Flex Space Development
For Sale
Contact for pricing
31 West 138th Street, New York, NY 10037
Flex space available for sale, ideal for development.
Property Size4,696 SF
Price / SF$500.43
Days on Market98
Property Features for 31 West 138th Street
General Information
Standard status
Active
Size
4,696 SF
Property subtype
Industrial
Zoning
R7-2
Investment Type
Owner/User
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Lee & Associates - New York
(212) 776-1207
Listed By:
Thomas Gammino · License #NY
Source:
Crexi
Added: May 26
Changed: Aug 28
Last Checked: Aug 29 at 1:35AM
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
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
$115,381
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
4.91%
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%
$2,307,620
$2.3M
Cap Rate 7%
$1,648,300
$1.6M
Cap Rate 9%
$1,282,011
$1.3M
Market Conditions
NOI Build-Up for 4,696 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
$197.2K $42.00/SF
− Vacancy
−$19.7K −$4.20/SF
EGI
$177.5K $37.80/SF
− OpEx
−$62.1K −$13.23/SF
NOI
$115.4K $24.57/SF
Area
New York, NY
Vacancy
10.00%
Lease Rate
$42.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,307,620
Cap Rate 7%
$1,648,300
Cap Rate 9%
$1,282,011
Alternative Uses
Best Use
Flex RnD
$1.65M
$1.44M – $1.92M
NOI $115,381 @ 7.0% cap · market cap 4.91%
Second Best
Industrial
$974.5K
$852.7K – $1.14M
NOI $68,217 @ 7.0% cap · market cap 2.90%
Theoretical Best
Specialty Retail
$11.69M
$10.23M – $13.64M
NOI $818,231 @ 7.0% cap · market cap 34.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,405
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 10037, NY
19,670
Population
11,218
Households
1.8
Avg Household Size
39
Median Age
43%
College-Educated
86%
High-School Grad
0.2 sq mi
ZIP Area
98,350
Density / Sq Mi
$51,250
Median Household Income
$54,349
Median Earnings
$1,406
Median Rent
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
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
