Prime Retail/Medical/Showroom
246 W 38th St New York, NY 10018
246 W 38th St, New York, NY, 10018
Contact for pricing
For Sale
Contact for pricing
3500 SF retail space with basement and mezzanine.
Property Size5,900 SF
Price / SF$1,610
Days on Market1500
Property Features for 246 W 38th St
General Information
- Standard status
- Active
- Size
- 5,900 SF
- Property subtype
- Retail
Listing Agency
Midtown Commercial Real Estate
(212) 804-7712
Listed by
Sung Cho · License #10301203280
Source
Crexi
Added: Jun 9, 2022 Checked: Jul 16 at 8:14 am
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 Midtown Commercial Real Estate
Investment Insights
Based on property information with market context.
This commercial property features 3,500 square feet of retail space, complemented by a 1,400-square-foot basement and a 1,000-square-foot mezzanine. Currently configured as a fully built-out bar and restaurant, the space offers versatility for various business types. The property is located on 38th Street between 7th and 8th Avenue. The property is suitable for medical offices, doctor's offices, urgent care facilities, or showrooms. The property is available for sale and can be delivered vacant.
Key Highlights
- Prime location on 38th Street between 7th and 8th Avenue.
- Substantial space: 3,500 sq. ft. store, 1,400 sq. ft. basement, and 1,000 sq. ft. mezzanine.
- Can be delivered vacant.
Local Financial Insights For Retail
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 | $1.39M | $235.68 |
| − Vacancy | −$204.4k | −$34.64 |
| EGI | $1.19M | $201.04 |
| − OpEx | −$355.8k | −$60.31 |
| NOI | $830.3k | $140.72 |
5,900 SF · lease $235.68/SF/yr · vacancy 14.70% · expense 30.00%
Alternative Uses
Best Use
Retail
$11.86M
$10.38M – $13.84M
NOI $830,275 @ 7.0% cap · market cap 8.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$14.69M
$12.85M – $17.13M
NOI $1,028,016 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Law Office of Keshab ...
Law Firm
Gordon Law, P.C. ...
Law Firm
Global AMS
Marketing & Advertising
Mozzign Inc
Media Distribution
The Lash Studio
Hair Salon
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - 3500 SF retail space with basement and mezzanine.
Where is this retail space located?
The property is located at 246 W 38th St New York, NY.
What is the asking price?
The asking price for this property is $9,500,000.
What are key features of this property?
This property features: Prime location on 38th Street between 7th and 8th Avenue.; Substantial space: **3,500 sq. ft. store, 1,400 sq. ft. basement, and 1,000 sq. ft. mezzanine.**; Can be delivered vacant.
