Residential Investment Property for Sale – 440 West 45th Street, New York, NY 10036
Asking Price: $5,250,000 ($181,034 / Unit)
Cap Rate: TBD (Market-Rate)
Sale Type: Investment (Part of a Portfolio)
Property Type: 2-Star Mid-Rise Apartments
Location: CBD – Midtown West (Hell’s Kitchen)
Availability: Immediate
Property Overview
440 West 45th Street presents a 15-unit multifamily property in the heart of Hell’s Kitchen/Midtown West, one of Manhattan’s most active rental markets. Built as a 5-story, 18,350 sq. ft. walk-up building, the property features large average unit sizes (765 SF), offering a competitive edge in tenant retention and rental upside.
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The building is currently 100% market-rate, providing flexibility for repositioning and rental growth in a neighborhood with strong demand from professionals, theater employees, and commuters.
Key Features
- Total Units: 15 (all market-rate)
- Average Unit Size: 765 SF
- Stories: 5 (walk-up design)
- Gross Building Area (GBA): 18,350 SF
- Typical Floor Size: 3,670 SF
- Building Height: 57 ft
- Building Class: C (2-Star Mid-Rise)
- Construction: Traditional masonry walk-up
- # of Buildings: 1
- Lot Density: 130 units/acre
Rent & Market Profile
- Rent Type: 100% market-rate units
- Neighborhood Demand: Hell’s Kitchen benefits from proximity to Times Square, Hudson Yards, and Midtown employment hubs — making it one of the most desirable markets for young professionals and long-term renters
- Market Segment: All tenants (students, theater professionals, and Midtown employees)
- Vacancy Trends: Midtown West maintains low vacancy rates given steady demand and central location
Financial Highlights
- Asking Price: $5,250,000 ($181,034/unit)
- Cap Rate: TBD (market-level rents, upside with modernization)
- Upside Potential: Renovations and upgrades could command higher market rents; large units allow repositioning for premium tenants
- Investment Appeal: Rare portfolio piece in a high-demand Manhattan submarket with steady appreciation potential
Location Advantages
- Neighborhood: Hell’s Kitchen – Midtown West, CBD Manhattan
- Proximity: Close to Times Square, Hudson Yards, Theater District, and Columbus Circle
- Transit: Steps from A/C/E, 1/2/3, N/Q/R/W, and 7 subway lines plus Port Authority Bus Terminal
- Lifestyle: High-density rental corridor with dining, nightlife, and cultural attractions
Summary
The 15-unit, 18,350 sq. ft. building at 440 West 45th Street is a core multifamily investment in Manhattan’s Midtown West. At $5.25M ($181,034/unit), the asset offers large average unit sizes, market-rate flexibility, and upside through modernization. Its location in the heart of Hell’s Kitchen — near Times Square and Hudson Yards — makes it a prime acquisition for investors seeking both stable income and long-term appreciation in one of NYC’s most dynamic rental submarkets.
