Multi-family

Introducing 246 West 21st Street, a prime investment opportunity located in the heart of Manhattan’s Chelsea neighborhood. This 5-story, 28-unit building offers a unique chance to invest in a mid-rise apartment complex with a strong potential for growth. Priced at $3,300,000 ($117,857 per unit), this property provides an attractive entry into the competitive New York City real estate market.

246 West 21st Street, New York, NY 10011
Price: $3,300,000 ($117,857/Unit)
Sale Type: Investment
Property Type: 2-Star Mid-Rise Apartments
Units: 28
Stories: 5
Class: C
Gross Building Area (GBA): 5,328 sq. ft.
Typical Floor Size: 1,066 sq. ft.
Number of Buildings: 1
Units per Acre: 467/AC
Market Segment: All
Rent Type: Market/Affordable
Affordable Units: 6
Affordable Type: Rent Restricted

Key Features:

Prime Chelsea Location: Situated in the vibrant and desirable Chelsea neighborhood, this property is perfectly positioned for both long-term residential tenants and future development opportunities. Chelsea offers a mix of residential buildings, office spaces, dining, and cultural landmarks, making it one of the most sought-after areas in Manhattan.

Attractive Investment Opportunity: This 28-unit mid-rise building provides a stable income stream with a mix of market-rate and affordable units. The inclusion of 6 rent-restricted affordable units adds an additional layer of security to the investment. With an affordable rental component, this property ensures strong demand and steady occupancy.

Well-Maintained Property: The building consists of 5 stories with a total of 5,328 square feet. The typical floor size is 1,066 square feet, providing ample space for tenants. As a Class C building, it offers opportunities for value-add improvements, making it an ideal acquisition for an investor looking to renovate and reposition the property.

Solid Market Fundamentals: The combination of market and affordable units makes this property well-positioned to meet the needs of a wide range of renters, offering stable returns in one of Manhattan’s most robust real estate markets. The Chelsea area continues to attract professionals, families, and young renters, contributing to high demand and low vacancy rates.

Conclusion:
246 West 21st Street represents an outstanding investment opportunity in the heart of Chelsea. With its mix of market and affordable units, prime location, and potential for improvement, this mid-rise apartment building offers an excellent opportunity for investors looking to capitalize on New York City’s competitive real estate market. Don’t miss the chance to make this property a cornerstone of your investment portfolio.