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    Property profile & analytics

    28-30 37Th St New York, NY 10018

    • Retail residential properties
    • 10,281 SF
    • 0.11 lot acres
    For Sale
    View listing
    $10,500,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-2427738
    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

    • Retail residential properties

    Property Details for 28-30 37Th St

    Year built
    1996
    Lot size
    0.11 lot acres
    Property size
    10,281 SF
    Zone code
    M1-6
    Property type
    Retail residential properties
    APN
    00838-0066
    APU
    8380066

    Description

    This exceptional Midtown Manhattan property at 28-30 West 37th Street presents a compelling investment opportunity. The 10,281 square foot, two-story commercial building sits on a 4,758 square foot lot with approximately 50 feet of frontage. Currently vacant, the property offers immediate user occupancy or value-add potential through refurbishment of the three ground-floor retail units and one second-floor space. Each ground-floor unit includes a mezzanine, with 22-foot ceilings on the ground floor and 10-foot ceilings on the second. The M1-6 zoning allows for significant redevelopment, with a 10 FAR yielding a 47,580 square foot as-of-right floor area. This presents a unique chance to leverage substantial air rights (37,299 sq ft) and potentially benefit from the proposed Midtown South Mixed-Use Plan rezoning, which may allow for future residential development. The property's prime location in Midtown Manhattan, near major transportation hubs (Penn Station, Grand Central Terminal, 34th Street-Herald Square), and cultural landmarks (Empire State Building, Bryant Park, Macy's) ensures high visibility and accessibility. The asking price is $10,500,000. This is a rare chance to acquire a strategically located asset with significant upside potential in one of Manhattan's most dynamic neighborhoods.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,460,000
      6.5%
      $5,040,000
      7%
      $4,680,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $6,565,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9848
    Latitude
    40.7508
    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
    $198,902
    $954,000
    $952,710
    $1,906,710
    -
    $2,120,000
    $2,053,000
    $4,173,000

    Comparable in this City

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    • Value Estimation
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      386,382 SF

      980 Ave Of The Americas

      STORES & APARTMENTS • 386,382 SF
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    • Value Estimation
      $1,505,000
      68,721 SF

      3 36th St

      STORES & APARTMENTS • 68,721 SF
      3 36th St, New York, NY 10018-7915
      View Details
    • Value Estimation by Request
      428,959 SF

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      STORES & APARTMENTS • 428,959 SF
      550 10th Ave, New York, NY 10018-1123
      View Details
    • Value Estimation
      $905,000
      28,750 SF

      601 8th Ave, Unit 607

      STORE/OFFICE (MIXED USE) • 28,750 SF
      601 8th Ave, New York, NY 10018-3014
      View Details
    • Value Estimation
      $4,135,000
      11,250 SF

      485 9th Ave

      STORES & APARTMENTS • 11,250 SF
      485 9th Ave, New York, NY 10018
      View Details

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    Similar Nearby for Lease

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      66,282 SF

      Prime NYC Retail Space

      Midtown Manhattan retail opportunity.
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      View Details
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      Renovated Office Space for Rent

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      4,000 SF

      Midtown Office Space Available

      4,000 SF office space in Midtown Manhattan for rent.
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      View Details
    • Contact for pricing
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      Office Space in New York

      Office space available for rent in New York, NY.
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      View Details
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    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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