Active

431 West 48th Street

New York City NY, 10036

$3,500,000


$2,000.00 per sqft

Active

8 Beds

8 Baths

1,750 sqft

Town House

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.

Apt # Rent Lease Expiration

1E $2,625 5/31/2025

1W $750 7/31/2025

2E $2,563 5/31/2024

2W $2,940 10/31/2024

3E $3,398 9/30/2024

3W $2,830 8/31/2024

4E $1,309 6/30/2024

4W $1,557 4/30/2024

RPLU-33423096922

MLS ID

July 10, 2024

Listed

July 13, 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


Buyer Agency Compensation

2%

Courtesy of Corcoran Group with Andrew Feldman, Mattie Weiser
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 2:24 PM UTC, 7/13/2024

 

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