416 50Th St New York, NY 10022

Property Details for 416 50Th St

Property size

4,500 SF

Property type

Commercial real estate

Description

This exceptional 5-story, 4,500 square foot townhouse at 416 East 50th Street in New York City's desirable Beekman Place presents a unique investment opportunity. Recently renovated in 2022, this 20-foot wide property boasts three free-market rental units generating a strong net operating income (NOI) of $241,484, resulting in a compelling 4.93% cap rate. The asking price is $4,900,000, translating to approximately $1,633,333 per unit. Each unit features modern, updated kitchens and bathrooms. Unit 1, a two-bedroom, two-bathroom duplex, includes a fireplace, private garden access, and high ceilings. Unit 2 offers one bedroom, one bathroom, a fireplace, and high ceilings. Unit 3, a three-bedroom, two-bathroom duplex, boasts two fireplaces and a private roof deck. The property also includes a large, south-facing garden and a private roof deck. Additional floor area ratio (FAR) availability makes this property ideally suited for a single-family conversion or potential use as a consulate or mission, mirroring other properties in the neighborhood. This is a turnkey investment with significant upside potential in a highly sought-after location. Note that unit photos are virtually staged. Detailed financial information and unit floor plans are available upon request.