438 45Th St New York, NY 10036

Property Details for 438 45Th St

Property size

18,350 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents two adjacent, five-story multifamily buildings located at 438 and 440 West 45th Street in Manhattan's vibrant Midtown West neighborhood. The properties boast a combined 30 units, offering a mix of one- and two-bedroom apartments. A total of 18,350 square feet is spread across two buildings, each with 15 units. Eight units are free-market, and twenty-two are rent-stabilized. Currently, nine apartments are vacant, presenting immediate upside potential for a new owner. Recent renovations include updated interior hallways and modernized building systems, such as electric meters. The buildings sit on a combined 5,021 square foot lot with 50 feet of frontage on West 45th Street, between 9th and 10th Avenues. The lower level offers significant value-add potential, with possibilities including conversion to additional rental units (potentially through a city pilot program), storage space, or tenant amenities like laundry facilities or a fitness center. The property's prime location offers easy access to multiple subway lines (A, C, E, 1, 2, 3, N, R, Q, W) and is surrounded by renowned landmarks, including Hudson Yards, Central Park, and the Theater District. The asking price is $5,250,000, representing $175,000 per unit and $286 per square foot. The permitted zoning is R8. This presents a rare chance to acquire a well-maintained multifamily portfolio in a highly desirable Manhattan location at a price point below replacement cost.