Multi-Unit Industrial Condo
For Sale
$325,000
Pending
1-4-72 Airport Dr, Wappingers Falls, NY 12590
Built in 2006, this multi-unit industrial condo includes front office entries and 14-ft drive-in doors.
Property Size2,175 SF
Days on Market168
Property Features for 1-4-72 Airport Dr
General Information
Standard status
Pending
Size
2,175 SF
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$6,195
Amenities
Water
Sewer
Garbage
Building Insurance
Landscaping
Snow Removal
Management
EV charger
Building Details
Year Built
2006
Tenancy
Multi
Listing Agency:
KW MidHudson
(914) 962-0007
Listed By:
Don Minichino · License #10401333542
(845) 242-4381
Source:
Exprealty
Added: Mar 26
Changed: Aug 20
Last Checked: Sep 8 at 6:38AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW MidHudson
Investment Insights
Based on property information with market context.
This built-in-2006 multi-unit industrial condo building offers 1,625 SF unit footprints with a front office area featuring a private entrance. The rear includes a 14-ft drive-in door, and some units include additional built-out space with a second or third floor for office and/or storage use.
The property is offered for sale near Hudson Valley Airport and off NY-376. On-site management is identified as Neave Landscaping.
HOA fees cover water, sewer, garbage, building insurance, landscaping, snow removal, and management. Annual expenses listed for 2025 include taxes for Unit 1-4 and electric, with electric noted as including EV charger use.
The property is offered for sale near Hudson Valley Airport and off NY-376. On-site management is identified as Neave Landscaping.
HOA fees cover water, sewer, garbage, building insurance, landscaping, snow removal, and management. Annual expenses listed for 2025 include taxes for Unit 1-4 and electric, with electric noted as including EV charger use.
Key Highlights
- Multi‑unit industrial condo building built in 2006 near Hudson Valley Airport and off NY‑376
- Each unit has a 1,625 SF footprint with a front office area and private entrance
- Rear units feature a 14‑ft drive‑in door; some units include a second or third floor for offices/storage
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
$16,334
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
5.03%
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%
$326,680
$326.7K
Cap Rate 7%
$233,343
$233.3K
Cap Rate 9%
$181,489
$181.5K
Market Conditions
NOI Build-Up for 2,175 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
$20.6K $9.48/SF
− Vacancy
−$1.4K −$0.64/SF
EGI
$19.2K $8.84/SF
− OpEx
−$2.9K −$1.33/SF
NOI
$16.3K $7.51/SF
Area
Dutchess County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$326,680
Cap Rate 7%
$233,343
Cap Rate 9%
$181,489
Alternative Uses
Best Use
Flex RnD
$510.0K
$446.3K – $595.1K
NOI $35,703 @ 7.0% cap · market cap 10.99%
Second Best
Warehouse
$233.3K
$204.2K – $272.2K
NOI $16,334 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$654.7K
$572.9K – $763.8K
NOI $45,830 @ 7.0% cap · market cap 14.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Drive-in doors
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
116
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12590, NY
37,051
Population
14,563
Households
2.5
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
34.8 sq mi
ZIP Area
1,065
Density / Sq Mi
$98,252
Median Household Income
$52,861
Median Earnings
$1,674
Median Rent
$365,900
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?
Flex space - Built in 2006, this multi-unit industrial condo includes front office entries and 14-ft drive-in doors.
Where is this flex space located?
The property is located at 1-4-72 Airport Dr Wappingers Falls, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Multi‑unit industrial condo building built in 2006 near Hudson Valley Airport and off NY‑376; Each unit has a 1,625 SF footprint with a front office area and private entrance; Rear units feature a 14‑ft drive‑in door; some units include a second or third floor for offices/storage
