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