351 W 47th St
Listing Notes
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.
Price in context
Cheaper than 4% of the 24 homes listed nearby right now, which run $2,198,000 to $4,300,000.
See all 24 nearby listings
| Address | Asking | Size |
|---|---|---|
| 406 W 45th St Ph A | $2,198,000 | 2 bd · 2 ba |
| 406 W 45th St Ph A | $2,198,000 | 2 bd · 2 ba |
| 247 W 46th St Apt 3103 | $2,200,000 | 2 bd · 3.5 ba |
| 247 W 46th St Apt 3103 | $2,200,000 | 2 bd · 3 ba |
| 350 W 44th St Ph 2O5 | $2,300,000 | 3 bd · 2 ba |
| 350 W 44th St Apt 205 | $2,300,000 | 3 bd · 2 ba |
| 350 W 44th St Apt 205 | $2,300,000 | 3 bd · 2 ba |
| 425 W 50th St Apt 14A | $2,300,000 | 1 bd · 1 ba |
| 425 W 50th St Apt 14A | $2,300,000 | 1 bd · 1 ba |
| 247 W 46th St Apt 3504 | $2,350,000 | 2 bd · 2.5 ba |
| 247 W 46th St Apt 3504 | $2,350,000 | 2 bd · 3 ba |
| 349 W 51st St Unit 4A | $2,425,000 | 2 bd · 0.5 ba |
| 425 W 50th St Apt 10E | $2,495,000 | 1 bd · 2 ba |
| 422 W 46th St Unit 2R | $2,500,000 | 3 bd |
| 422 W 46th St Unit 2R | $2,500,000 | 3 bd · 3 ba |
| 247 W 46th St Apt 3801 | $2,650,000 | 2 bd · 3.5 ba |
| 247 W 46th St Apt 3801 | $2,650,000 | 2 bd · 3.5 ba |
| 247 W 46th St Apt 3801 | $2,650,000 | 2 bd · 3 ba |
| 349 W 51st St Unit 4B | $2,925,000 | 3 bd · 0.5 ba |
| 349 W 51st St Unit 4B | $2,925,000 | 3 bd · 3 ba |
| 349 W 51st St # C | $2,995,000 | 2 bd · 0.5 ba |
| 349 W 51st St # B | $3,250,000 | 3 bd · 3 ba |
| 367 W 48th St | $3,499,000 | 12 bd · 12 ba |
| 425 W 50th St Apt 14B | $4,300,000 | 2 bd · 3 ba |
Where it is
For sale Coming soon Recently sold— zoom out for more