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 Market67
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 Agency:
Lee & Associates - New York
(212) 776-1207
Listed By:
Thomas Gammino · License #NY
Source:
Crexi
Added: May 26
Changed: Jul 10
Last Checked: Jul 30 at 3:44PM
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 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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Hummingbird — 1916 Park Ave #305, New York, NY 10037
- Island Crave — 1 W 137th St, New York, NY 10037
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
