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Brownstone Apartment Building with Separate Meters
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460 West 51st Street, New York, NY 10019

Five renovated apartments in a multi-story brownstone with separate electric, heat, and hot-water meters.

Property Size6,500 SF
Price / SF$998.46
Days on Market47

Property Features for 460 West 51st Street

General Information

Standard status Active
Size 6,500 SF
Property subtype Multifamily, Land

Additional Details

Cap Rate 4%
Multifamily Units 5

Building Details

Year Built 1920
Stories 5
Tenancy Multi
Listing Agency: Charles Rutenberg Realty Inc Plainview
Listed By: Khaleeque Rehman · License #10401215771
Source: Crexi
Added: Jun 20 Changed: Jul 10 Last Checked: Aug 4 at 6:12AM

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 Charles Rutenberg Realty Inc Plainview

Investment Insights

Based on property information with market context.

This brownstone apartment building totals 6,500 square feet and is arranged across five stories with five fully updated renovation apartments. The units are described as having separate meters for electric, heat, and hot water. Each apartment includes an in-unit washer and dryer and stainless steel appliances, and at least one unit provides access to a private garden. A finished basement is present but currently not being used, and the remarks indicate it could support additional storage or amenity space such as an exercise or game room. The building also includes a full video intercom system for security. Public remarks further note additional unused FAR and more than 8,000 square feet of air rights.

Located on a tree-lined street in the heart of Hell’s Kitchen, the property is described as within walking distance of Times Square and one block from Restaurant Row. The remarks also cite proximity to multiple subway lines, including the A, B, C, D, E, and 1 trains.

For buyers or operators seeking a small multifamily asset, the property’s unit-by-unit metering and current apartment updates may support day-to-day tenant appeal and operational clarity. Public remarks state the current rents are below market and that leases generally end in mid-year, with the exception of one lease ending in January 2026. The unused finished basement and the additional FAR/air rights cited in the remarks may provide paths for increased functional use and future income optimization.

Key Highlights

  • 1920‑built multi‑story brownstone with 5 fully updated renovation apartments
  • 5 stories; each unit has separate meters for electric, heat, and hot water
  • Units offer in‑unit washer/dryers and stainless steel appliances

Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $389.2k $59.88
− Vacancy −$19.5k −$2.99
EGI $369.8k $56.89
− OpEx −$166.4k −$25.60
NOI $203.4k $31.29
6,500 SF · lease $59.88/SF/yr · vacancy 5.00% · expense 45.00%

Alternative Uses

Best Use
Apartment 5plus
$2.91M
$2.54M – $3.39M (±1% cap)
NOI $203,367 @ 7.0% cap · market cap 3.13%
Second Best
no second resolved use
Theoretical Best
Specialty Retail
$16.18M
$14.16M – $18.88M (±1% cap)
NOI $1,132,560 @ 7.0% cap · market cap 17.45%
Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Pet Grooming Service Nursing Home Adult Day Care Clothing & Fashion Store Buffet

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

5
Residential units
Multi-tenant
Tenancy

Location Intelligence

Trade Area within ½ mile

30,982
Businesses Nearby

Demographics for 10019, NY

49,029
Population
33,279
Households
1.5
Avg Household Size
38
Median Age
78%
College-Educated
98%
High-School Grad
0.7 sq mi
ZIP Area
70,041
Density / Sq Mi
$121,835
Median Household Income
$108,231
Median Earnings
$2,619
Median Rent
$1,066,100
Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022
4.6% 2023
5.3% 2024
5.6% 2025
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Frequently Asked Questions

What type of property is this?
Apartment building - Five renovated apartments in a multi-story brownstone with separate electric, heat, and hot-water meters.
Where is this apartment building located?
The property is located at 460 West 51st Street New York, NY.
What is the asking price?
The asking price for this property is $6,490,000.
What are key features of this property?
This property features: 1920‑built multi‑story brownstone with 5 fully updated renovation apartments; 5 stories; each unit has separate meters for electric, heat, and hot water; Units offer in‑unit washer/dryers and stainless steel appliances
More about this property
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