Updated Apartment
351 W 47TH Street, Manhattan, NY 10036
For Sale
$3,995,000
Pending
Recent building-system work and renovated common areas complement on-site laundry and a superintendent’s office.
Property Size8,165 SF
Days on Market140
Property Features for 351 W 47TH Street
General Information
Standard status
Size
Property subtype
Site & Location
Public Transit
Utilities to Site
Additional Details
Tenant in Place
Taxes and HOA fees
Annual Taxes
Amenities
onsite laundry facilities
Verizon Fios fiber
Building Details
Building Size
Year Built
Year Renovated
Listing Agency:
Platinum Forbes Global Properties
Listed By:
Jess Prichard · License NY #10401356335
(917) 456-6804
Source:
Archpointadvisory
Added: Jun 23
Changed: Nov 7
Last Checked: Nov 8 at 1:00PM
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 Platinum Forbes Global Properties
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Investment Insights
Based on property information with market context.
This 8,165-square-foot apartment building at 351 W 47th Street dates to 1920. Recent work includes a basement renovation, on-site laundry, a superintendent’s office, upgraded electrical service, and refreshed common areas. The building also has a replacement boiler and intercom, natural-gas heating, a new gas line, a gas meter bank, two water heaters, and a replaced roof. Facade and cornice restoration, upgraded lighting, fiber installation, and new service doors are also noted. The property carries Tax Class 2B and has one vacant apartment.
In Midtown West, the building has access to multiple subway lines and is near major employment centers, Ninth Avenue dining, Broadway theaters, and Hudson River Park.
In Midtown West, the building has access to multiple subway lines and is near major employment centers, Ninth Avenue dining, Broadway theaters, and Hudson River Park.
Key Highlights
- 8,165‑square‑foot apartment building constructed in 1920
- One vacant apartment
- Tax Class 2B
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$255,461
Cap Rate
6.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,109,220
$5.1M
Cap Rate 7%
$3,649,443
$3.6M
Cap Rate 9%
$2,838,456
$2.8M
Market Conditions
NOI Build-Up for 8,165 SF
Gross rent
$488.9K $59.88/SF
− Vacancy
−$24.4K −$2.99/SF
EGI
$464.5K $56.89/SF
− OpEx
−$209.0K −$25.60/SF
NOI
$255.5K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,109,220
Cap Rate 7%
$3,649,443
Cap Rate 9%
$2,838,456
Alternative Uses
Best Use
Apartment 5plus
$3.65M
$3.19M – $4.26M
NOI $255,461 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.71M
$4.99M – $6.66M
NOI $399,583 @ 7.0% cap · market cap 10.00%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
55,267
Businesses Nearby
Explore this area
Business Placement
Demographics for 10036, NY
33,868
Population
22,473
Households
1.5
Avg Household Size
37
Median Age
69%
College-Educated
93%
High-School Grad
0.4 sq mi
ZIP Area
84,670
Density / Sq Mi
$100,225
Median Household Income
$86,122
Median Earnings
$2,301
Median Rent
$988,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Apartment buildings in Manhattan, NY
Properties on Market for Apartment buildings in Manhattan
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Recent building-system work and renovated common areas complement on-site laundry and a superintendent’s office.
Where is this apartment building located?
The property is located at 351 W 47TH Street Manhattan, NY.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 8,165‑square‑foot apartment building constructed in 1920; One vacant apartment; Tax Class 2B
