Investment Overview

Marcus & Millichap is pleased to present this unique investment opportunity to purchase 324 W 51st St, a fully gut-rehabbed property that’s about 90 days away from Certificate of Occupancy. Once completed, the property will stand as a “like new”, 6-unit property that will produce positive cash flow for an investor with low risk of incurring major capital expenditures that may be prevalent in a property with dated systems. The Sellers are developers by trade and purchased the property in October 2021. When they initially purchased it, the subject property consisted of four (4) large, one-bedroom units. Since then, the Sellers have gut rehabbed all the unit’s interiors and converted each of the four (4) previous 1-bedroom units into 3-bedroom units. Two of the rehabbed units have one bathroom, and an extra half bathroom has been added to the other two. They also added two (2) detached, two-bedroom / 1- bathroom ADUs measuring 641.5 SF each, bringing the total unit count to six (6). The completed property will be delivered vacant, which will help to expand the buyer pool to numerous different investor types outside of the typical owner / operator. Transitional housing groups, low-income housing groups, and other investors looking for property to house niche tenants will have the opportunity to acquire a “like new” asset in an area that is largely starved of them, despite its ongoing gentrification due in large part to its proximity to many of the city’s major attractions and entertainment centers.