Residential Investment Property for Sale – 246 E 48th Street, New York, NY 10017
Asking Price: $5,238,000 ($1,309,500 / Unit)
Cap Rate: 4.33%
Sale Type: Investment
Property Type: 2-Star Mid-Rise Apartments
Location: Central Business District (Midtown East, Manhattan 10017)
Availability: Immediate
Property Overview
246 E 48th Street presents a 4-unit multifamily investment opportunity in Midtown East, Manhattan. This 4-story, 4,473 SF mid-rise property offers investors stable in-place income with a cap rate of 4.33% in one of New York City’s most resilient rental submarkets.
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Built with durable construction and designated as a Class C, 2-star property, the building provides both stability and value-add potential. With all units market-rate, the property is positioned to capture ongoing rental demand from professionals and residents seeking proximity to Midtown offices, transit, and amenities.
Key Features
- Total Units: 4
- Asking Price per Unit: $1,309,500
- Stories: 4
- Gross Building Area (GBA): 4,473 SF
- Typical Floor Size: 1,118 SF
- Number of Buildings: 1
- Building Class: C (2-Star Mid-Rise)
- Units per Acre: ~100/AC
- Year Built: Not specified (prewar style assumed)
- Construction: Traditional mid-rise construction
Market Profile
- Rent Type: 100% Market-rate units
- Target Tenant Base: Midtown professionals, corporate tenants, and long-term residents seeking central Manhattan accessibility
- Neighborhood Demand: Strong rental demand driven by Midtown office corridor, international tenants, and corporate relocations
- Competitive Advantage: Small-scale multifamily asset offering institutional-style location with private investor accessibility
Financial Highlights
- Asking Price: $5,238,000
- Price per Unit: $1,309,500
- Price per SF: ~$1,170/SF
- Cap Rate: 4.33% (stabilized)
- Upside Potential: Rent growth opportunities tied to Midtown office recovery and international tenant demand
Location Advantages
- Neighborhood: Midtown East / Central Business District
- Proximity: Grand Central Terminal, United Nations HQ, Midtown office towers, East River waterfront
- Transit: Steps from multiple subway lines, Metro-North via Grand Central, and regional bus routes
- Tenant Demand: Consistently strong from professionals, corporate tenants, and international residents
Summary
The 4-unit, 4,473 SF multifamily property at 246 E 48th Street, Midtown East is offered at $5.238M (~$1.31M/unit) with a 4.33% cap rate, making it a compelling core investment opportunity in Manhattan’s Central Business District. With its market-rate units, efficient floor plates, and high-demand location near Grand Central, this asset offers investors stabilized income today and appreciation potential over time.
