33rd 5Th Ave New York, NY 10001
- Hospitality properties
- 60,000 SF
Current Use by Public Records
- Hospitality properties
Property Details for 33rd 5Th Ave
- Year built
- 2023
- Property size
- 60,000 SF
- Property type
- Hospitality properties
- Property subtype
- Hotels
Description
This exceptional 25-story hotel, boasting 250 keys and situated on W 33rd Street near 5th Avenue in Manhattan, presents a lucrative investment opportunity. The property, built in 2023, enjoys a prime location near the Empire State Building and within the vibrant Korean-town district. With a total square footage between 60,000 and 100,000 square feet, the hotel currently operates at 100% occupancy (as of April 1, 2023), generating a Net Operating Income (NOI) of $4,000,000. The asking price is $125,000,000, translating to a current cap rate of 3.20% and a pro-forma cap rate of 8.00%. The pro-forma NOI is projected at $10,000,000. The property sits on a lot ranging from 5,000 to 10,000 square feet, with a land value estimated at $10,000 to $15,000 per square foot. The price per key is $550,000. The hotel is zoned C6-4i and offers no air rights. This is an owner/user investment opportunity ideal for experienced hospitality operators or foreign investors. The property's current success and significant growth potential make it a compelling investment.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -73.9851
- Latitude
- 40.7478
