Turnkey Retail/Residential Investment – Restaurant Row, Midtown Manhattan
Address: 344 West 46th Street, New York, NY 10036
Asking Price: $4,700,000
Price/SF: $1,356.81
Cap Rate: 5.20%
NOI: $244,400
Sale Type: Investment
Investment Type: Opportunistic
Status: Active
Property Overview:
344 West 46th Street presents a rare investment opportunity on the world-famous Restaurant Row in Midtown Manhattan. This mixed-use masonry building offers 3,464 square feet across three stories, with a ground-floor retail storefront and residential units above. Located in the heart of the Theater District, the property benefits from a consistent stream of pedestrian traffic generated by nearby Broadway theaters, hotels, and dining destinations.
Read More
Built in 1920, the property combines classic New York charm with stable, income-producing tenancy. Offering a 5.20% cap rate and positioned within the high-demand Central Business District (CBD), this asset is well-suited for investors seeking steady cash flow and long-term upside.
Key Features:
- GLA: 3,464 SF over 3 stories
- Typical Floor Size: 2,179 SF
- Tenancy: Multi-tenant retail/residential mix
- Construction: Masonry
- Frontage: 17 feet on West 46th Street
- CoStar Est. Retail Rent: $66–$80/SF
- Taxes: $25.35/SF (2024)
- Class: C | 2-Star Retail Storefront Retail/Residential
- Owner Occupancy: No
Investment Highlights:
- Prime location in Midtown’s Theater District on Restaurant Row
- Strong foot traffic from Broadway theaters, tourists, and local residents
- Multi-tenant stability with retail and residential income streams
- Competitive retail rents in the $66–$80/SF range provide upside potential
- Solid 5.20% cap rate with $244,400 annual NOI
- Attractive brick façade and street-level visibility
Location Advantages:
- Located in Manhattan’s Central Business District (CBD)
- Walking distance to Times Square, Rockefeller Center, and major transit hubs
- Surrounded by renowned restaurants, entertainment venues, and hotels
- Excellent access to multiple subway lines (C/E, 1, N/Q/R/W)
Conclusion:
344 West 46th Street offers investors a rare opportunity to acquire a stable, income-producing mixed-use asset in one of New York City’s most visited and commercially vibrant districts. With strong current returns, long-term value appreciation potential, and an irreplaceable location, this property is well-positioned for both steady income and capital growth.
Contact us today to request a financial package or schedule a property tour.
