140-142 46Th St New York, NY 10036
- Apartment buildings
- 12,675 SF
Current Use by Public Records
- Apartment buildings
Property Details for 140-142 46Th St
- Year built
- 1924
- Property size
- 12,675 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a rare chance to acquire a well-located, 12-unit apartment building in the heart of New York City. Situated at 140-142 West 46th Street, this property boasts a compelling combination of strong cash flow and significant upside potential. The building comprises two structures, each five stories tall, encompassing a total of 12,675 square feet on a 3,013 square foot lot. Built in 1924, the property is classified as Class D and currently generates a Net Operating Income (NOI) of $624,688, translating to a 5.95% capitalization rate. Pro forma projections indicate a potential cap rate of 6.60%, suggesting further value appreciation. The asking price is $10,500,000, representing a price per square foot of $828. The property is zoned C6-5.5, MiD, offering flexibility for future development or renovations. This is an ideal investment for experienced real estate investors seeking a strong performing asset in a prime Manhattan location. The property's 12 units provide a stable income stream, while the potential for increased NOI through strategic management and improvements presents a compelling value proposition. This is a turnkey opportunity to acquire a well-positioned multifamily asset in a highly sought-after New York City neighborhood.
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
- -73.9841
- Latitude
- 40.7579
