Renovated Brewery and Event
For Sale
$2,575,000
22 Cottage Street, Middletown, NY 10940
Commercial Sale, Middletown, NY
Property Size24,000 SF
Lot Size0.83 Acres
Price / SF$107.29
Days on Market373
Property Features for 22 Cottage Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Basement
Partial
Standard status
Active
APN
330900-031-000-0004-001.120-0000
Lot size
0.83 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
64000
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
beer garden
axe-throwing venue
banquet room
Building Details
Number of units
6
Building materials
Block, Brick, Frame
Listing Agency:
Keller Williams Realty
(845) 928-8000
Listed By:
Chris Scibelli · License #10491200206
(845) 494-3749
Added: Aug 28, 2025
Changed: Aug 20
Last Checked: Sep 4 at 7:06PM
MLS# 906495
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brewery property occupies a renovated 19th-century hacksaw factory and combines production, dining, entertainment, and event facilities. The approximately 24,000-square-foot interior includes a primary taproom, banquet room, and separate entertainment area, while five residential apartments incorporate the building’s industrial design. An onsite axe-throwing facility and full food service support the property’s varied operating components.
Outdoor amenities include a 7,500-square-foot area with a stone facade and red-brick patio for seasonal dining, drinking, private parties, and entertainment. The property also offers public parking and has hosted live music, DJ nights, trivia, weddings, corporate gatherings, and other private events. The building is served by natural gas heat, central air, public water, and public sewer. Bookings extend into 2026, according to the property information.
Outdoor amenities include a 7,500-square-foot area with a stone facade and red-brick patio for seasonal dining, drinking, private parties, and entertainment. The property also offers public parking and has hosted live music, DJ nights, trivia, weddings, corporate gatherings, and other private events. The building is served by natural gas heat, central air, public water, and public sewer. Bookings extend into 2026, according to the property information.
Key Highlights
- 24,000‑square‑foot brewery, dining, entertainment, and event property
- Renovated 19th‑century hacksaw factory with block, brick, and frame construction
- Five residential apartments integrated into the building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$208,980
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,179,600
$4.2M
Cap Rate 7%
$2,985,429
$3.0M
Cap Rate 9%
$2,322,000
$2.3M
Market Conditions
NOI Build-Up for 24,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$388.8K $16.20/SF
− Vacancy
−$54.4K −$2.27/SF
EGI
$334.4K $13.93/SF
− OpEx
−$125.4K −$5.22/SF
NOI
$209.0K $8.71/SF
Area
Orange County, NY
Vacancy
14.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,179,600
Cap Rate 7%
$2,985,429
Cap Rate 9%
$2,322,000
Alternative Uses
Best Use
Mixed Use
$2.99M
$2.61M – $3.48M
NOI $208,980 @ 7.0% cap · market cap 8.12%
Second Best
Specialty Retail
$2.98M
$2.61M – $3.48M
NOI $208,656 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$8.13M
$7.11M – $9.48M
NOI $568,996 @ 7.0% cap · market cap 22.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,550
Businesses Nearby
Explore this area
Business Placement
Demographics for 10940, NY
52,803
Population
19,930
Households
2.6
Avg Household Size
39
Median Age
24%
College-Educated
86%
High-School Grad
63.1 sq mi
ZIP Area
837
Density / Sq Mi
$87,198
Median Household Income
$46,435
Median Earnings
$1,600
Median Rent
$301,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Brewery - Multi-area brewery property with residential apartments, event facilities, and outdoor entertaining space.
Where is this brewery located?
The property is located at 22 Cottage Street Middletown, NY.
What is the asking price?
The asking price for this property is $2,575,000.
What are key features of this property?
This property features: 24,000‑square‑foot brewery, dining, entertainment, and event property; Renovated 19th‑century hacksaw factory with block, brick, and frame construction; Five residential apartments integrated into the building
