404 West 22nd Street
Multifamily | 5 Units
Marketing description
404 West 22nd Street, presented by Brax Realty, is a 4-story, 5-unit multifamily building located in the heart of Manhattan's Chelsea neighborhood. The property features high-end interior renovations, including in-unit washers/dryers, and offers a favorable unit mix comprising 5 free-market apartments. This fully stabilized asset provides immediate, stable cash flow and represents an excellent opportunity for a discerning private or institutional buyer seeking to capitalize on strong rental demand in this prime location.
Situated in West Chelsea, Manhattan, 404 West 22nd Street presents a prime investment opportunity in one of the city’s most sought-after historic districts. The property, located between 9th and 10th Avenues, spans an impressive 3,920 SF and features a beautifully maintained, 4-story building comprising 5 spacious, 100% free-market units. These features ensure consistent demand and stable income, making the property an excellent choice for investors.
The building boasts condo-like renovations and is uniquely positioned on a block primarily dominated by single-family townhouses, differentiating its physical configuration. Delivered in turn-key condition, it requires minimal ongoing management, making it an attractive living option for tenants seeking modern comfort. Its proximity to the High Line and key commercial hubs further enhances its appeal to professionals, offering strong tenant retention potential.
Currently, the turn-key property is fully occupied and generates a robust Net Operating Income (NOI) of $310,501. With its combination of stable free-market income, prime location near major technology corridors, and exceptional physical condition, 404 West 22nd Street represents a sound core investment with significant long-term upside.
Investment highlights
- IRREPLACEABLE CHELSEA LOCATION Located in the Chelsea Historic District, the asset is steps from the High Line and Google's 2.1 million SF HQ. This prime neighborhood offers proximity to Chelsea Market, dining, and art galleries, with excellent connectivity to major subway lines and Hudson River Park.
- STRONG INCOME The combination of 100% occupancy, free-market units, and minimal turnover adds to the property's solid financial standing.
- MINIMAL MANAGEMENT NEEDS With a streamlined unit mix, efficient systems, and strong in-place cash flow, the property offers minimal management requirements, making it ideal for both local and out-of-state investors.
- TURN-KEY This condo-quality asset ensures minimal near-term capital expenditure, enhancing tenant satisfaction and attracting high-income professionals who value premium finishes. The turn-key condition adds significant value, differentiating it from unrenovated inventory.
- 100% FREE-MARKET STATUS The property features 5 residential units that hold 100% Free Market status, providing complete freedom from rent stabilization regulations. This configuration allows for maximum revenue potential while also offering flexibility for future leasing strategies. With four stories, each unit benefits from condo-like renovations and premium layouts
- SINGLE-FAMILY TOWNHOUSE BLOCK The property is situated in a prime single-family townhouse block, offering a unique, private residential experience. Each unit has been meticulously renovated with condo-like finishes, featuring high-end materials and thoughtful design.
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