Turtle Bay Suites 224-226 E 48th St

25 Unit Apartment Building $9,995,000 ($399,800/Unit) 4.52% Cap Rate New York, NY 10017

Executive Summary

NEW PRICE DROP...Kassin Sabbagh Realty (KSR) has been retained to arrange for the sale of 224 East 48th Street. Situated on a picturesque tree-lined street in the delightful Turtle Bay neighborhood, this private, pet-friendly boutique elevator building offers charm and tranquility. 224 East 48th Street is a fully-occupied six-story multi-family building with +80% free-market units with approximately 37-feet of frontage on the south side of East 48th Street between 2nd and 3rd Avenues. The unit mix consists of 23 one-bedrooms and 1 two-bedroom duplex, with 21 of the 24 units (~80%) being free-market. The building layout and location provide the ideal opportunity for conversion into corporate or furnished
housing, and condominiums. Additionally, there is significant upside in the income as several units, include the free-market units, are substantially below market.

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Property Facts

Price $9,995,000
Price Per Unit $399,800
Sale Type Investment
Cap Rate 4.52%
No. Units 25
Property Type Multifamily
Property Subtype Apartment
Apartment Style High Rise
Building Class C
Lot Size 0.09 AC
Building Size 15,402 SF
Average Occupancy 100%
No. Stories 6
Year Built/Renovated 1928/1987

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 25 - 300
Walk Score®
Walker's Paradise (100)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (80)

zoning

Zoning Code R8B
  • Listing ID: 31332684

  • Date on Market: 3/26/2024

  • Last Updated:

  • Address: 224-226 E 48th St, New York, NY 10017