Five-Story Apartment
For Sale
Contact for pricing
538 West 47th Street, New York City, NY 10036
Renovated multifamily property with 20 residential units and a mix of free-market and rent-stabilized apartments.
Property Size8,935 SF
Lot Size0.06 Acres
Price / SF$548.41
Days on Market51
Property Features for 538 West 47th Street
General Information
Standard status
Active
Size
8,935 SF
Lot size
0.06 Acres
Property subtype
Multifamily
Zoning
R8
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$278,800
Additional Details
Multifamily Units
20
Building Details
Year Built
1910
Year Renovated
1988
Buildings
1
Stories
5
Units
20
Tenancy
Multi
Listing Agency:
Besen Partners
Listed By:
Ronald H. Cohen · License #NY 40CO0983987
(646) 424-5317
Source:
Crexi
Added: Jul 15
Changed: Sep 1
Last Checked: Sep 1 at 11:36AM
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 Besen Partners
Investment Insights
Based on property information with market context.
This five-story apartment building contains 20 residential units within approximately 8,935 square feet. The unit mix includes 11 free-market apartments and 9 rent-stabilized apartments. The property was constructed in 1910 and renovated in 1988, with the building positioned on a 2,510-square-foot lot.
Located at 538 W 47th Street in Manhattan’s Hell’s Kitchen neighborhood, the property carries R8 zoning. Its established multifamily configuration and varied residential tenancy profile provide a clear basis for evaluating the asset as an apartment building.
Located at 538 W 47th Street in Manhattan’s Hell’s Kitchen neighborhood, the property carries R8 zoning. Its established multifamily configuration and varied residential tenancy profile provide a clear basis for evaluating the asset as an apartment building.
Key Highlights
- 20 residential units: 11 free‑market and 9 rent‑stabilized
- Approximately 8,935 square feet across five stories
- Constructed in 1910 and renovated in 1988
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
$279,552
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
5.71%
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%
$5,591,040
$5.6M
Cap Rate 7%
$3,993,600
$4.0M
Cap Rate 9%
$3,106,133
$3.1M
Market Conditions
NOI Build-Up for 8,935 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
$535.0K $59.88/SF
− Vacancy
−$26.8K −$2.99/SF
EGI
$508.3K $56.89/SF
− OpEx
−$228.7K −$25.60/SF
NOI
$279.6K $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 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%
$5,591,040
Cap Rate 7%
$3,993,600
Cap Rate 9%
$3,106,133
Alternative Uses
Best Use
Apartment 5plus
$3.99M
$3.49M – $4.66M
NOI $279,552 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$22.24M
$19.46M – $25.95M
NOI $1,556,834 @ 7.0% cap · market cap 31.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20
Residential units
Location Intelligence
Trade Area within ½ mile
18,632
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 - Renovated multifamily property with 20 residential units and a mix of free-market and rent-stabilized apartments.
Where is this apartment building located?
The property is located at 538 West 47th Street New York City, NY.
What is the asking price?
The asking price for this property is $4,900,000.
What are key features of this property?
This property features: 20 residential units: 11 free‑market and 9 rent‑stabilized; Approximately 8,935 square feet across five stories; Constructed in 1910 and renovated in 1988
