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
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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: 11/15/2024, 9:20:50 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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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.
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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. Most New York, NY residents have annual incomes between $100k-200k. The majority of families are single, no kids. The most common level of education of people living in this area is post secondary degree.
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.
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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.
In October 2024, from all listings sold in New York, NY there were more than 269 sold above asking price, over 833 sold below and more than 850 were sold right at the asked price. The inventory of homes for sale in New York, NY between September 2024 and October 2024 increased by 1.8%. The median list price of listings available in October 2024 was $856,124, while the average time on the real estate market was 84 days.
From Rocket Homes Real Estate and based on county public records data.
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