Located in the heart of Manhattan’s Theater District, 317 West 46th Street
represents a rare opportunity to acquire a stabilized mixed-use asset with strong in-place income and meaningful long-term upside.
Positioned mid-block between Eighth and Ninth Avenues on the well-known Restaurant Row corridor, the property benefits from exceptional year-round foot traffic, constant demand from hospitality and entertainment workers, and proximity to Times Square, Broadway theaters, and major transit hubs.
Property Overview
The building is comprised of five residential units situated above a long-standing ground floor restaurant tenant. The commercial space is leased to Spice Symphony, an established Indian & Chinese concept, under a long-term lease structure, providing a durable income anchor with minimal near-term rollover risk. Residential units are efficiently laid out studio and one-bedroom apartments with hardwood floors and updated kitchens and baths, catering to the deep renter pool that values walk-to-work access and the neighborhood’s dining and nightlife amenities.
Based on the current rent roll, the property generates projected gross annual income of approximately $383,937. Operating expenses total roughly $117,456, resulting in a Net Operating Income of $266,470.
This in-place cash flow, combined with the asset’s scale and premier Midtown West location, positions 317 West 46th Street as an attractive opportunity for private investors, 1031 exchange buyers, and long-term holders seeking exposure to one of Manhattan’s most resilient mixed-use submarkets.
BUILDING DETAILS
Property Address
317 West 46th Street, New York, NY 10036
Neighborhood
Hell’s Kitchen / Theater District
Property Type
Mixed-Use Walk-Up (Residential over Retail)
Residential Units
5
Commercial Units
1 – Ground Floor Restaurant
Total Units
6
Lot Dimensions
20’ x 100.42
Zoning:
R8, CL, C1-5
Year Built
1900
Tax Class
2A
Lot
Block 1037 Lot 23
Lot Area
2008
Taxes
$88,784
Size
5850 sqft
Building Envelope
8433 sqft
FINANCIAL OVERVIEW
Rent Roll
| Unit | Description | Monthly Rent | Annual Rent |
|---|---|---|---|
| 1B | 2BD / 1BA – Kitchen, Living Room | $3,500.00 | $42,000.00 |
| 2A | Studio / 1BA – Kitchen, Living Room | $789.25 | $9,471.00 |
| 2B | Studio / 1BA – Kitchen, Living Room | $2,350.00 | $28,200.00 |
| 3A | Studio / 1BA – Kitchen, Living Room | $2,300.00 | $27,600.00 |
| 3B | Studio / 1BA – Kitchen, Living Room | $2,125.00 | $25,344.00 |
| Restaurant | Commercial – Spice Symphony | $23,125.00 | $278,100.00 |
| Tax Reimbursement | $2,122.48 | ||
| TOTAL PROJECTED GROSS INCOME | $383,937.48 | ||
Operating Expenses
| Expense | Annual Amount |
|---|---|
| Water & Sewer | $7,700.00 |
| Electrical | $19,800.00 |
| Fuel | $11,451.68 |
| Repairs & Maintenance | $2,600.00 |
| Insurance | $11,451.68 |
| Real Estate Taxes | $89,934.84 |
| TOTAL OPERATING EXPENSES | $117,456.56 |
| NET OPERATING INCOME (NOI) | $266,470.92 |
NEIGHBORHOOD OVERVIEW
Hell’s Kitchen / Theater District is one of Manhattan’s most dynamic mixed-use neighborhoods, characterized by a dense blend of residential buildings, destination dining, entertainment venues, and hospitality assets. West 46th Street between Eighth and Ninth Avenues is widely recognized as “Restaurant Row,” offering an eclectic mix of cuisines and drawing both local residents and visitors throughout the day and evening.
317 West 46th Street is within walking distance of Times Square, Broadway theaters, Hudson Yards, and multiple office districts, providing a steady demand base from employees, performers, and service workers. The area is served by numerous subway lines, crosstown bus routes, and regional connections, reinforcing its long-term appeal as a live-work-play environment. Ongoing investment in nearby hospitality, retail, and residential projects continues to strengthen the neighborhood’s fundamentals and support future rent growth.
Property Photos
