461-465 46th Street
Marcus & Millichap is pleased to present the exclusive listing of 461-465 46th Street. The Buildings offer investors an opportunity to purchase well maintained assets, in an established neighborhood, with significant rental upside. The average monthly rent for a three-bedroom unit is currently $1,061 per month, which is 42 percent below market. Three-bedroom units average $1,210 per month and are 45 percent below market. At the asking price, the property is offered at a 6.83 percent cap rate and a 9.8 percent pro forma cash-on-cash return. Investors will achieve appreciation by creating turnover on the 30 rent stabilized units and pushing rents on the deregulated units. The new owner will also benefit from the current lending environment, as the property’s location, current cash flow, and upside are very appealing characteristics for lenders. Overall, 461-465 46th Street is a prime long term investment that is not often available in the marketplace.