431 West 48th Street
Midtown West, NYC
$3,350,000 Price
8 Bedrooms   8.0 Baths

431 West 48th Street, Midtown West, NYC

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,...

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

Courtesy of Corcoran Group

Floorplan for 431 West 48th Street

Floorplan for 431 West 48th Street

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* All information furnished regarding property for sale, rental, financing or estimated mortgage rates is from sources deemed reliable but no warranty or representation is made as to the accuracy thereof. For further financing information, please contact a Brown Harris Stevens agent.

Listing Details

Midtown West, NYC
Type: Townhouse
Price: $3,350,000
Re Tax: $41,664
Last Updated: 10/31/2024
Web ID: 1077303766

Info & Amenities

Type: Townhouse
Rooms: 24.0
Bedrooms: 8
Bathrooms: 8.0
Woodburning fireplaces: 1
Built: 1901
Pets allowed: Yes

Map of Area for 431 West 48TH Street

Get to Know Midtown West

Midtown West is located on the west side of Manhattan, New York City. It stretches from 34th Street to 59th Street and from the Hudson River to Eighth Avenue. This area is known for its bustling streets, diverse community, and proximity to some of the city's most iconic landmarks. Midtown West offers a mix of residential, commercial, and entertainment options, making it an attractive destination for both residents and visitors.

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Neighborhood Guide to Midtown West