Hell's Kitchen 10-Unit
For Sale
Contact for pricing
447 W 47th St, New York, NY 10036
10-unit residential building in Hell's Kitchen, 100% occupied.
Property Size7,686 SF
Price / SF$800.16
Days on Market173
Property Features for 447 W 47th St
General Information
Standard status
Active
Size
7,686 SF
Class
B
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$387,190
Building Details
Stories
7
Listing Agency:
Corcoran
(646) 717-3990
Listed By:
Raphael Sitruk · License #10401285108
Source:
Crexi
Added: Mar 2
Changed: Aug 8
Last Checked: Aug 21 at 11:19AM
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 Corcoran
Investment Insights
Based on property information with market context.
This 10-unit residential building is located in the heart of Hell's Kitchen. The property is 100% occupied and very well maintained. Each residence is designed with comfort and functionality in mind, featuring open layouts and abundant natural light. Select units include private outdoor spaces. Many apartments offer spacious living and dining areas, efficiently designed kitchens with full-size appliances, and bedrooms that easily accommodate king-sized beds with ample storage. Shared laundry facilities are available in the basement. The building sits on a quiet, tree-lined block moments from the Hudson River Greenway, Broadway theaters, and dining, shopping, and nightlife options. The property contains 7,686 square feet.
Key Highlights
- 100% Free Market Investment Opportunity - 100% Occupied
- Prime location in the heart of Hell's Kitchen
- Well‑maintained 10‑unit residential building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$240,474
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.91%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,809,480
$4.8M
Cap Rate 7%
$3,435,343
$3.4M
Cap Rate 9%
$2,671,933
$2.7M
Market Conditions
NOI Build-Up for 7,686 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$460.2K $59.88/SF
− Vacancy
−$23.0K −$2.99/SF
EGI
$437.2K $56.89/SF
− OpEx
−$196.8K −$25.60/SF
NOI
$240.5K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,809,480
Cap Rate 7%
$3,435,343
Cap Rate 9%
$2,671,933
Alternative Uses
Best Use
Apartment 5plus
$3.44M
$3.01M – $4.01M
NOI $240,474 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$19.13M
$16.74M – $22.32M
NOI $1,339,209 @ 7.0% cap · market cap 21.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,279
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 10-unit residential building in Hell's Kitchen, 100% occupied.
Where is this apartment building located?
The property is located at 447 W 47th St New York, NY.
What is the asking price?
The asking price for this property is $6,150,000.
What are key features of this property?
This property features: 100% Free Market Investment Opportunity - 100% Occupied; Prime location in the heart of Hell's Kitchen; Well‑maintained 10‑unit residential building
