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

    307 38Th St New York, NY 10018

    • Retail space
    • 3,581 SF
    • 0.40 lot acres
    For Lease
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-4638335
    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

    • Wise Electrical Services Inc. / Electrician
    • Mc Manus Conor / Electrician
    • Carol Hannah / Wedding Store / Women'S Clothing Store
    • Vari Direct Solutions / Graphic Designer / Website Designer
    • Fabian Rossano Studios Inc. / Website Designer / Graphic Designer

    Property Details for 307 38Th St

    Year built
    1927
    Lot size
    0.40 lot acres
    Property size
    3,581 SF
    Zone code
    C64M
    Property type
    Retail space
    APN
    00762-1201
    APU
    7621201

    Description

    This exceptional 21-story office building at 307 West 38th Street, New York, NY 10018, offers 302,055 square feet of premium executive office space in the vibrant Times Square South submarket. Built in 1933 and extensively renovated in 2018, the property boasts impressive features including floor plates ranging from 7,000 to 20,000 square feet, high ceilings (11' slab to slab), and abundant natural light on upper floors. The renovated lobby welcomes tenants, complemented by five passenger elevators and a freight elevator with direct loading dock access on 39th Street. Enjoy 24/7 access to this well-maintained building. Currently, 56,336 square feet of space is available, divisible into units as small as 1,560 square feet and up to a contiguous 14,450 square feet. The building's convenient location, just two avenues east of Hudson Yards and four blocks from Times Square, provides unparalleled access to major transportation hubs including Penn Station and the Port Authority Bus Terminal, with nearby subway access (N, Q, R, W, 1, 2, 3, B, D, F, M, A, C, E lines). Ground floor retail tenants include a popular coffee shop, ghost kitchen, and bicycle shop, adding to the building's vibrant atmosphere. This is a unique opportunity to secure prestigious office space in one of Manhattan's most sought-after locations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.9922
    Latitude
    40.7552
    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
    $22,822
    $22,332
    $193,135
    $215,467
    -
    $49,627
    $443,277
    $492,904

    Comparable in this City

    • Value Estimation
      $19,450,000
      17,571 SF

      620 8th Ave15-a

      RETAIL STORES (PERSONAL SERVICES) • 17,571 SF
      620 8th Ave15-a, New York, NY 10018-1618
      View Details
    • Value Estimation
      $3,810,000
      3,220 SF

      620 8th Ave Frnt 1c

      RETAIL STORES (PERSONAL SERVICES) • 3,220 SF
      620 8th Ave Frnt 1c, New York, NY 10018-1618
      View Details
    • Value Estimation
      $24,035,000
      21,949 SF

      620 8th Ave13-a

      RETAIL STORES (PERSONAL SERVICES) • 21,949 SF
      620 8th Ave13-a, New York, NY 10018-1618
      View Details
    • Value Estimation
      $9,455,000
      12,236 SF

      400 5th Avecu3

      RETAIL STORES (PERSONAL SERVICES) • 12,236 SF
      400 5th Avecu3, New York, NY 10018-2753
      View Details
    • Value Estimation
      $12,350,000
      11,882 SF

      400 5th Avecu2

      RETAIL STORES (PERSONAL SERVICES) • 11,882 SF
      400 5th Avecu2, New York, NY 10018-2753
      View Details
    • Value Estimation
      $3,410,000
      2,596 SF

      485 Fashion Ave, Unit RET2

      RETAIL STORES (PERSONAL SERVICES) • 2,596 SF
      485 Fashion Ave, New York, NY 10018-6804
      View Details

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    Similar Nearby for Lease

    • $35 SF/Yr
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    • $10,000 /Mo
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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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