Bodega Paradise
Development Project Opportunity with Air Rights for 10-Story Corner Building
Marketing description
Property Overview
Prime Mixed-Use Investment & Redevelopment Opportunity
Exceptional opportunity to acquire a versatile mixed-use building featuring four ground-level storefronts and two upper floors. The property is currently vacant on the ground floor with 4 store fronts, including a fully built-out bar with a basement and sub-basement.
The upper two floors are vacant, presenting excellent upside potential for future build-out, expansion, or redevelopment. While there is no internal access to these upper floors, a permit for an exterior staircase has already been obtained—an approval that is notably difficult to secure in this market.
Building:
Type: 2 Star Retail Storefront Retail/Residential
Location: Urban
GLA 1,800 SF
Stories 3
Typical Floor: 1,800 SF
Class C
Building Ht 46'
Construction: Masonry
Tenancy: Multi
Owner Occupy: No
Elevators: None
Year Built: 1910
Building Use: Retail 2,400 SF 27.9%
Multifamily 6,600 SF
7 2.1%
Frontage 18' on E 116th St 80' on Park Ave 116th St
Taxes $9.27/SF (2024)
Land
Land Acres 0.06 AC
Bldg FAR 0.69
Corner Lot Yes
Land SF 2,614 SF
Dimensions 25' x 100'
Zoning C2-5/R9
Public Record
2025 Assessment
$198,000 $78.37/SF
Improvements $40,050 $15.85/SF
Land $157,950 $62.52/SF
Total Value 16% of last sale
Parcels 1643-0071
Walk Score®Walker’s Paradise (99)Transit
Score®Rider’s Paradise (100)
Market Conditions Current YOY Change
Vacancy Rates Current Subject Property 100.0% 100.0%
Submarket 1-3 Star 6.9% 1.8%
Market Overall 4.2% 0.2%
Market Asking Rent Per Area
Subject Property $78.05/SF -3.0%
Submarket 1-3 Star $76.43/SF 1.7%
Market Overall $54.76/SF 1.6%
Submarket Leasing Activity
12 Mo. Leased 134,448 SF -17.3%
Months on Market 10.3 0.7 mo
Submarket Sales Activity Current Prev Year
12 Mo. Sales Volume $60.94M $76.67M
Market Sale Price Per Area $1,139/SF $1,081/SF
One Mile Two Miles
Population: 176,917 1,219,975
Households: 74,865 534,947
Median Age: 38.70 39.40
Median HH Income $44,496 69,133
Daytime Employees 74,415 553,989
Population Growth '24 - '29 8.22%- 7.03%
Household Growth '24 - '29 8.36%- 7.35%
Smallest Space: 1,800 SF
Max Contiguous1,800 SF# of Spaces
1Retail Avail: 1,800 SF
Leased 0% Rent: $80.00
Service Type Modified Gross
Investment highlights
For Sale
Price $3,900,000
Price/SF $590
Sale Type: Investment
Status: Active
Investment Type: Opportunistic
Conditions: Redevelopment Project
Delivery Options
Ownership offers multiple ways to deliver the property, accommodating investor or developer preferences:
As-Is with Tenants in Place – Lease up and collect rental income immediately.
Delivered Vacant – available for no additional fee, ideal for owner-users or repositioning.
Delivered as an Empty Lot – existing structure can be demolished and cleared for new construction, also available for an additional fee. Facility FAR of 10. Buildable area Air Rights 16,576 SF
With its favorable zoning potential, existing permit, and lease flexibility, this site is ready for transformation or continued cash flow.
Investment Highlights
4 storefronts, including a recently renovated bar with hood and venting. Opportunity for 4 AM liquor license.
Exterior staircases permits are already approved
Tenants pay for their own utilities
Potential rental for retail stores is $20,000 per month or $240,000 annually.
$20,000 annual property taxes
Vacant upper floors for future development
Delivery options: as-is, vacant, or cleared lot
Summary
This property offers the rare combination of retail cash flow upon lease up and redevelopment potential. Whether maintained as a “money-maker” retail asset or reimagined as a new project site, the property’s location, permits, and lease flexibility make it a smart acquisition for investors and developers.
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