Andrew Feldman
This listing was posted on RealtyWW.
$3,500,000
W Th St, New York, Home For Sale
Price:
$3,500,000
BR/BA:
8 BR, 8 BA
Location:
431 W 48th St, Manhattan, NY
Description:
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 4/30/2024For more details: https://realtyww.info/homes_new-york-r782074/for-sale_i73930189
Property Type:
Single-Family Houses
Posted:
July 13 on RealtyWW
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More About this Listing: W Th St, New York, Home For Sale
W Th St, New York, Home For Sale is a Eight Bedroom Eight Bath Single-Family Homes for Sale at 431 W 48th St in Manhattan NY. Find other listings like W Th St, New York, Home For Sale and listings near 431 W 48th St by searching Oodle Classifieds for Eight Bedroom Eight Bath Single-Family Homes for Sale in Manhattan NY.
W Th St, New York, Home For Sale is a Eight Bedroom Eight Bath Single-Family Homes for Sale at 431 W 48th St in Manhattan NY. Find other listings like W Th St, New York, Home For Sale and listings near 431 W 48th St by searching Oodle Classifieds for Eight Bedroom Eight Bath Single-Family Homes for Sale in Manhattan NY.