One-Bedroom Residential Income
For Sale
$750,000
308 E 38TH Street 8D, New York City, NY 10016
North-facing residence with in-unit laundry and access to full-service building amenities.
Property Size685 SF
Lot Size4.50 Acres
Price / SF$1,094
Days on Market56
Property Features for 308 E 38TH Street 8D
General Information
Standard status
Active
Size
685 SF
Net Rentable
68,400 SF
Class
Class B
Total Parking Spaces
126
Elevators
No
Lot size
4.50 Acres
Property subtype
Apartment
Zoning
R-4
Occupancy
94%
Net Operating Income
$620,000
Financials
Asking Price
$10,780,000
Cap Rate
5.75%
Gross Income
$1,120,000
Gross Rent Multiplier
10.2
Average Monthly Rent
$1,090
Opportunity Zone
No
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
12 x studio, 48 x 1BR/1BA, 24 x 2BR/2BA
Multifamily Units
84
Parking per Unit
1.5
Additional Details
Furnished
No
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$11,532
Amenities
pool
fitness center
on-site laundry
Building Details
Building Size
685 SF
Year Built
2001
Year Renovated
2022
Buildings
3
Stories
2
Construction
garden-style
Tenancy
Multi
Listing Agency:
Douglas Elliman Real Estate
Listed By:
anelisa benzo · License #10401281222
(917) 204-7894
Source:
Carytamura
Added: Sep 10
Changed: Nov 3
Last Checked: Nov 3 at 11:32AM
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 Douglas Elliman Real Estate
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Investment Insights
Based on property information with market context.
This 685-square-foot, one-bedroom, one-bath residence is located in a full-service building completed in 2001. The home features an open layout connecting the living, dining, and kitchen areas, along with two built-in AC units, north-facing exposure, and an in-unit washer and dryer. The kitchen includes modern appliances, counter space, and streamlined cabinetry, while the bedroom provides closet storage and northern views.
Building amenities include 24/7 concierge service, a fitness center, and a rooftop terrace with city views. The property is situated in Murray Hill at 308 E 38TH Street, with dining, shopping, entertainment, and Trader Joe’s in the surrounding area.
Building amenities include 24/7 concierge service, a fitness center, and a rooftop terrace with city views. The property is situated in Murray Hill at 308 E 38TH Street, with dining, shopping, entertainment, and Trader Joe’s in the surrounding area.
Key Highlights
- 685‑square‑foot one‑bedroom, one‑bath residence
- North‑facing exposure with two built‑in AC units
- In‑unit washer and dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,432
Cap Rate
2.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$428,640
$428.6K
Cap Rate 7%
$306,171
$306.2K
Cap Rate 9%
$238,133
$238.1K
Market Conditions
NOI Build-Up for 685 SF
Gross rent
$41.0K $59.88/SF
− Vacancy
−$2.1K −$2.99/SF
EGI
$39.0K $56.89/SF
− OpEx
−$17.5K −$25.60/SF
NOI
$21.4K $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 Rate 5%
$428,640
Cap Rate 7%
$306,171
Cap Rate 9%
$238,133
Alternative Uses
Best Use
Apartment 5plus
$306.2K
$267.9K – $357.2K
NOI $21,432 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.71M
$1.49M – $1.99M
NOI $119,354 @ 7.0% cap · market cap 15.91%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
84
Residential units
94%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
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 - North-facing residence with in-unit laundry and access to full-service building amenities.
Where is this residential income property located?
The property is located at 308 E 38TH Street 8D New York City, NY.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 685‑square‑foot one‑bedroom, one‑bath residence; North‑facing exposure with two built‑in AC units; In‑unit washer and dryer
