Creative Loft Space with Freight
For Sale
Contact for pricing
246 W 38th St, New York, NY 10018
Attended lobby and two recently renovated passenger elevators, with a separate freight entrance and elevator.
Property Size8,803 SF
Price / SF$511.19
Days on Market698
Property Features for 246 W 38th St
General Information
Standard status
Active
Size
8,803 SF
Elevators
Yes
Property subtype
OFFICE
Site & Location
Neighborhood
Midtown Manhattan
Public Transit
Yes
Amenities
attended lobby
separate freight entrance
Listing Agency:
Rudder Property Group
(212) 966-3611
Listed By:
Michael Rudder · License #NY 10491201687
(646) 483-2203
Source:
Moodyscre
Added: Dec 2, 2024
Changed: Oct 26
Last Checked: Oct 30 at 5:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Rudder Property Group
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Investment Insights
Based on property information with market context.
Creative loft space in the heart of the Penn Plaza submarket, offered for sale with the option to deliver the floor vacant or with a tenant in place. The property is described as having very low maintenance charges and includes an attended lobby.
Two recently renovated passenger elevators serve the space, and the building provides a separate freight entrance and elevator for efficient move-ins and deliveries. The location is close to Hudson Yards, Penn Station, Grand Central, and Port Authority, with nearly every subway line and the PATH train nearby.
The space totals 8,803 square feet and is positioned for creative and office-compatible uses that benefit from strong building amenities and convenient mass-transit access.
Two recently renovated passenger elevators serve the space, and the building provides a separate freight entrance and elevator for efficient move-ins and deliveries. The location is close to Hudson Yards, Penn Station, Grand Central, and Port Authority, with nearly every subway line and the PATH train nearby.
The space totals 8,803 square feet and is positioned for creative and office-compatible uses that benefit from strong building amenities and convenient mass-transit access.
Key Highlights
- 8,803 square feet creative loft floor
- Attended lobby service
- Two recently renovated passenger elevators
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$275,646
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,512,920
$5.5M
Cap Rate 7%
$3,937,800
$3.9M
Cap Rate 9%
$3,062,733
$3.1M
Market Conditions
NOI Build-Up for 8,803 SF
Gross rent
$453.2K $51.48/SF
− Vacancy
−$85.7K −$9.73/SF
EGI
$367.5K $41.75/SF
− OpEx
−$91.9K −$10.44/SF
NOI
$275.6K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,512,920
Cap Rate 7%
$3,937,800
Cap Rate 9%
$3,062,733
Alternative Uses
Best Use
Office B
$3.94M
$3.45M – $4.59M
NOI $275,646 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$21.91M
$19.17M – $25.56M
NOI $1,533,835 @ 7.0% cap · market cap 34.09%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
81,836
Businesses Nearby
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Business Placement
Demographics for 10018, NY
11,145
Population
5,678
Households
2
Avg Household Size
35
Median Age
75%
College-Educated
92%
High-School Grad
0.3 sq mi
ZIP Area
37,150
Density / Sq Mi
$133,042
Median Household Income
$103,655
Median Earnings
$3,501
Median Rent
$947,100
Median Home Value
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Creative space - Attended lobby and two recently renovated passenger elevators, with a separate freight entrance and elevator.
Where is this creative space located?
The property is located at 246 W 38th St New York, NY.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 8,803 square feet creative loft floor; Attended lobby service; Two recently renovated passenger elevators
