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 Market939
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: Sep 29
Last Checked: Oct 7 at 11:06AM
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 / Yr
$173,472
Cap Rate
4.45%
Suggested Prices Based on Cap Rates
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
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 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
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Northeast region
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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.
