Stabilized Multifamily Asset with Value-Add Potential – 415 West 47th Street, Hell’s Kitchen
Asking Price: $8,750,000
Cap Rate: 5.65%
Price/Unit: $364,583
Units: 24 (22 Market-Rate + 2 Rent-Stabilized)
Gross Building Area (GBA): 14,626 SF
Stories: 5
Class: C (Mid-Rise Apartments)
Rent Type: Market/Affordable
Affordable Units: 2 Rent-Stabilized
Building Height: 58′
Status: Active – Investment Offering
Property Overview:
415 West 47th Street offers a rare opportunity to acquire a 24-unit mixed-income apartment building in the heart of Manhattan’s thriving Hell’s Kitchen neighborhood. The building spans 14,626 square feet over five stories and includes 22 market-rate units and 2 rent-stabilized units, presenting immediate cash flow with upside through continued operational efficiency and long-term appreciation.
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Investment Highlights:
- Strong In-Place Income: Stabilized cash flow with a 5.65% cap rate
- Desirable Unit Mix: 24 residential units averaging 554 SF – ideal for young professionals and renters-by-choice
- Low-Regulation Exposure: 92% of units are free-market, limiting rent control restrictions
- Efficient Layout: Typical floor size of 2,925 SF across five stories
- Value-Add Potential: Opportunity to update common areas or renovate interiors to enhance revenue
- Attractive Basis: Priced at $598/SF in a rapidly appreciating submarket
Location Highlights:
- Centrally located in Hell’s Kitchen, just blocks from Broadway theaters, Times Square, Hudson Yards, and Restaurant Row
- Excellent public transit access via A/C/E, 1, N/Q/R/W, and 7 trains
- Surrounded by cultural landmarks, nightlife, and job centers in Midtown West
- Walkable to Central Park, Hudson River Greenway, and major employers
Summary Metrics:
- GBA: 14,626 SF
- Units: 24
- Average Unit Size: ~554 SF
- Typical Floorplate: 2,925 SF
- Lot Density: 343 units/acre
- Construction Class: C
- Market Segment: Core Manhattan Multifamily
Conclusion:
415 West 47th Street is a compelling opportunity for investors seeking immediate yield with upside in a core Manhattan location. With high-performing market-rate units, a manageable affordable component, and strategic positioning in one of NYC’s most dynamic neighborhoods, this asset delivers both stability and growth potential.
Contact us today to receive the rent roll, financials, or schedule a private tour.
