Two-Bedroom Two-Bath
For Sale
$1,250,000
308 E 38TH Street 19D, New York City, NY 10016
A renovated windowed kitchen, hardwood floors, and in-unit washer/dryer in a two-bedroom, two-bath high-floor residence.
Property Size1,155 SF
Price / SF$1,082
Days on Market68
Property Features for 308 E 38TH Street 19D
General Information
Standard status
Active
Size
1,155 SF
Property subtype
Apartment
Building Details
Building Size
1,155 SF
Year Built
2001
Listing Agency:
Corcoran Group
Listed By:
Haley Burns · License #10401349852 (NY)
(646) 689-3002
Source:
Carytamura
Added: Jul 13
Changed: Sep 15
Last Checked: Sep 16 at 10:57PM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Set within the Vantage Condominium at 308 E 38th Street (19D), this high-floor two-bedroom, two-bath residence offers southeast, east, and west-facing city views. The expansive living and dining area is complemented by hardwood floors throughout. The windowed kitchen has been renovated with new stainless steel appliances, a marble countertop and backsplash, and white custom cabinetry.
The corner primary suite features a walk-in closet, an en-suite bathroom, and views to the Empire State and downtown. A second generously sized bedroom includes ample closet space and south-facing views. The layout also includes a dining alcove that could be closed off to create a home office or nursery, and the home includes an in-unit washer/dryer.
Vantage offers an expansive rooftop sundeck with Manhattan skyline views, 24-hour concierge service, a live-in super, and a fitness and yoga program with resident-only classes. Residents also have access to a private co-work space, media lounge, bike storage, and bike share, along with storage available for purchase. The building, redesigned by Andres Escobar, was built in 2001 and sits on a tree-lined street with close proximity to the United Nations and Grand Central.
The corner primary suite features a walk-in closet, an en-suite bathroom, and views to the Empire State and downtown. A second generously sized bedroom includes ample closet space and south-facing views. The layout also includes a dining alcove that could be closed off to create a home office or nursery, and the home includes an in-unit washer/dryer.
Vantage offers an expansive rooftop sundeck with Manhattan skyline views, 24-hour concierge service, a live-in super, and a fitness and yoga program with resident-only classes. Residents also have access to a private co-work space, media lounge, bike storage, and bike share, along with storage available for purchase. The building, redesigned by Andres Escobar, was built in 2001 and sits on a tree-lined street with close proximity to the United Nations and Grand Central.
Key Highlights
- High‑floor two‑bedroom, two‑bath corner residence at Vantage Condo (19D)
- Renovated windowed kitchen with new stainless steel appliances, marble counters, and white custom cabinetry
- In‑unit washer/dryer and hardwood floors throughout
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$36,137
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$722,740
$722.7K
Cap Rate 7%
$516,243
$516.2K
Cap Rate 9%
$401,522
$401.5K
Market Conditions
NOI Build-Up for 1,155 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$69.2K $59.88/SF
− Vacancy
−$3.5K −$2.99/SF
EGI
$65.7K $56.89/SF
− OpEx
−$29.6K −$25.60/SF
NOI
$36.1K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$722,740
Cap Rate 7%
$516,243
Cap Rate 9%
$401,522
Alternative Uses
Best Use
Apartment 5plus
$516.2K
$451.7K – $602.3K
NOI $36,137 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.87M
$2.52M – $3.35M
NOI $201,247 @ 7.0% cap · market cap 16.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,439
Businesses Nearby
Explore this area
Business Placement
Demographics for 10016, NY
62,336
Population
36,985
Households
1.7
Avg Household Size
34
Median Age
82%
College-Educated
97%
High-School Grad
0.5 sq mi
ZIP Area
124,672
Density / Sq Mi
$153,065
Median Household Income
$107,691
Median Earnings
$3,321
Median Rent
$928,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A renovated windowed kitchen, hardwood floors, and in-unit washer/dryer in a two-bedroom, two-bath high-floor residence.
Where is this residential income property located?
The property is located at 308 E 38TH Street 19D New York City, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: High‑floor two‑bedroom, two‑bath corner residence at Vantage Condo (19D); Renovated windowed kitchen with new stainless steel appliances, marble counters, and white custom cabinetry; In‑unit washer/dryer and hardwood floors throughout
