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Listing Courtesy of Compass
$3,500,000
Est. payment /mo
8 Beds
7 Baths
4,500 SqFt
UPDATED:
Key Details
Property Type Single Family, Mixed Use
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 4,500 sqft
Price per Sqft $777
Subdivision Murray Hill
MLS Listing ID RLS20119220
Style Walk-Up
Bedrooms 8
Full Baths 7
HOA Y/N Yes
Year Built 1920
Annual Tax Amount $77,765
Property Sub-Type Mixed Use
Property Description
242 East 40th Street | Murray Hill | $3,500,000
A prewar (1920) five-story mixed-use building between Second and Third Avenues, a short walk from Grand Central and the 4/5/6/7 trains.
• Size (per PropertyShark): About 4,498 SF built, on an 18' × 53' footprint across 5 stories, including the ground-floor retail. The lot is 18' × 99'.
• Pricing : $778/SF on 4,498 SF built, or $264 per buildable SF on 13,282 SF, both per PropertyShark.
• Units : 8 Units total. 7 residential units plus a ground-floor restaurant, 100% occupied. Floors 1–3 each have a studio and a one-bedroom, and the top floor is a two-bedroom.
• Rent status : 5 of the residential units are free market and 2 are rent-stabilized. Commercial rented.
• Income: About $203,000 in current NOI, roughly a 5.8% cap rate at asking. Units are separately metered for electric, which tenants pay, and the restaurant covers part of the real estate taxes.
• Zoning : C1-9 / R10.
• Development upside: 13,282 SF maximum buildable, per PropertyShark. That leaves about 8,784 SF of unused development rights, subject to architect confirmation.
Stable income today, with room to grow later. Rent roll and operating statement available on request.
A prewar (1920) five-story mixed-use building between Second and Third Avenues, a short walk from Grand Central and the 4/5/6/7 trains.
• Size (per PropertyShark): About 4,498 SF built, on an 18' × 53' footprint across 5 stories, including the ground-floor retail. The lot is 18' × 99'.
• Pricing : $778/SF on 4,498 SF built, or $264 per buildable SF on 13,282 SF, both per PropertyShark.
• Units : 8 Units total. 7 residential units plus a ground-floor restaurant, 100% occupied. Floors 1–3 each have a studio and a one-bedroom, and the top floor is a two-bedroom.
• Rent status : 5 of the residential units are free market and 2 are rent-stabilized. Commercial rented.
• Income: About $203,000 in current NOI, roughly a 5.8% cap rate at asking. Units are separately metered for electric, which tenants pay, and the restaurant covers part of the real estate taxes.
• Zoning : C1-9 / R10.
• Development upside: 13,282 SF maximum buildable, per PropertyShark. That leaves about 8,784 SF of unused development rights, subject to architect confirmation.
Stable income today, with room to grow later. Rent roll and operating statement available on request.
Location
State NY
County New York
Rooms
Basement Partial
Interior
Interior Features Eat-in Kitchen
Heating Natural Gas
Flooring Hardwood
Furnishings Unfurnished
Fireplace No
Laundry See Remarks
Exterior
Exterior Feature Private Outdoor Space Over 60 Sqft
View Y/N No
Private Pool No
Building
Dwelling Type Multi Family,Mixed Use,Townhouse
Story 5
New Construction No
Others
Tax ID 0920-0041
Ownership None
Monthly Total Fees $6, 480
Pets Allowed Building No, No
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NEARBY SCHOOL & BUSINESS
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