Midtown West Multifamily Investment Opportunity – Fully Occupied Income-Producing Asset
Address: 351 West 47th Street, New York, NY 10036
Asking Price: $5,500,000 ($550,000/unit)
Cap Rate: 4.00%
Sale Type: Investment
Building Type: 2-Star Mid-Rise Apartments
Location: Midtown West / Hell’s Kitchen – Manhattan CBD
Property Overview:
351 West 47th Street presents a rare opportunity to acquire a stable, income-generating multifamily property in the heart of Midtown West. This five-story masonry building contains 10 market-rate residential units totaling 11,250 SF. With a prime location in Hell’s Kitchen, close to Times Square, Hudson Yards, and major transportation hubs, the property benefits from strong tenant demand and consistent occupancy.
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Key Details:
- Units: 10 market-rate apartments
- Stories: 5-story mid-rise
- Gross Building Area (GBA): 11,250 SF
- Typical Floor Size: 1,650 SF
- Building Height: 55′
- Lot & Density: 200 units/acre
- Construction: Masonry
- Year Built: — (original date not provided, estimated early 20th century)
- Rent Type: Market
- Ownership: Single building
Investment Highlights:
- Fully occupied with market-rate units, providing steady cash flow
- Located in a vibrant residential and cultural district, popular with young professionals and long-term renters
- Proximity to 42nd Street–Times Square, Port Authority, A/C/E subway lines, and Penn Station
- Surrounded by an array of dining, entertainment, and retail options
- Strong upside potential with continued area growth and potential future rent increases
Financial Overview:
- Asking Price: $5,500,000
- Cap Rate: 4.00%
- Price/Unit: $550,000
- Gross Building Area Price: ~$489/SF (based on 11,250 SF)
- Typical NOI: $244,400/year (estimated from cap rate and price)
Conclusion:
351 West 47th Street offers investors a well-located, stable, and income-producing multifamily asset in one of Manhattan’s most dynamic neighborhoods. With its solid in-place income, quality tenancy, and proximity to key commercial and entertainment hubs, this property is ideal for long-term hold investors seeking steady returns with growth potential.
Contact us to request rent roll, expense statements, and to schedule a private tour.
