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    Flex Space Development Opportunity Title is generated by Realmo AI

    31 West 138th Street, New York, NY 10037

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    Flex space available for sale, ideal for development.

    Type:Industrial
    Property size:
    4,696 SF
    Price / SF:
    $500/SF
    Added:
    May 26, 2026
    Days on Market:
    4
    Last Refresh:
    May 27 at 8:27 am

    Property Features for 31 West 138th Street

    General Information

    Standard status
    Active
    Size
    4,696 SF
    Property subtype
    Industrial

    Building Details

    Year Built
    1920

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    Listing Contact
    Thomas Gammino
    Thomas Gammino

    Listing agent Thomas Gammino License #NY

    Listing office Lee & Associates - New York

    Listing date May 26, 2026

    Source Crexi

    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 Lee & Associates - New York

    HighLights

    • Owner‑user opportunity
    • Development opportunity
    • Built in 1920

    Overview

    This 4,696-square-foot flex space presents an opportunity for either an owner-user or development. The property is suitable for industrial, warehouse, or office use.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $241.8k $51.48
    − Vacancy −$45.7k −$9.73
    EGI $196.1k $41.75
    − OpEx −$49.0k −$10.44
    NOI $147.0k $31.31
    4,696 SF · lease $51.48/SF/yr · vacancy 18.90% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $2.10M
    $1.84M – $2.45M (±1% cap)
    NOI $147,044 @ 7.0% cap · market cap 6.26%
    Second Best
    Flex RnD
    $1.65M
    $1.44M – $1.92M (±1% cap)
    NOI $115,381 @ 7.0% cap · market cap 4.91%
    Theoretical Best
    Specialty Retail
    $11.69M
    $10.23M – $13.64M (±1% cap)
    NOI $818,231 @ 7.0% cap · market cap 34.82%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Good Cateress 31 W 127th St, New York, NY 10027
    • The Corner Lounge 32 E 130th St, New York, NY 10037
    • Mobetter Mgmt & Catering LLC 107 E 126th St, New York, NY 10035
    • Hummingbird 1916 Park Ave #305, New York, NY 10037
    • Island Crave 1 W 137th St, New York, NY 10037

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.937224
    Latitude
    40.8151991

    FAQs

    What type of property is this?
    Flex space - Flex space available for sale, ideal for development.
    Where is this flex space located?
    The property is located at 31 West 138th Street New York, NY.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: Owner‑user opportunity; Development opportunity; Built in 1920
    (212) 776-1207 Call to check price and availability
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