8-Unit Mixed-Use
New
For Sale
$3,500,000
242 E 40th Street, New York, NY 10016
Commercial Sale, New York, NY
Property Size4,500 SF
Lot Size0.04 Acres
Price / SF$777.78
Days on Market7
Property Features for 242 E 40th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
8
Bathrooms
7
Full bathrooms
7
Rooms
Bedroom 7, Bathroom 4, Bedroom 4, Bedroom 3, Bedroom 6, Bedroom 8, Bathroom 5, Bedroom 5, Bedroom 1, Bathroom 7, Bathroom 2, Bedroom 2, Bathroom 3, Bathroom 1, Bathroom 6
Subdivision
Murray Hill
High school district
000000
Standard status
Active
Size
4,500 SF
Lot size
0.04 Acres
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Troy Gordon · License #10401221016
(191) 786-8569
Added: Sep 30
Changed: Oct 6
Last Checked: Oct 6 at 12:06PM
MLS# 12014922
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1920, this five-story mixed-use property contains eight units: seven apartments and a restaurant at street level. The apartment mix includes five studios, two one-bedroom units, and one two-bedroom unit. Five residential apartments are free market, while two are rent-stabilized; the commercial space is rented. All units are occupied. The building has an 18' x 53' footprint, and the lot measures 18' x 99'. Separate electric meters serve the apartments, with tenants paying the electric costs. The restaurant contributes toward a portion of the real estate taxes.
The property is on East 40th Street between Second and Third Avenues, within walking distance of Grand Central and the 4/5/6/7 trains. Zoning is C1-9 / R10. Maximum buildable area is 13,282 SF, with approximately 8,784 SF of unused development rights, subject to architect confirmation.
The property is on East 40th Street between Second and Third Avenues, within walking distance of Grand Central and the 4/5/6/7 trains. Zoning is C1-9 / R10. Maximum buildable area is 13,282 SF, with approximately 8,784 SF of unused development rights, subject to architect confirmation.
Key Highlights
- Eight occupied units: seven apartments and a ground‑floor restaurant
- Five‑story building constructed in 1920
- Apartment mix includes studios, one‑bedroom units, and a two‑bedroom unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$143,438
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,868,760
$2.9M
Cap Rate 7%
$2,049,114
$2.0M
Cap Rate 9%
$1,593,756
$1.6M
Market Conditions
NOI Build-Up for 4,500 SF
Gross rent
$270.0K $60.00/SF
− Vacancy
−$40.5K −$9.00/SF
EGI
$229.5K $51.00/SF
− OpEx
−$86.1K −$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%
$2,868,760
Cap Rate 7%
$2,049,114
Cap Rate 9%
$1,593,756
Alternative Uses
Best Use
Specialty Retail
$11.20M
$9.80M – $13.07M
NOI $784,080 @ 7.0% cap · market cap 22.40%
Second Best
Mixed Use
$2.05M
$1.79M – $2.39M
NOI $143,438 @ 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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Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Five stories combine residential apartments with a ground-floor restaurant; all eight units are occupied.
Where is this mixed-use property located?
The property is located at 242 E 40th Street New York, 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 occupied units: seven apartments and a ground‑floor restaurant; Five‑story building constructed in 1920; Apartment mix includes studios, one‑bedroom units, and a two‑bedroom unit
