Five-Story Mixed-Use
New
For Sale
$3,500,000
242 E 40th Street, New York City, NY 10016
The fully occupied property combines seven apartments with a ground-floor restaurant in Murray Hill.
Property Size4,500 SF
Lot Size0.04 Acres
Price / SF$778.12
Days on Market3
Property Features for 242 E 40th Street
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.04 Acres
Property subtype
Mixed Use
Zoning
C1-9 / R10
Occupancy
100%
Net Operating Income
$203,000
Financials
Asking Price
$3,500,000
Cap Rate
5.8%
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x studio, 3 x 1BR, 1 x 2BR
Multifamily Units
7
Taxes and HOA fees
Annual Taxes
$77,765
Building Details
Building Size
4,500 SF
Year Built
1920
Buildings
1
Stories
5
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Troy Nathan Kenneth Gordon · License #10401221016
(917) 868-5696
Source:
Serhant
Added: Oct 5
Changed: Oct 7
Last Checked: Oct 7 at 1:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass
Investment Insights
Based on property information with market context.
At 242 E 40th Street, this five-story mixed-use property contains eight units: seven apartments and a ground-floor restaurant. The residential mix includes studios, one-bedroom apartments, and a two-bedroom apartment. Five apartments are free market, while two are rent-stabilized; the restaurant is rented. The building dates to 1920 and occupies an 18' x 53' footprint on an 18' x 99' lot.
Located between Second and Third Avenues in Murray Hill, the property is a short walk from Grand Central and the 4, 5, 6, and 7 subway lines. Zoning is C1-9 / R10. The stated maximum buildable area is 13,282 SF, with approximately 8,784 SF of unused development rights, subject to architect confirmation.
Located between Second and Third Avenues in Murray Hill, the property is a short walk from Grand Central and the 4, 5, 6, and 7 subway lines. Zoning is C1-9 / R10. The stated maximum buildable area is 13,282 SF, with approximately 8,784 SF of unused development rights, subject to architect confirmation.
Key Highlights
- Eight units: seven apartments and one ground‑floor restaurant
- Five apartments are free market; two are rent‑stabilized
- 18' x 53' building footprint on an 18' x 99' lot
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$143,374
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,867,480
$2.9M
Cap Rate 7%
$2,048,200
$2.0M
Cap Rate 9%
$1,593,044
$1.6M
Market Conditions
NOI Build-Up for 4,498 SF
Gross rent
$269.9K $60.00/SF
− Vacancy
−$40.5K −$9.00/SF
EGI
$229.4K $51.00/SF
− OpEx
−$86.0K −$19.13/SF
NOI
$143.4K $31.88/SF
Area
New York, NY
Vacancy
15.00%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,867,480
Cap Rate 7%
$2,048,200
Cap Rate 9%
$1,593,044
Alternative Uses
Best Use
Specialty Retail
$11.20M
$9.80M – $13.06M
NOI $783,732 @ 7.0% cap · market cap 22.39%
Second Best
Mixed Use
$2.05M
$1.79M – $2.39M
NOI $143,374 @ 7.0% cap · market cap 4.10%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
50,655
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The fully occupied property combines seven apartments with a ground-floor restaurant in Murray Hill.
Where is this mixed-use property located?
The property is located at 242 E 40th Street New York City, NY.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Eight units: seven apartments and one ground‑floor restaurant; Five apartments are free market; two are rent‑stabilized; 18' x 53' building footprint on an 18' x 99' lot
