Renovated Apartment Near Theater
For Sale
$374,900
Pending
464 W 51ST St 3E, New York, NY 10019
Updated apartment in prime location with income restrictions.
Property Size625 SF
Days on Market318
Property Features for 464 W 51ST St 3E
General Information
Standard status
Pending
Size
625 SF
Property subtype
Residential
Building Details
Building Size
625 SF
Year Built
1901
Listed By:
RoseAnn Hermann
(718) 878-1924
Source:
Elliman
Added: Nov 27, 2025
Changed: Oct 3
Last Checked: Oct 9 at 10:28PM
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 RoseAnn Hermann
Investment Insights
Based on property information with market context.
Located on a tree-lined street near Midtown Manhattan and the theater district, this apartment offers northern and southern exposures. The unit features a large entry closet and two bedroom closets, along with a windowed kitchen that offers space for customization. The building has been renovated and updated, including an intercom system with a camera connected to cell phones. Situated in close proximity to the theater district, Hell's Kitchen, and the Hudson Greenway Trail, the location provides access to various amenities. This is a walk-up building with HDFC restrictions. The maximum income for one resident is $130,440, and for two residents, it is $149,160. Subletting is allowed for a maximum of 18 months in any 5-year period, subject to board approval. Dishwashers are permitted.
Key Highlights
- Prime location near Midtown Manhattan, the Theater District, Hell's Kitchen, and the Hudson Greenway Trail.
- Building has been recently renovated and updated.
- Intercom system with camera connected to cell phone.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,555
Cap Rate
5.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$391,100
$391.1K
Cap Rate 7%
$279,357
$279.4K
Cap Rate 9%
$217,278
$217.3K
Market Conditions
NOI Build-Up for 625 SF
Gross rent
$37.4K $59.88/SF
− Vacancy
−$1.9K −$2.99/SF
EGI
$35.6K $56.89/SF
− OpEx
−$16.0K −$25.60/SF
NOI
$19.6K $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%
$391,100
Cap Rate 7%
$279,357
Cap Rate 9%
$217,278
Alternative Uses
Best Use
Apartment 5plus
$279.4K
$244.4K – $325.9K
NOI $19,555 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.56M
$1.36M – $1.82M
NOI $108,900 @ 7.0% cap · market cap 29.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
30,982
Businesses Nearby
Explore this area
Business Placement
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
Check the figures for this property
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?
Apartment building - Updated apartment in prime location with income restrictions.
Where is this apartment building located?
The property is located at 464 W 51ST St 3E New York, NY.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Prime location near Midtown Manhattan, the Theater District, Hell's Kitchen, and the Hudson Greenway Trail.; Building has been recently renovated and updated.; Intercom system with camera connected to cell phone.
