Value-Add Chelsea Multifamily Asset – 239 West 20th Street
Asking Price: $7,750,000
Cap Rate: 6.46%
Price/Unit: $322,917
Asset Type: 3-Star Mid-Rise Multifamily
Units: 24 Residential Units
Stories: 6
Gross Building Area (GBA): 12,000 SF
Avg Unit Size: 379 SF
Class: C
Rent Type: Market-Rate
Location: Chelsea – West 20th Street between 7th & 8th Avenues
Zoning: Verify Separately
Property Overview:
239 West 20th Street is a rare 24-unit, six-story multifamily building located in the heart of Chelsea, one of Manhattan’s strongest residential rental submarkets. With 12,000 square feet of rentable space and all market-rate tenants, this asset provides immediate income and long-term upside through strategic renovations and rent growth.
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Key Features:
- Prime Chelsea Block: Quiet tree-lined street steps from the 1/C/E subways, Whole Foods, FIT, and The High Line
- All Market-Rate Units: No rent stabilization or control restrictions; flexible repositioning
- Efficient Layout: 24 small-format units averaging 379 SF each – ideal for student housing or executive rentals
- Strong Cash Flow: 6.46% in-place cap rate with below-market rents and low vacancy
- Value-Add Potential: Upside through cosmetic upgrades, amenity additions, and lease restructuring
Investment Highlights:
- 24-unit income-producing asset in core Manhattan
- $7.75M asking price at $322,917 per unit
- 12,000 SF GBA with significant operational upside
- Favorable unit mix for micro-living, co-living, or furnished rental strategies
- Strong neighborhood fundamentals with transit, retail, and lifestyle amenities nearby
Conclusion:
239 West 20th Street offers an exceptional opportunity for multifamily investors to acquire a well-located, market-rate property in a supply-constrained submarket. With stable cash flow, a strong cap rate, and clear repositioning potential, this Chelsea asset is ideal for long-term hold or strategic value-add execution.
Contact us today for full financials, rent roll, or to schedule a property tour.
