4 Story Mixed Use Commercial and Residential Apartment Building in Murray Hill: Description: - 7 Residential Units - 1 Commercial - Property size 19 x 99 - Building 18×53. 7 Residential and commercial units - Approx. of 4500 ft.² - 3 Studio and 3 one bedrooms and 2 bedrooms apartments 242 East 40th Street wide four-story, mixed-use buildings located on East 40th Street between 2nd and 3rd Avenue. The building has development rights allowing for an additional 2000sf of residential space to be built (Need to be confirmed with your architect and design). The 1st, 2nd and 3rd floor, each floor has a studio and 1 BR residential. units, 4th floor has a 2 BR residential unit. One commercial unit on the half ground floor currently is a restaurant, it will be opened soon. The subject property consists of solid. paying tenants. The tenants all pay their own utilities, and the restaurants tenant pays a portion of the property RE taxes as well. The subject property has plenty of room to increase the rent income, expect CAP Rate could be up to 6.5%. Whether you need to be in the heart of Midtown, north of Manhattan or Long Island, this. incredible location is just steps from Grand Central and its massive transportation. options, select buses heading north, south and west as well as the Midtown Tunnel. Investors and pied-à-terre are welcome. Hide