431 West 48th Street
$3,350,000
8
8
6,560
6,560
$511
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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LISTING UPDATED: 10/31/2024 03:36 PM
Property Details for 431 West 48th Street
Status | Active |
---|---|
MLS ID | RPLU-33423096922 |
Days on Market | 129 |
Taxes | $3,472 / month |
Maintenance | - |
Min. Down Pymt | - |
Total Rooms | 24.0 |
Compass Type | Multi Family |
MLS Type | House/Building |
Year Built | 1901 |
Lot Size | 2,510 SF / 100' x 25' |
County | New 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
Property History for 431 West 48th Street
Date | Event & Source | Price | Appreciation | Link |
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Date | Event & Source | Price |
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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.
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