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Property profile & analytics
OFF-MARKET
Estimated value
$10,190,000
Office Spaces
515 38th Stcmf3, New York, NY 10018-1190
Individually Owned
5-yr Hold
Free & Clear
Property ID
US63-4258339
Property profile
Verified
Property type
Office Spaces
Use group
CONDOMINIUM OFFICES
Year built
2015
Total area
11,878 SF
Lot
0.34 ac (14,812 SF)
APN
00710-1306
UPID
US63-4258339
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
-
Henry Hall Apartments Real Estate Agency
-
The Hartigan Group Construction Company
-
EqiBooks Tax Preparation
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$7.06M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.03M
Blend (final)
Blend
$10.19M
Owner & transaction history
Committee To Protect Journalis · 5 yrs held
Committee To Protect Journalis
since 2021
Last sale
$10.2M
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$15.6M
+105.9%
Industrial (general)
$13.8M
+81.6%
Warehouse, storage
$9.7M
+27.9%
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
Method
Estimation
Statistic approach
$10,280,000
ML approach
$7,060,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$7,585,000
Current use
RETAIL STORES
$15,620,000
Change: +106% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$13,780,000
Change: +82% · Conversion: Difficult
WAREHOUSE, STORAGE
$9,705,000
Change: +28% · Conversion: Difficult
COMMERCIAL (GENERAL)
$8,605,000
Change: +13% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$6,425,000
Change: -15% · Conversion: Easy
Blend value · Realmo final
$10.19M
Range $9.17M – $11.21M · ±10% · vs last sale $10.23M (Mar 17 2021)
Last sale anchor
$10.23M
Mar 17 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$858 / 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
Assessed value
$1,573,134
Assessed 2024
Previous assessed
$1,647,677
-4.5% YoY
Assessed land
$133,235
Assessed improvement
$1,439,899
Land market value
$296,077
Improvement market value
$2,829,501
Total market value
$3,125,578
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
31
Units
1
Total area
11,878 SF
Lot
0.34 ac (14,812 SF)
APN
00710-1306
UPID
US63-4258339
Jurisdiction
NEW YORK(MANHATTAN)
Metro division
NEW YORK-WHITE PLAINS-WAYNE, NY-NJ METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$7.6M
RETAIL STORES
Est. value
$15.6M
INDUSTRIAL (GENERAL)
Est. value
$13.8M
WAREHOUSE, STORAGE
Est. value
$9.7M
COMMERCIAL (GENERAL)
Est. value
$8.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$6.4M
OFFICE BUILDING Current
RETAIL STORES
INDUSTRIAL (GENERAL)
WAREHOUSE, STORAGE
COMMERCIAL (GENERAL)
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2015
Heating
NONE
Stories
31
Buildings
1
Units
1
Lot
0.34 ac
Current owner
From public records · entity-resolved
Committee To Protect Journalis
Individual
Free & Clear · 5 yrs held
Mailing address
515 W 38TH STCMF3, NEW YORK, NY 10018-1190
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2021
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 17, 2021
$10,228,525
Committee To Protect Journalis
Hy 38 Owner LLC
Grant Deed
—
Mar 8, 2021
—
Hy 38 Owner LLC
—
Deed
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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