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    Flex Space Development Opportunity

    31 West 138th Street New York, NY 10037

    31 West 138th Street, New York, NY, 10037
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    For Sale
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    Flex space available for sale, ideal for development.

    Property Size4,696 SF
    Price / SF$500.43
    AddedMay 26
    Days on Market51
    Last RefreshMay 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

    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

    Investment Insights

    Based on property information with market context.

    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.

    Key Highlights

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

    Local Financial Insights For Flex RnD

    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 $197.2k $42.00
    − Vacancy −$19.7k −$4.20
    EGI $177.5k $37.80
    − OpEx −$62.1k −$13.23
    NOI $115.4k $24.57
    4,696 SF · lease $42.00/SF/yr · vacancy 10.00% · expense 35.00%

    Alternative Uses

    Best Use
    Flex RnD
    $1.65M
    $1.44M – $1.92M (±1% cap)
    NOI $115,381 @ 7.0% cap · market cap 4.91%
    Second Best
    Industrial
    $974.5K
    $852.7K – $1.14M (±1% cap)
    NOI $68,217 @ 7.0% cap · market cap 2.90%
    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.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Real Estate Agency Spa & Massage Center Hair Salon Building Supply Big Box & Wholesale Store Gym & Fitness Center Nail Salon Auto Parts Store Storage Facility Hotel & Motel

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

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    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
    Contact an agent
    (212) 776-1207 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Thomas Gammino
    Thomas Gammino
    Real Estate License ID: NY
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