431 West 48th Street

Hell's Kitchen

$3,350,000
Price
8
Beds
8
Baths
6,560 Sq. Ft.
$511 / Sq. Ft.
6,560
Sq. Ft.
$511
per Sq. Ft.

Description

Situated in the heart of Hell's Kitchen, Manhattan, 431 West 48th Street is a prime multi-family building offering significant upside and investment potential. Built in 1920 with recent renovations, this 6,560 sq. ft. building sits on a 2,510 sq. ft. lot and features 8units, all one-bedroom units, and are well below market rate rents. 3 Rent Stabilized and 5 Free Market units in total. The property's prime location provides convenient access to public transportation, including major subway lines...Situated in the heart of Hell's Kitchen, Manhattan, 431 West 48th Street is a prime multi-family building offering significant upside and investment potential. Built in 1920 with recent renovations, this 6,560 sq. ft. building sits on a 2,510 sq. ft. lot and features 8units, all one-bedroom units, and are well below market rate rents. 3 Rent Stabilized and 5 Free Market units in total. The property's prime location provides convenient access to public transportation, including major subway lines (A, C, E), bus routes, and bike lanes, as well as an array of dining, entertainment, and cultural venues, including Broadway and off-Broadway theaters. Nearby, residents can enjoy Central Park, Hudson River Park, and several local parks. The property currently generates a gross income of $203K per year and a net operating income (NOI) of $108K per year, with huge upside potential in rents and monetizing full ceiling height basement and incredible roof with views. Total Annual expenses are approximately $95K. The building is zoned R8, offering potential development opportunities with approximately 8,000 Sq Ft of unutilized air rights. Multiple areas for an experienced operator to maximize earning potential and reimagine spaces to increase rent roll. The area attracts a diverse tenant base ensuring high occupancy rates and consistent rental income

Property Details for 431 West 48th Street

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Other
LISTING UPDATED: 10/31/2024 03:36 PM

Property Details for 431 West 48th Street

StatusActive
MLS IDRPLU-33423096922
Days on Market129
Taxes$3,472 / month
Maintenance-
Min. Down Pymt-
Total Rooms24.0
Compass TypeMulti Family
MLS TypeHouse/Building
Year Built1901
Lot Size2,510 SF / 100' x 25'
CountyNew York County

Building Information for 431 West 48th Street

Stories4Residences-Year Built1901Building Size-Lot Size2,510 SF / 100' x 25'Building Age-Building Type-

Property Information for 431 West 48th Street

Summary
Location and General Information
  • Subdivision Name: Hells Kitchen
  • Stories Total: 4
  • Garage Spaces: 0.0
  • View: No
Taxes and HOA
  • Tax Lot: 0015
  • Tax Block: 01058
  • Flip Tax: $0
  • Building Tax Lot: 0015
  • Tax Abatement YN: false
Parking
  • Garage: No
  • Garage Spaces Assigned YN: false
Property
Lot Information
  • Building Area Total: 1750.0
  • Building Area Units: SquareFeet
  • Lot Size Dimensions: 100.42x25.00
  • Living Area Units: SquareFeet
Building Information
  • Landmark Status YN: false
  • Building Smoke Free YN: true
  • Building Laundry Features: Other
  • Building Pets Allowed: BuildingYes
  • Capital Reserves YN: false
  • Green Building YN: true
Property and Assessments
  • New Development: No
  • Sponsor Unit: No
  • Certificate Of Occupancy: Yes
  • Percent Of Common Elements: .00%
  • Common Interest: None
  • New Construction: No
  • Structure Type: Townhouse
  • Property Condition: Fair
Interior and Exterior Features
Exterior Features
  • Basement: Other
  • Patio And Porch Features: None
Interior Features
  • Entry Level: 1
  • Fireplace Features: Decorative
  • Fireplaces Total: 1
  • Fireplace: Yes
  • Floor Number: 1
  • Basement: Yes
  • Cooling: No
  • ElevatorsTotal: 0
  • Size Dimensions: 70.00x25.00
Multi Family
Multi-Family Information
  • Number Of Units Total: 8
Rental
Rental Information
  • Pets Allowed: UnitNo
  • Delivered Vacant: No
  • Attendance Type: None
  • Land Lease: No

Property History for 431 West 48th Street

DateEvent & SourcePriceAppreciationLink
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 431 West 48th Street

Taxable ValueLand$323,550Additions$956,790Total$1,280,340
Home Facts
Total Finished SqFt6,560 SqFtLot Size2,510 SqFtYear Built1901ZoningR8APN1010580015

Schools near 431 West 48th Street

This home is within New York City Geographic District # 2.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 6 to 8
Public - 6 to 8
Rating
School
Distance
P.S. 111 Adolph S Ochs
PublicPK to 5

Middle 297
Public6 to 8

Lower Manhattan Community Middle School
Public6 to 8

Nyc Lab Ms For Collaborative Studies
Public6 to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

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Similar Sold Homes

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431 West 48th Street is a multi-family home for sale in Hell's Kitchen. This property was listed for sale on July 10, 2024 by Corcoran Group, it's currently listed at $3,350,000. This listing's school district is New York City Geographic District # 2. Nearby schools include P.S. 111 Adolph S Ochs, Middle 297 and Lower Manhattan Community Middle School. 431 West 48th Street is a 8-bed, 8-bath, 6,560 sqft multi-family home built in 1901.

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Listing Courtesy of Corcoran Group

This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2024 The Real Estate Board of New York, Inc., All rights reserved. The source of the displayed data is either the property owner or public record provided by non-governmental third parties. It is believed to be reliable but not guaranteed. This information is provided exclusively for consumers’ personal, non-commercial use. The data relating to real estate for sale on this website comes in part from the IDX Program of OneKey® MLS. Information Copyright 2024, OneKey® MLS. All data is deemed reliable but is not guaranteed accurate by Compass. See Terms of Service for additional restrictions. Compass · Tel: 212-913-9058 · New York, NY Listing information for certain New York City properties provided courtesy of the Real Estate Board of New York’s Residential Listing Service (the "RLS"). The information contained in this listing has not been verified by the RLS and should be verified by the consumer. The listing information provided here is for the consumer’s personal, non-commercial use. Retransmission, redistribution or copying of this listing information is strictly prohibited except in connection with a consumer's consideration of the purchase and/or sale of an individual property. This listing information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2024 The Real Estate Board of New York, Inc., all rights reserved. This information is not guaranteed, should be independently verified and may not reflect all real estate activity in the market. Offers of compensation set forth here are for other RLSParticipants only and may not reflect other agreements between a consumer and their broker.©2024 The Real Estate Board of New York, Inc., All rights reserved.