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    218 W 37th St New York, NY 10018

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    For Lease
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    Adaptable space for fitness and experiential businesses in prime location.

    Type:Retail, Office
    Added:
    Jun 4, 2024
    Days on Market:
    684
    Last Refresh:
    Mar 17 at 1:15 pm

    Property Features for 218 W 37th St

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Building Details

    Year Built
    1922

    Spaces For Lease

    at 218 W 37th St Contact us

    We can help!

    Listing Contact
    Sam Hamway

    Listing agent Sam Hamway License #10991238307

    Listing office Reqce Commercial

    Listing date Jun 4, 2024

    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 Reqce Commercial

    Overview

    Versatile Space for Fitness, Experiences

    This property at 218 W 37th St, New York, NY 10018 offers a versatile space suitable for fitness centers, gyms, sports and entertainment properties, office spaces, and other commercial real estate ventures. The location is in the heart of the city, ensuring accessibility to amenities, dining, and cultural attractions. The expansive open spaces on the upper floors are filled with natural light. The high ceilings and open layout provide flexibility to accommodate diverse activities, making it suitable for innovative fitness facilities or immersive wellness experiences. This property is presented as a blank canvas ready to redefine the boundaries of unique fitness and experiential uses, promising a distinctive and inspiring environment.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    reflexolo Alternative Medicine Practice Stretch House, Inc ... Big Box & Wholesale Store Gold Properties NYC Real Estate Agency AtelierTek Architects, PLLC Architecture Firm NKR Commerical Kitchen ... Production Facility

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Daycare Center Law Firm

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

    Similar Places Nearby

    • Every Kid's Yoga — 235 W 22nd St #6y, New York, NY 10011
    • NYBC Manhattan badminton club — 351 W 18th St, New York, NY 10011
    • virtualyoga.guru — New York, NY 10011
    • Stay on Target Fitness — 133 9th ave, new york, ny 10011
    • VarCity Studios — 303 W 19th St, New York, NY 10011

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.990197
    Latitude
    40.7531986

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    FAQs

    What type of property is this?
    Fitness center & gym - Adaptable space for fitness and experiential businesses in prime location.
    Where is this fitness center & gym located?
    The property is located at 218 W 37th St New York, NY.
    What are key features of this property?
    This property features: Expansive open spaces with high ceilings and abundant natural light; Strategic location in the heart of the city, offering accessibility to amenities, dining, and cultural attractions; Versatile space suitable for innovative fitness facilities or immersive wellness experiences
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Sam Hamway
    Real Estate License ID: 10991238307
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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