For Sale – 447 W 47th Street, New York, NY 10036
Asking Price: $6,850,000 ($685,000/Unit)
Cap Rate: 5.44%
Property Type: 3-Star Mid-Rise Apartments
Sale Type: Investment
Location: Midtown West (CBD), Manhattan, New York
Property Overview
447 W 47th Street presents a 10-unit multifamily investment opportunity in the heart of Midtown West. Built as a 4-story mid-rise Class B apartment building, the property totals 7,686 SF with an average unit size of 797 SF. With market-rate rental units and strong occupancy potential, this asset provides stable income and long-term appreciation in one of Manhattan’s most supply-constrained submarkets.
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The property sits in the Central Business District (CBD), surrounded by cultural institutions, restaurants, retail, and major transit hubs. This location ensures continuous demand from both working professionals and long-term renters.
Key Features
- Asking Price: $6,850,000 ($685,000/Unit)
- Cap Rate: 5.44%
- Gross Building Area (GBA): 7,686 SF
- Avg. Unit Size: 797 SF
- Total Units: 10 (Market Rate)
- Stories: 4
- Typical Floor Size: 1,922 SF
- Building Class: B – 3-Star Mid-Rise Apartments
- # of Buildings: 1
- Density: 250 Units per Acre
- Market Segment: All / Market-Rate
Market Profile
- Location Advantage: Midtown West is a core Manhattan submarket with proximity to Times Square, Hudson Yards, and Broadway. High transit connectivity via Port Authority, Penn Station, and multiple subway lines ensures consistent rental demand.
- Lifestyle Appeal: The neighborhood attracts a mix of young professionals, creatives, and families due to its blend of residential amenities, cultural venues, and nightlife.
- Competitive Advantage: With a 5.44% cap rate in Manhattan’s tight multifamily market, this property represents a compelling income-producing investment with upside potential from rent growth and neighborhood development.
Summary
The 10-unit, 7,686 SF mid-rise apartment building at 447 W 47th Street, New York, NY 10036, priced at $6,850,000, offers a stable multifamily investment with a 5.44% cap rate in Manhattan’s Central Business District. With market-rate units, solid location fundamentals, and long-term growth potential, it stands out as a strong opportunity for investors seeking exposure to New York’s multifamily sector.
