John’s of 12th St. Building Hits the Market for $9.25M

Key Points:

• 🏛️ Property Overview: The five-story building at 302 E. 12th St., home to the 117-year-old John's of 12th Street restaurant, is listed for $9.25 million.
• 🏠 Residential Units: Comprises eight residential units—five market-rate and three rent-stabilized—most recently renovated.
• 📈 Investment Potential: Turn-key, stabilized investment opportunity with additional 1,333 square feet of air rights.

A notable East Village property, 302 E. 12th St., encompassing the historic John's of 12th Street restaurant, has been listed for sale at $9.25 million. This offering presents a unique opportunity for investors interested in a fully renovated, income-generating asset in a vibrant neighborhood.

Property Details:

• Residential Composition:

  • Total Units: Eight
  • Market-Rate Units: Five two-bedroom, one-bath apartments
  • Rent-Stabilized Units: Three units, including two large one-bedroom, one-bath apartments
  • Renovations: Seven of the eight units have undergone complete gut renovations, minimizing deferred maintenance concerns.

• Commercial Space:

  • Tenant: John's of 12th Street, a neighborhood staple since 1908
  • Lease Agreement: Secured a 10-year extension in May 2022, ensuring continued occupancy.

• Additional Features:

  • Air Rights: Includes 1,333 square feet of additional buildable space
  • Ownership History: Held by the same family for four decades before its acquisition by an international investment group, which has since completed extensive renovations.

Investment Insights

The property's recent comprehensive renovations and stable tenancy by a renowned restaurant enhance its appeal as a turn-key investment. The inclusion of additional air rights offers potential for future development or expansion, adding to its long-term value proposition.

Investors seeking a stabilized asset in Manhattan's dynamic East Village will find 302 E. 12th St. a compelling opportunity. The combination of a historic commercial tenant, modernized residential units, and potential for future development positions this property as a noteworthy addition to any investment portfolio.

Link to the listing: https://www.loopnet.com/Listing/302-E-12th-St-New-York-NY/34592444/