Multi-family

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.

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.