Turtle Bay Suites | 224-226 E 48th St
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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.
housing, and condominiums. Additionally, there is significant upside in the income as several units, include the free-market units, are substantially below market.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $9,995,000 | Apartment Style | High Rise |
| Price Per Unit | $399,800 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.09 AC |
| Cap Rate | 4.52% | Building Size | 15,402 SF |
| No. Units | 25 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 6 |
| Property Subtype | Apartment | Year Built/Renovated | 1928/1987 |
| 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 |
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Walk Score ®
Walker's Paradise (100)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (80)
zoning
| Zoning Code | R8B |
| R8B |
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Dan Shapiro -
Ricky Aryeh -
Kassin Sabbagh Realty
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Turtle Bay Suites | 224-226 E 48th St
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