Log In/Sign Up
Your email has been sent.
25 E 38th St 10 Unit Apartment Building $6,847,780 CAD ($684,778 CAD/Unit) 4.42% Cap Rate New York, NY 10016
INVESTMENT HIGHLIGHTS
- 10 Units / 100% Free Market / Tax Class 2B Protected
- Value Proposition Compared to Competing Rental Markets
- Steps from the Midtown Office Core, Grand Central, and Byrant Park
- Predominantly One-Bedroom Units with Upside in Rents
- Murray Hill / Midtown East is an Urban Hub Attracting Sophisticated Businesses and Professionals
- Excellent Connectivity via the 4, 5, 6, 7, S, B, D, F, and M trains
EXECUTIVE SUMMARY
JLL has been retained on an exclusive basis to arrange for the sale of 25 East 38th Street (“The Property”), a ~21’ wide, fivestory walk-up building located on the north side of East 38th Street between Park and Madison Avenues in the Murray Hill neighborhood of Manhattan. Comprised of 6,460 gross sf above grade, the ten (10) apartments feature efficient layouts with a mix of one (1) studio and nine (9) one-bedrooms. Several of the one-bedrooms feature amenities such as a garden, loft, and/or terrace space, adding further value to these units.
The building is currently 100% free market, and each of the units is renting slightly below market. The studio unit is renting for $2,625/ month and the one-bedrooms without amenity space are renting for an average of $3,316/month. The one-bedrooms with amenity space are renting between $3,550/month and $4,125/month. While the units are clean and well-maintained, there is value-add potential that can be achieved through light renovation of the apartment finishes and appliances. Furthermore, the Murray Hill / Midtown East submarkets remain undervalued from a rental perspective when compared to competing rental markets. Of the14 Manhattan submarkets surveyed by M.N.S. in April 2025, these submarkets rank 10th and 11th respectively in terms of average rent for non-doorman 1-bedroom apartments. As rents continue to rise in other submarkets it will push tenants towards submarkets with lower entry rents.
The building is currently 100% free market, and each of the units is renting slightly below market. The studio unit is renting for $2,625/ month and the one-bedrooms without amenity space are renting for an average of $3,316/month. The one-bedrooms with amenity space are renting between $3,550/month and $4,125/month. While the units are clean and well-maintained, there is value-add potential that can be achieved through light renovation of the apartment finishes and appliances. Furthermore, the Murray Hill / Midtown East submarkets remain undervalued from a rental perspective when compared to competing rental markets. Of the14 Manhattan submarkets surveyed by M.N.S. in April 2025, these submarkets rank 10th and 11th respectively in terms of average rent for non-doorman 1-bedroom apartments. As rents continue to rise in other submarkets it will push tenants towards submarkets with lower entry rents.
PROPERTY FACTS Under Contract
| Price | $6,847,780 CAD | Property Subtype | Apartment |
| Price Per Unit | $684,778 CAD | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.42% | Lot Size | 0.05 AC |
| Sale Condition | 1031 Exchange | Building Size | 6,460 SF |
| No. Units | 10 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 1925 |
| Zoning | R8BH (C 4) | ||
| Price | $6,847,780 CAD |
| Price Per Unit | $684,778 CAD |
| Sale Type | Investment |
| Cap Rate | 4.42% |
| Sale Condition | 1031 Exchange |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 6,460 SF |
| No. Stories | 5 |
| Year Built | 1925 |
| Zoning | R8BH (C 4) |
AMENITIES
UNIT AMENITIES
- Heating
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 9 | - | - |
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 0868-0027 | Improvements Assessment | $963,061 CAD |
| Land Assessment | $322,361 CAD | Total Assessment | $1,285,422 CAD |
PROPERTY TAXES
Parcel Number
0868-0027
Land Assessment
$322,361 CAD
Improvements Assessment
$963,061 CAD
Total Assessment
$1,285,422 CAD
CONTACTS
-
Jonathan Hageman -
Hall Oster -
Clint Olsen -
Teddy Galligan -
Logan Boenning -
Conrad Martin -
Stephen Godnick -
Jacob Russell -
JLL
1 of 18
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
25 E 38th St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.