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Property profile & analytics
OFF-MARKET
Office Spaces
509 38th Stcmf1, New York, NY 10018-1111
Individually Owned
4-yr Hold
~
Est. High Equity
Property ID
US63-5297489
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
2015
Total area
10,651 SF
Lot
0.34 ac (14,812 SF)
Zoning code
C2-8
APN
00710-1302
UPID
US63-5297489
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
Current use
Occupant on record · Public records
-
Manhattan Neighborhood Network (MNN) Charitable Organization Social Service Agency
-
Henry Hall Commercial Charitable Organization Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Manhattan Community Access Corporat · 4 yrs held
Manhattan Community Access Corporat
since 2022
Last sale
$17.1M
3 recorded transactions
Zoning & alternative use
C2-8 · 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
—
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
$5,624
Tax year 2024
Assessed value
$1,410,510
Assessed 2024
Previous assessed
$1,477,347
-4.5% YoY
Effective rate
0.40%
On assessed value
Assessed land
$119,462
Assessed improvement
$1,291,048
Land market value
$265,470
Improvement market value
$2,536,999
Total market value
$2,802,469
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
Office Spaces
Use group
CONDOMINIUM OFFICES
Status
Off-Market
Year built
2015
Heating
NONE
Buildings
1
Stories
30
Units
1
Total area
10,651 SF
Lot
0.34 ac (14,812 SF)
Zoning code
C2-8
APN
00710-1302
UPID
US63-5297489
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
C2-8 · New York, NY
Zoning C2-8 · permitted uses
C2-8 · 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
2015
Heating
NONE
Stories
30
Buildings
1
Units
1
Lot
0.34 ac
Current owner
From public records · entity-resolved
Manhattan Community Access Corporat
Individual
Mailing address
509 W 38TH ST, NEW YORK, NY 10018-1111
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 8, 2022
$17,095,847
Manhattan Community Access Corporat
Hy 38 Owner LLC
Deed
$16,500,000 · Build Nyc Resource Corporation
Nov 8, 2017
—
Hy 38 Owner LLC
—
Loan Modification, Consolidation And Extension
related
$134,300,000 · Miscellaneous Ins Co
—
—
Hy 38 Owner LLC
—
Loan Modification
related
$134,300,000 · Miscellaneous Ins Co
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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