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Listing Courtesy of Platinum Forbes Global Properties
$3,995,000
Est. payment /mo
18 Beds
10 Baths
8,165 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,165 sqft
Price per Sqft $489
Subdivision Hell'S Kitchen
MLS Listing ID RLS20099602
Bedrooms 18
Full Baths 10
HOA Y/N No
Year Built 1920
Annual Tax Amount $55,404
Property Sub-Type Multi Family
Property Description
351 West 47th Street in Midtown West, Manhattan. A rare, turnkey value-add opportunity with all major capital improvements already complete. Strong in-place NOI delivers an immediate return on investment, with one vacant unit poised to increase income by almost a third upon lease-up. The coveted Tax Class 2B designation further positions this asset for meaningful long-term appreciation as Manhattan's rental market continues its upward trajectory. Extensive mechanical upgrades have been completed across two years, significantly reducing short-term capital expenditure requirements: 2026 Improvements Complete basement renovation Onsite laundry facilities 30-amp electrical breaker upgrade Superintendent's office New hallway flooring and freshly painted common areas Prior Improvements New boiler and intercom system (2024) Full heating system conversion to natural gas with new gas line (2024) Electrical service upgrade (2024) New gas meter bank (2023) Roof replacement (2022) Cornice and facade restoration (2023) Verizon Fios fiber installation (2023) Upgraded hallway and emergency lighting (2023) Two new water heaters (2023, 2021) New service doors throughout - main entrance, vestibule, roof access, and both basement points Situated in the heart of Midtown West, 351 West 47th offers convenient access to multiple subway lines, major employment centers, Ninth Avenue's dining corridor, Broadway theaters, and Hudson River Park. The location supports strong rental demand and long-term asset performance. Classic New York architecture meets modernized interiors, creating an appealing product with strong long-term lessee retention. The vacant unit also presents an owner-occupancy option, with the remaining units generating income sufficient to support carrying costs. This is a clean, well-capitalized asset in a supply-constrained submarket - condition, location, and upside in a one offering.
Location
State NY
County New York
Rooms
Basement Other
Interior
Interior Features Smoke Free
Fireplace No
Laundry Building Other
Exterior
Exterior Feature None
Pool Building None
View Y/N No
View Other
Porch None
Private Pool Yes
Building
Dwelling Type Townhouse
Story 1
New Construction No
Others
Pets Allowed Pets Allowed
Tax ID 1038-0007
Ownership None
Monthly Total Fees $4, 617
Special Listing Condition Standard
Pets Allowed Building Yes, No
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RLS Data display by ACLM Group
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