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.<br> 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<br>
Property Details
Property Features
Property Information:
Year Built: 1901
Listing Office:
Office Name: Corcoran Group
Office Phone: (212) 355-3550
Listing Agent: Andrew Feldman
Agent Phone: (917) 226-0665
Interior Features
Interior Information:
Basement: Yes
Fireplace: Decorative
Bedroom and Bathroom Information:
Full Bathrooms: 8
Total Bedroom Count: 8
Exterior Features
Exterior Information:
View: Other
Price Information
Listing Price Info
Price Summary:
List Price: $3,350,000
What can I afford?
Understand what home price range makes sense for your budget.
Housing Market Comparison
See how this home compares to others in New York, NY.
Listing information for certain New York City properties provided courtesy of the Real Estate Board ofNew York’s Residential Listing Service (the “RLS”). The information contained in this listing has not beenverified by the RLS and should be verified by the consumer. The listing information provided here is forthe 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. Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available. Last updated on: 12/18/2024, 2:20:54 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
We're sorry, we currently don't have sales or tax history data for this listing.
Payment Calculator
Calculate your estimated monthly expenses for this listing. Play with the values below to better understand your monthly payment and utilities.
$16.7K
Per Month
Principal & Interest
$16.7K
Home PriceThe dollar amount you pay for the home.
$
Interest RateMortgage interest rates fluctuate, but they're typically in the 5% to 9% range. Your rate will be calculated based on personal details including your credit score.
%
Down PaymentThe initial money paid at closing that is usually a percentage of the purchase price. Most loans require at least 3% down, but a 0% down payment may be possible if you're eligible for a VA or USDA loan.
$%
Loan TermThis is how long you'll pay on the loan. A longer term gives you smaller payments, while a shorter term saves you money on interest.
Property Taxes
$0
Property Taxes -Annual CostEvery homeowner pays taxes to their local government based on their home's value and the property tax rates for the county or city. Most areas charge property taxes semiannually.
$/ Year
Mortgage Insurance
$0
Mortgage Insurance -Monthly PremiumMortgage insurance helps secure a mortgage with a lower down payment. It typically costs 0.1% - 2% of your loan amount per year.
$/ Month
Homeowners Insurance
$67
Homeowners Insurance -Monthly PremiumMost homeowners pay about $1,000 a year for homeowners insurance, but the cost varies based on your location, home and coverage.
$/ Month
Homeowners Association (HOA)
$0
Homeowners Association -Monthly FeesHomeowners Association (HOA) fees can range from $30 per month to $500+ per month. Be sure to ask your agent about HOA fees on a home as it can impact your affordability or check the online home listing.
$/ Month
Utilities
$0
Utilities - Monthly CostYou'll need to budget for utilities as a homeowner, which typically includes water and sewer, gas and electric, internet and cable. Cost will depend on your location and the size of your home. On a monthly basis, Americans pay $239 - $442 per month.
$/ Month
Recommended Financing
30-Year Fixed
Rate/APR
7.5% / 6.68%
Total Monthly Payment
$10.1K
Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
9
/10
Success Academy Charter School-Hell's Kitchen
439 W 49th St Fl ST-2nd
Distance between this listing and this school0.08 miles
Public Charter Grades KG-4
7
/10
PS 212 Midtown West
328 W 48th St
Distance between this listing and this school0.18 miles
Public District Grades PK-5
4
/10
P.S. 111 Adolph S. Ochs School
440 W 53rd St
Distance between this listing and this school0.22 miles
Public District Grades PK-5
Nearby Schools
2
/10
City Knoll Middle School
440W W 53rd St
Distance between this listing and this school0.22 miles
Public District Grades 6-8
2
/10
The Riverside School for Makers and Artists
300 W 61st St
Distance between this listing and this school0.70 miles
Public District Grades PK-8
7
/10
Middle School 245 Computer School (The)
100 W 77th St
Distance between this listing and this school1.42 miles
Public District Grades 6-8
Nearby Schools
5
/10
Urban Assembly Gateway School for Technology
439 W 49th St
Distance between this listing and this school0.06 miles
Public District Grades 9-12
4
/10
Business of Sports School
439 W 49th St
Distance between this listing and this school0.06 miles
Public District Grades 9-12
3
/10
Stephen T Mather Building Arts and Craftmanship High School
439 W 49th St
Distance between this listing and this school0.08 miles
The neighbors living near this home have an average income of $78,097. Residents of New York, NY typically earn between $100k-200k each year. Typical family type is single, no kids. Most residents in this area have post secondary degree education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 431 W 48th St
What is the listing price of this property?
The listing price of 431 W 48th St property is $3,350,000.
What type of property is this?
The property 431 W 48th St is a townhouse located in New York City, New York, 10036.
Is this property for sale now?
Active Listing: 431 W 48th St is For Sale (Active/New) which means the seller is accepting offers.
How many bedrooms and bathrooms does this property have?
The property at 431 W 48th St has 8 bedrooms and 8 bathrooms.
Which year was this property built?
The year of construction for 431 W 48th St is 1901.
By checking this box and submitting your personal information, you agree to our Terms of Use and Privacy Policy. You also expressly consent to having Rocket Homes Real Estate LLC, its Family of Companies, Rocket Homes Network Partners, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system, AI voice, or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Rocket Homes Real Estate, LLC or its partners. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
This home is located at 431 W 48th St in New York City, NY and zip code 10036 in the Hell's Kitchen neighborhood. This home was built in 1901. Features: 8 bedrooms, 8 bathrooms. It has been listed on Rocket Homes since July 30, 2024 and is currently priced at $3,350,000.
Over 220 listings were sold over their listed price in November 2024 in New York, NY. In the same period over 758 listings were sold below the listed price and 769 listings were sold for the listed price. Between October 2024 and November 2024, New York, NY real estate market has seen decrease in the number of listings by 7.2%. The median list price of listings available in November 2024 was $850,115, while the average time on the real estate market was 85 days.
From Rocket Homes Real Estate and based on county public records data.
©2024 The Real Estate Board of New York, Inc., All rights reserved. Website powered by IHR Technology Services. 
Art Museums
Art Museums
Music Concerts
Major League Soccer (MLS)
Bloomingdales
H&M
Banana Republic
Starbucks
Chipotle
Jack In The Box
Audi
Volkswagen
Toyota
News
Rhythmic Contemporary Hits
Jazz