Street is one of Williamsburg's
most well-known and loved spots.

Your Investment Opportunity

click to enlarge floorplan

Residential Zoning Document Senior Housing Document

ASKING: $2,700,000

Video Tour of 245A - Front