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408 W 46th St
New York, NY 10036
Multifamily Property For Sale
·
5 Units
Investment Highlights
- All 5 residential units at the property are free-market units, allowing investors to take advantage of continued rent growth.
- The property has been fully renovated with condo level finishes. The project was designed to modernize the asset, and improve operational efficiency.
- The property is proximate to multiple public transportation lines including the A/C/E, 1/2/3, and N/Q/R/W subway lines.
- Tax Class 2A protected, which prevents the assessed value from increasing more than 8% for one year and no more than 30% over a five-year period.
- The property has 5,250 SF of available development rights which can be sold or utilized for future development.
Executive Summary
Colliers Capital Markets has been exclusively retained to market the sale of 408 West 46th Street in the Hell’s Kitchen neighborhood of Manhattan, NY (the "Property") for $6,800,000. The Property is a newly renovated, 6,505 rentable square foot multifamily building comprised of five residential rental units, all of which are free-market. The Property is ideally located in Hell’s Kitchen, one of Manhattan’s most dynamic and in-demand neighborhoods, known for its classic prewar building stock and tree-lined streets. Anchored by world-class dining along Ninth and Tenth Avenues and surrounded by major demand drivers including the Theater District, Hudson Yards, and the Hudson River waterfront, the neighborhood appeals to both long-term residents and renters seeking convenience and value. The location is exceptionally transit-oriented, with close proximity to multiple subway lines including the A/C/E, 1/2/3 and N/Q/R/W, as well as nearby Penn Station and the Port Authority Bus Terminal, providing seamless connectivity across Manhattan and the metro region.
Property Facts
| Price Per Unit | $1,360,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 5.92% | Lot Size | 0.04 AC |
| No. Units | 5 | Building Size | 6,190 SF |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built/Renovated | 1920/1985 |
| Zoning | R8 - High Density Residential district | ||
| Price Per Unit | $1,360,000 |
| Sale Type | Investment |
| Cap Rate | 5.92% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 6,190 SF |
| No. Stories | 5 |
| Year Built/Renovated | 1920/1985 |
| Zoning | R8 - High Density Residential district |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
Property Taxes
| Parcel Number | 1055-0040 | Improvements Assessment | $701,190 |
| Land Assessment | $251,550 | Total Assessment | $952,740 |
Property Taxes
Parcel Number
1055-0040
Land Assessment
$251,550
Improvements Assessment
$701,190
Total Assessment
$952,740
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