Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    515 38th Stcmf2 New York, NY 10018-1190

    • Office Properties & Spaces
    • 11,879 SF
    • 0.34 lot acres
    OFF-MARKET
    Last Sale
    Mar 08, 2022
    $17,095,847
    Value Estimations
    $13,040,000
    Show details
    Cap Rate Potential
    2.8%
    Office Properties & Spaces
    Location Intelligence
    Property ID
    US63-5355967
    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

    • Henry Hall Apartments / Apartment Complex / Apartment Rental Agency
    • The Hartigan Group / Construction Company
    • EqiBooks / Accountant / Bookkeeping Service

    Property Details for 515 38th Stcmf2

    Year built
    2015
    Lot size
    0.34 lot acres
    Property size
    11,879 SF
    Zone code
    C2-8
    Property type
    Office Properties & Spaces
    APN
    00710-1303
    APU
    7101303

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $14,040,000
      ML approach
      $8,080,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,029,000
      Market price range: $1.80M - $14.6M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $15,620,000
      INDUSTRIAL (GENERAL)
      $13,780,000
      WAREHOUSE, STORAGE
      $9,705,000
      COMMERCIAL (GENERAL)
      $8,610,000

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

    Location Insight

    • Map
    • Local Demand
    City
    New York
    County
    New York
    State
    New York
    Longitude
    -73.998
    Latitude
    40.7577
    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
    $0.00
    $133,235
    $1,439,899
    $1,573,134
    -
    $296,077
    $2,829,501
    $3,125,578

    Comparable in this City

    • Value Estimation by Request
      49,058 SF

      202 40Th St

      Office space • 49,058 SF
      202 40Th St, New York, NY 10018
      View Details
    • Value Estimation by Request
      1,700 SF

      21-23 39Th St

      Office Properties & Spaces • 1,700 SF
      21-23 39Th St, New York, NY 10018
      View Details
    • Value Estimation by Request

      350 38Th St

      Office space
      350 38Th St, New York, NY 10018
      View Details
    • Value Estimation by Request
      3,000 SF

      1431 Broadway

      Office Properties & Spaces • 3,000 SF
      1431 Broadway, New York, NY 10018
      View Details
    • Value Estimation by Request
      4,000 SF

      335 38Th St

      Office space • 4,000 SF
      335 38Th St, New York, NY 10018
      View Details
    • Value Estimation by Request
      4,400 SF

      265 37Th St

      Office space • 4,400 SF
      265 37Th St, New York, NY 10018
      View Details

    Similar Nearby for Sale

    • $3,900,000
      5,540 SF

      Midtown West Office Building For Sale

      5,540 SF Creative/Traditional Office
      57 38Th St, New York, NY 10018
      View Details
    • Contact for pricing
      250,850 SF

      Prime NYC Office Portfolio

      Midtown Manhattan, high-potential redevelopment
      500 8Th Ave, New York, NY 10018
      View Details
    • $8,250,000
      11,280 SF

      Midtown South Executive Office Building

      Prime NYC location, high potential, flexible space.
      34 36Th St, New York, NY 10018
      View Details
    • Contact for pricing
      18,000 SF

      Prime Midtown Manhattan Office Building

      18,000 SF Executive Office Space for Sale
      420 5Th Ave, New York, NY 10018
      View Details
    • Contact for pricing
      28,000 SF

      Prime Fifth Ave Office Building

      28,000 SF Vacant Office, Investment Opportunity
      384 5Th Ave, New York, NY 10018
      View Details
    • Contact for pricing
      250,850 SF

      Two Building Midtown Office Complex

      Two building office complex in Midtown near Penn Station.
      500-516 8Th Ave, New York, NY 10018
      View Details

    Similar Nearby for Lease

    • $39 SF/Yr
      1,800 SF

      Prime West 37th Street Office Space

      Move-in ready office, customizable design.
      241 37Th St, New York, NY 10018
      View Details
    • Contact for pricing
      302,055 SF

      307 West 38th Street Office Space

      Prime NYC Executive Office Suites Available
      307 38Th St, New York, NY 10018
      View Details
    • Contact for pricing
      5 SF

      Office Space for Rent

      Office property available for rent in New York, NY.
      149 W 36Th St, New York, NY 10018
      View Details
    • $40 SF/Yr
      1,200 SF

      Midtown South Office Space Available

      1,200 sq ft Office, Immediate Occupancy
      14th 37Th St, New York, NY 10018
      View Details
    • $32 SF/Yr
      2,000 SF

      Midtown Executive Office Suite

      Prime Midtown, 2,000 SF Available
      246 38Th St, New York, NY 10018
      View Details
    • $40 SF/Yr
      1,200 SF

      Midtown South Office Space - 1200 SF

      Prime Midtown South office, 1200 sq ft, immediate occupancy.
      3rd 37Th St, New York, NY 10018
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    515 38th Stcmf2
    New York, NY 10018-1190
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.