Riverside Mixed-Use Building

17 East Putnam Avenue is a freestanding mixed-use building on one of Riverside's most trafficked commercial corridors, offered for sale for the first time in 22 years. The property comprises a ground-floor retail unit of approximately 2,400 square feet and a fully self-contained two-bedroom residential apartment of approximately 2,400 square feet on the upper floor, each with independent entrances and separate utility metering. It is a genuine income-producing asset with significant upside potential for a buyer willing to look past the current below-market rents.

What makes this property exceptional

The building has been family-owned and managed conservatively. Both units are currently tenanted on month-to-month leases, providing a new owner with maximum flexibility to reposition the rents to market rate, occupy one unit, or redevelop within the existing envelope subject to municipal approval. The building structure itself is in sound condition, with a roof replaced in 2019 and the ground-floor HVAC replaced in 2020.

Property highlights

• Total building size: 4,800 sqft across two levels

• Ground floor: 2,400 sqft retail unit with 18 feet of East Putnam Avenue frontage, currently tenanted by a personal services business at below-market rent

• Upper floor: 2,400 sqft two-bedroom residential apartment with a private entrance from the rear parking area, currently tenanted at below-market rent

• 8 off-street parking spaces at the rear of the building, accessed via a shared easement

• Separate electrical meters and utility accounts for each unit

• Full basement of approximately 800 sqft used for building storage

Income and upside

At current rents, the property generates a gross annual income of approximately $74,400. At market rents for comparable spaces on East Putnam Avenue, the same building would be expected to generate between $108,000 and $118,000 annually. The gap between current and market income represents the primary value opportunity for an investor buyer.

Location

East Putnam Avenue is the Post Road through Riverside, carrying high daily traffic volumes and serving the broader Greenwich and Stamford markets. The property sits within a short walk of Riverside train station and benefits from consistent foot traffic generated by neighboring food, service, and retail businesses.