Active
431 West 48th Street
New York City NY, 10036
$3,350,000
$1,914.29 per sqft
Active
8 Beds
8 Baths
1,750 sqft
Townhomes
Built in 1901
Situated in the heart of Hell's Kitchen, Manhattan, 431 West 48th Street is a prime multi-family building offering significant upside and investment potential. Built in 1920 with recent renovations, this 6,560 sq. ft. building sits on a 2,510 sq. ft. lot and features 8units, all one-bedroom units, and are well below market rate rents. 3 Rent Stabilized and 5 Free Market units in total.The property's prime location provides convenient access to public transportation, including major subway lines (A, C, E), bus routes, and bike lanes, as well as an array of dining, entertainment, and cultural venues, including Broadway and off-Broadway theaters. Nearby, residents can enjoy Central Park, Hudson River Park, and several local parks.
The property currently generates a gross income of $203K per year and a net operating income (NOI) of $108K per year, with huge upside potential in rents and monetizing full ceiling height basement and incredible roof with views. Total Annual expenses are approximately $95K. The building is zoned R8, offering potential development opportunities with approximately 8,000 Sq Ft of unutilized air rights. Multiple areas for an experienced operator to maximize earning potential and reimagine spaces to increase rent roll. The area attracts a diverse tenant base ensuring high occupancy rates and consistent rental income
RPLU-33423096922
MLSⓇ ID
July 10, 2024
Listed
November 25, 2024
Updated
Map
431 West 48th Street
New York City NY, 10036
Interior Features
Total Stories
4
Bedrooms
8
Total Bathrooms
8
Full Bathrooms
8
Laundry Description
Building Other
Fireplace
Yes
Fireplace Description
Decorative
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.06 Acres
Other Property Details
Taxes
$41,664
Tax Frequency
Annually
Garage
No
View
No
View Description
Other
County
NewYork
Pool
No
Listing History
Date | Event | Price |
---|---|---|
10/25/2024 | Price change | $3,350,000 -5% |
Listed by Andrew Feldman with Corcoran Group
Listing Contact: (917) 226-0665
This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2024 The Real Estate Board of New York, Inc., All rights reserved
Data last updated on 11/25/2024 at 6:30 PM UTC