Property profile

203 W 38Th St New York, NY 10018

FOR LEASE
Industrial properties
Property ID
US63-0778168
11,750 SF 0.05 ac lot Built 1925
Entity Owned 22-yr Hold Free & Clear
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Property summary

AI-generated overview

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.

Property profile

Verified
Property type Industrial properties
Use group INDUSTRIAL (GENERAL)
Year built 1925
Total area 11,750 SF
Lot 0.05 ac (2,010 SF)
Zoning code M1-6
APN 00788-0045
UPID US63-0778168

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Insurance Agency
  • Clothing Store
  • Business Management Consultant

Location

203 W 38Th St New York, NY 10018
New York metro Census 11300 NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
Google Maps

Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$877k
Blend (final) Blend
$1.25M

Owner & transaction history

since 2004
1 recorded transaction
2004
Price N/A

Zoning & alternative use

M1-6 · New York, NY

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
More about this property
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