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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    203 38Th St New York, NY 10018

    • Industrial properties
    • 11,750 SF
    • 0.05 lot acres
    For Lease
    View listing
    $48 SF/Yr
    Value Estimations
    $250,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-0778168
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Present Health Insurance / Health Insurance Agency
    • Apple Fashion Inc / Clothing Store
    • Nyc Management & Consulting / Business Management Consultant

    Property Details for 203 38Th St

    Year built
    1925
    Lot size
    0.05 lot acres
    Property size
    11,750 SF
    Zone code
    M1-6
    Property type
    Industrial properties
    APN
    00788-0045
    APU
    7880045

    Description

    This exceptional Midtown South property, located at 203-205 W 38th St in the Garment District, offers a unique opportunity for businesses seeking flexible and modern office space. Built in 2021, this two-building complex totals 22,143 square feet and provides multiple tenancy options. Tenants can choose from individual suites ranging from 2,009 to 4,018 square feet, or combine spaces for larger footprints. Each floor offers the potential for 4,018 square feet of contiguous space. The property boasts attractive features including elevator access, private bathrooms, and a desirable outdoor rooftop deck. Its prime location just off 7th Avenue (Fashion Avenue) provides unparalleled convenience, with easy access to numerous subway lines (1, 2, 3, 7, N, Q, R & W) and a wealth of nearby amenities including restaurants, bars, and various other businesses. The space is currently shell space, allowing for complete customization to suit individual tenant needs. This is a full building opportunity for a discerning tenant seeking a modern, well-located, and versatile office space in the heart of Midtown South. The property is ideally suited for a variety of uses, including traditional office, executive office, coworking, creative office, and even medical office spaces.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $250,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9889
    Latitude
    40.7538
    CBSA code
    35620
    CBSA name
    NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $145,375
    $240,750
    $1,131,750
    $1,372,500
    -
    $535,000
    $2,593,000
    $3,128,000

    Comparable in this City

    • Value Estimation
      $315,000
      10,510 SF

      205 38th St

      INDUSTRIAL (GENERAL) • 10,510 SF
      205 38th St, New York, NY 10018-4417
      View Details
    • Value Estimation by Request
      255,696 SF

      554 8th Ave, Unit 568

      INDUSTRIAL (GENERAL) • 255,696 SF
      554 8th Ave, New York, NY 10018-4303
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    • Value Estimation by Request
      11,711 SF

      315 Avenues

      Flex space • 11,711 SF
      315 Avenues, New York, NY 10018
      View Details
    • Value Estimation
      $215,000
      12,518 SF

      269-271 39th St

      INDUSTRIAL (GENERAL) • 12,518 SF
      269-271 39th St, New York, NY 10018
      View Details
    • Value Estimation
      $140,000
      130,010 SF

      247 38th St, Unit 255

      INDUSTRIAL (GENERAL) • 130,010 SF
      247 38th St, New York, NY 10018-4447
      View Details
    • Value Estimation
      $175,000
      78,325 SF

      257-261 38th St

      INDUSTRIAL (GENERAL) • 78,325 SF
      257-261 38th St, New York, NY 10018
      View Details

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    Similar Nearby for Lease

    • $35 SF/Yr
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      Midtown West Office Space Gem

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      Industrial Flex Manufacturing Space Available

      Industrial building with flexible manufacturing spaces for rent.
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    • $48 SF/Yr
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      Midtown South Office Space Gem

      Modern office suites, flexible layouts, prime location.
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      Office and Flex Space Available

      Office and flex space available for rent in New York.
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    • $30 SF/Yr
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      Midtown West Retail Space

      Prime Garment District retail, 14 spaces available.
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    • $39 SF/Yr
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      Prime West 37th Street Office Space

      Move-in ready office, customizable design.
      241 37Th St, New York, NY 10018
      View Details
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    203 38Th St
    New York, NY 10018
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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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