Chelsea Property

Chelsea · Manhattan · New York

Investment Opportunity · Off-Market

A Rare Manhattan
Income Asset
in Prime Chelsea

Five-unit boutique apartment building. Fully renovated. Fully tenanted.
Strong free-market cash flow in one of Manhattan’s most coveted addresses.

$5,880,000

Asking Price

5.09%

NOI Cap Rate

$299,260

Annual NOI

5 Units

All Tenanted · FM Leases

Request Full Prospectus

Investment at a Glance

Stabilised Returns.
Turnkey Condition.

$445,941

Gross Annual Revenue

$37,162

Monthly Rental Income

5.09%

Cap Rate (NOI Yield)

$5.88M

Asking Price

“All five residences operate under Free Market leases, providing direct exposure to Chelsea’s rising luxury rental market. Strong demand from affluent residents and global professionals continues to support long-term rental growth.”

Property Overview

West 22nd Street,
Chelsea — 1856

Built in 1856 and comprehensively renovated to an institutional standard, this five-unit brick walkup stands on West 22nd Street at the heart of Chelsea — Manhattan’s premier destination for finance, technology, and creative professionals. The vendor has invested over $780,000 in capital works since acquiring the asset in May 2024.

Property Type

Multifamily Walkup · 5 Units

Location

West 22nd Street, Chelsea, Manhattan

Total Floor Area

~3,920 sq ft (364 m²)

Lot Area

~1,026 sq ft (95 m²)

Structure

Brick · B1 + 5 Storeys · No Lift

Year Built

1856 (169 Years — Historic)

Unit Mix

1 Studio · 4 × Three-Bedroom

Nearest Subway

23rd Street Station — 5 min walk

Capital Expenditure Completed

The vendor has invested over $780,000 (approx. £616,000 / AUD 1.2M) in comprehensive capital works: entrance & corridor renovation, four-unit interior refurbishment, full electrical upgrade, exterior restoration, roof waterproofing, and security system installation.

Location

Chelsea, Manhattan —
Where New York Works and Lives

Chelsea has cemented its status as Manhattan’s premier mixed-use district — home to Google’s East Coast headquarters, the Hudson Yards development, the High Line, and over 300 world-class art galleries. The neighbourhood draws a dense concentration of high-income professionals from finance, technology, and media, underpinning sustained rental demand and above-market rent growth.

Google East Coast HQ — 3 Minutes

Google’s 2.9-million-square-foot East Coast campus sits immediately adjacent, driving demand from senior technology professionals seeking premium rental accommodation within walking distance of their offices.

Hudson Yards — Adjacent

The $25 billion Hudson Yards development — New York City’s largest private real estate project — continues to attract global finance, media, and technology occupiers and residents, directly elevating Chelsea’s desirability and land values.

23rd Street Subway — 5-Minute Walk

Direct access to Midtown, Lower Manhattan, and all major interchange hubs via the C and E lines. Penn Station, Grand Central, and the Financial District are all within 20 minutes.

The High Line · Chelsea Market · Culture

Internationally recognised lifestyle amenities — the High Line elevated park, Chelsea Market, and 300+ art galleries — create an unparalleled urban living experience that sustains Chelsea’s position among Manhattan’s most sought-after rental markets.

Area Map — West 22nd Street, Chelsea

Chelsea Manhattan area map

Request Information

Request the
Full Investor Prospectus

Complete details — including executed leases, full rent roll, renovation documentation, floor plans, and financial projections — are disclosed following execution of a mutual Non-Disclosure Agreement. All enquiries are handled in strict confidence.

All enquiries are handled in the strictest confidence. This page is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or financial, legal, or tax advice. Prospective purchasers should conduct their own due diligence and seek independent professional advice.

West 22nd Street · Chelsea · New York