Column-Free Office Space
For Sale
Contact for pricing
57 W 38th St, New York, NY 10018
5,540 RSF office space near Bryant Park.
Property Size5,540 SF
Price / SF$703.97
Days on Market893
Property Features for 57 W 38th St
General Information
Standard status
Active
Size
5,540 SF
Class
C
Property subtype
Office
Investment Type
Owner/User
Building Details
Year Built
1915
Stories
12
Units
1
Tenancy
Multi
Listing Agency:
Resolution Real Estate Partners
Listed By:
Jonata Dayan · License #NY
Source:
Crexi
Added: Mar 14, 2024
Changed: Aug 12
Last Checked: Aug 23 at 11:24AM
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 Resolution Real Estate Partners
Investment Insights
Based on property information with market context.
This 5,540 square foot office space is located on the 6th floor and is divided into 5 units. The space features high ceilings and a column-free layout. The building offers an attended lobby and 24/7/365 access. The property is located near Bryant Park, Grand Central, Penn Station, and Port Authority.
Key Highlights
- Prime Location: Near Bryant Park, Grand Central, Penn Station, and Port Authority.
- Large, Divisible Space: 5,540 rsf divided into 5 units.
- Enjoy 24/7/365 Access.
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
$173,472
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
4.45%
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%
$3,469,440
$3.5M
Cap Rate 7%
$2,478,171
$2.5M
Cap Rate 9%
$1,927,467
$1.9M
Market Conditions
NOI Build-Up for 5,540 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
$285.2K $51.48/SF
− Vacancy
−$53.9K −$9.73/SF
EGI
$231.3K $41.75/SF
− OpEx
−$57.8K −$10.44/SF
NOI
$173.5K $31.31/SF
Area
New York, NY
Vacancy
18.90%
Lease Rate
$51.48 /SF/Yr
Expense Ratio
25.00%
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%
$3,469,440
Cap Rate 7%
$2,478,171
Cap Rate 9%
$1,927,467
Alternative Uses
Best Use
Office B
$2.48M
$2.17M – $2.89M
NOI $173,472 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$13.79M
$12.07M – $16.09M
NOI $965,290 @ 7.0% cap · market cap 24.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
92,833
Businesses Nearby
Explore this area
Business Placement
Demographics for 10018, NY
11,145
Population
5,678
Households
2
Avg Household Size
35
Median Age
75%
College-Educated
92%
High-School Grad
0.3 sq mi
ZIP Area
37,150
Density / Sq Mi
$133,042
Median Household Income
$103,655
Median Earnings
$3,501
Median Rent
$947,100
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - 5,540 RSF office space near Bryant Park.
Where is this office units located?
The property is located at 57 W 38th St New York, NY.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Prime Location: Near Bryant Park, Grand Central, Penn Station, and Port Authority.; Large, Divisible Space: 5,540 rsf divided into 5 units.; Enjoy 24/7/365 Access.
