Murray Hill Multifamily Investment Opportunity – Fully Occupied Low-Rise
Address: 248 East 33rd Street, New York, NY 10016
Asking Price: $3,495,000 ($1,165,000/unit)
Building Size: 3,015 SF
Units: 3 Residential Units
Stories: 3
Building Class: C – 2 Star Low-Rise Apartments
Location: East 33rd Street between Second & Third Avenues – Murray Hill
Status: Active
Investment Overview:
248 East 33rd Street presents a rare opportunity to acquire a fully occupied, three-unit multifamily property in the heart of Murray Hill. This classic low-rise building offers stable in-place income, with the potential for long-term appreciation in one of Manhattan’s most desirable and supply-constrained residential submarkets. The property’s prime location, near major medical institutions, corporate offices, and transit hubs, ensures consistent demand from both local professionals and students.
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Property Details:
- Lot Size: Approx. 1,800 SF
- Gross Building Area: 3,015 SF
- Typical Floor Size: 720 SF
- Construction: Masonry
- Year Built: N/A (well-maintained classic low-rise)
- Units per Area: 110/AC
- Rent Type: Market
Investment Highlights:
- Stable income-producing asset with 3 market-rate units
- Located in the central Murray Hill neighborhood, near NYU Langone Medical Center and the United Nations
- Strong neighborhood demographics with a blend of young professionals and long-term residents
- Close to Grand Central Terminal, 4/5/6 and 7 subway lines, and multiple bus routes
- Potential for value-add through renovations or repositioning
Financial Summary:
- Asking Price: $3,495,000 ($1,165,000/unit)
- Previous Sale: $2,650,000 ($883,333/unit) – December 2003
- Cap Rate: TBD based on current rent roll
- Occupancy: 100% leased
Conclusion:
248 East 33rd Street offers investors a rare chance to acquire a boutique multifamily property in a prime Midtown Manhattan location with stable income and strong appreciation potential. With its excellent location, steady tenancy, and long-term growth outlook, this is an ideal asset for both private investors and institutional buyers seeking a foothold in Manhattan’s core residential market.
Contact us today for the full financials, rent roll, and to arrange a property tour.
