242 E 40th St, New York, NY 10016

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.