38 MERCER STREET
About This Property
Built around 1840, this timeless Hamilton Square colonial sits gracefully on nearly half an acre in the town's historic district. The home's architecture tells a story, pumpkin pine and heart pine floors, horsehair plaster walls, original staircase and newel post, and fifteen-light French doors, each detail preserving the craftsmanship of another era.
As you walk through, you can feel its history in every room, the warmth of the wood, the subtle creak of old floors, and the sense of permanence only a century-old home can offer. Yet behind its vintage charm are modern comforts: a fully renovated kitchen and bath, 200-amp electrical service, direct-vent gas furnace, and abrand-new roof (2024), ensuring the home's legacy continues with ease and reliability.
The third-floor loft is a hidden treasure, bright, open, and filled with potential. Whether imagined as a studio, office, guest suite, or creative retreat, this flexible space adds a new dimension to the home's story.
Outside, the 55x350 lot stretches deep and private, with a deck perfect for gatherings, mature lilacs, and a detached garage with electricity. Zoned for both residential and commercial use, the property opens the door to countless possibilities-live, work, create, or simply enjoy a home that feels like it's always been waiting for you.
38 Mercer Street isn't just a house-it's a piece of Hamilton's history, reimagined for today, and ready for its next chapter.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Apr 17, 2026 | Sold | ||
| Sold | |||
| Mar 19, 2026 | In contract | - | |
| In contract | |||
| Feb 19, 2026 | Relisted | $560,000 | |
| Relisted | |||
| Feb 18, 2026 | No longer available | - | |
| No longer available | |||
| Jan 29, 2026 | Price Decreased |
$575,000
↓ $15K
(2.5%) | |
| Price Decreased | |||
Property Highlights
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About Hamilton Square
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017