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    248 32Nd St New York, NY 10016

    Sponsored
    For Sale
    $5,700,000

    7-Unit Building, Prime Location

    Property size:
    5,750 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 7-unit apartment building presents a compelling investment opportunity in the thriving Murray Hill neighborhood of New York City. Located at 248 E 32nd St, this 25-foot-wide property boasts a desirable mix of units, including six renovated one-bedroom apartments and a stunning 2,400 square-foot triplex. The triplex features three south-facing windows, a fireplace, and a private 1,200 square-foot garden, offering a unique live-plus-income potential. The building's free-market status ensures strong rental growth and inflation hedging, while its Tax Class 2B designation optimizes long-term cash flow. With a total square footage of 5,750 and an asking price of $5,700,000, this property offers a compelling cap rate of 4.19% and a Net Operating Income (NOI) of $238,698. The convenient location, just blocks from the 6 train and across from Fairway Market, adds to its appeal. This meticulously maintained building represents a rare opportunity to acquire a high-performing asset in a prime Manhattan location. The building was constructed in 1910 and offers 1600 square feet of additional space beyond the 5750 square feet of the building itself. Each unit is priced at $814,285.71. This property is ideal for both cash-flow investors seeking strong returns and those looking for a live-in opportunity with significant rental income.

    Property Features for 248 32Nd St

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,750 SF

    Building Details

    Year Built
    1910
    Units
    7

    HighLights

    • 25‑foot‑wide multifamily building in Murray Hill, Manhattan.
    • Completely free‑market building with no rent stabilization.
    • Tax Class 2B property.
    • Seven total residential units.
    • Features a 2,400 sq ft triplex with 3 baths and a 1,200 sq ft private garden; plus six free‑market one‑bedroom units.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Spa & Massage Hair Salon Dental Office Law Firm Nail Salon Food Market Clothing Store Grocery Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.977431
    Latitude
    40.7435991

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    FAQs

    What type of property is this?
    Multifamily property - 7-Unit Building, Prime Location
    Where is this multifamily property located?
    The property is located at 248 32Nd St New York, NY.
    What is the asking price?
    The asking price for this property is $5,700,000.
    What are key features of this property?
    This property features: 25-foot-wide multifamily building in Murray Hill, Manhattan.; Completely free-market building with no rent stabilization.; Tax Class 2B property.
    Request Owner's contact information
    248 32Nd St New York, NY 10016
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    248 32Nd St New York, NY 10016
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