431 48Th St New York, NY 10036

Property Details for 431 48Th St

Year built

1901

Property size

6,560 SF

Property type

Commercial real estate

Description

This prime Hell's Kitchen, Manhattan multifamily building at 431 West 48th Street presents a compelling value-add opportunity. The 6,560 square foot, four-story building, constructed in 1901, sits on a 2,510 square foot lot and features eight one-bedroom units. Currently generating a net operating income (NOI) of $108,300, with a pro-forma NOI of $192,300, this property offers significant upside potential. Three rent-stabilized and five free-market units are currently below market rate, presenting immediate opportunities for rental income growth. The building's financial performance is further enhanced by an asking price of $3,350,000, resulting in a current cap rate of 3.23% and a pro-forma cap rate of 5.74%. The property boasts approximately 8,000 square feet of unutilized air rights, zoned R8, allowing for potential expansion and development. The building's prime location provides convenient access to public transportation, including major subway lines (A, C, E), and is surrounded by an array of dining, entertainment, and cultural venues. Additional income streams can be generated by utilizing the full-ceiling height basement and the expansive roof, which offers stunning views. The current lease expirations offer a strategic opportunity to further increase rental income. The building's strong location and potential for improvement make it an attractive investment for experienced operators seeking to maximize returns. The property's current annual expenses are approximately $95,000.

Location Insight

City

New York

County

New York

State

New York

Longitude

-73.9912943

Latitude

40.763041