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Property profile & analytics
OFF-MARKET
Estimated value
$46,930,000
Retail space
45-47 38th St New York, NY 10018
Entity Owned
14-yr Hold
~
Est. High Equity
Property ID
US63-1453957
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
2012
Total area
76,000 SF
Lot
0.14 ac (6,024 SF)
Zoning code
M1-6
APN
00840-0016
UPID
US63-1453957
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$46.93M
Owner & transaction history
Manhattan L W Hotel Assocs LP · 14 yrs held
Manhattan L W Hotel Assocs LP
since 2011
7 recorded transactions
Zoning & alternative use
M1-6 · New York, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs New York submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs New York submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$618 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$1,544,706
Tax year 2024
Assessed value
$14,583,700
Assessed 2024
Previous assessed
$13,800,150
+5.7% YoY
Effective rate
10.59%
On assessed value
Assessed land
$3,253,050
Assessed improvement
$11,330,650
Land market value
$7,229,000
Improvement market value
$25,428,000
Total market value
$32,657,000
Applied tax rate
4.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
2012
Heating
NONE
Buildings
1
Stories
22
Units
1
Total area
76,000 SF
Lot
0.14 ac (6,024 SF)
Zoning code
M1-6
APN
00840-0016
UPID
US63-1453957
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
M1-6 · New York, NY
Zoning M1-6 · permitted uses
M1-6 · New York, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
New York. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
2012
Heating
NONE
Stories
22
Buildings
1
Units
1
Lot
0.14 ac
Current owner
From public records · entity-resolved
Manhattan L W Hotel Assocs LP
Entity
Mailing address
8100 E 22ND ST N BLDG #500, WICHITA, KS 67226-2305
Ownership since
2011
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 26, 2024
—
Manhattan Lw Hotel Associates, LP
—
Deed
related
$60,000,000 · Capitol Federal Savings Bank
Dec 21, 2016
—
Manhattan Lw Hotel Assocs LP
—
Deed
related
$2,400,000 · Aareal Cap
Jul 17, 2014
—
Manhattan Lw Hotel Assocs LP
—
Loan Modification, Consolidation And Extension
related
$55,000,000 · United Overseas Bk Ltd Ny Agcy
Sep 7, 2011
$15,640,000
Manhattan L W Hotel Assocs LP
45-47 West 38th LLC
Grant Deed
—
Dec 12, 2008
$16,000,000
45-47 West 38th LLC
E & J Green 38 LLC
Grant Deed
—
Aug 27, 2007
$12,500,000
E&j Green 38 LLC
Tuchman Associates II LLC
Deed
$11,000,000 · National City Bank
Aug 27, 2007
—
Tuchman Associates II LLC
Tuchman Associates
Quit Claim Deed
related
—
—
—
45-47 West 38th LLC
—
Deed Of Trust
related
$4,600,000 · National Republic Bank Chicago
—
—
Manhattan Lw Hotel Assocs LP
—
Deed Of Trust
related
$2,400,000 · Aareal Cap
—
—
Manhattan Lw Hotel Assocs LP
—
Loan Modification
related
$57,400,000 · Aareal Cap
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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