447 West 47th Street is a fully occupied, 10-unit free-market residential building located in the heart of Hell's Kitchen. Spanning approximately 7,686 square feet, the property features a mix of one-, two-, and three-bedroom apartments, with select units offering private outdoor spaces. The building has been well-maintained and professionally operated, ensuring stable occupancy and reliable performance. It generates a net operating income exceeding a 6.25% cap rate at the asking price, making it an attractive investment opportunity for those seeking immediate income and long-term appreciation in Manhattan.
The apartments at 447 West 47th Street are designed with modern living in mind. Common features include open kitchens equipped with dishwashers, hardwood floors, and well-proportioned living spaces. Many units also boast private balconies or terraces, providing residents with outdoor access and city views. The building is a walk-up and includes laundry facilities in the basement, catering to the needs of its tenants.
Situated on a quiet, tree-lined block, the property benefits from its proximity to major attractions such as Broadway, Times Square, and the Hudson Yards development. Residents enjoy easy access to nine subway lines and a vibrant neighborhood filled with dining and cultural hotspots. The continuous demand from professionals, medical staff, and theater industry employees contributes to the building's strong rental fundamentals, making it a stable asset in a prime location.
Overall, 447 West 47th Street represents a unique opportunity for investors looking for a stabilized, cash-flowing multifamily asset in a sought-after area. With its well-maintained condition, diverse unit types, and strong rental demand, this property stands out as a solid investment in the competitive New York City real estate market.