Renovated Office Building Investment
For Sale
$985,000
1 John St, Millerton, NY 12546
Meticulously renovated, fully occupied office building with strong financials.
Property Size4,940 SF
Price / SF$199.39
Days on Market1982
Property Features for 1 John St
General Information
Standard status
Active
Size
4,940 SF
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$11,361
Amenities
Window Air Conditioning, Wall Air Conditioning
3
Asphalt Shingle
Parking.
Lot, Off Street.
Downtown, State Road.
Building Details
Year Built
1851
Stories
4
Listing Agency:
ELYSE HARNEY REAL ESTATE CT
Listed By:
JUSZTINA PAKSAI
(347) 328-3002
Source:
Xome
Added: Mar 18, 2021
Changed: Aug 12
Last Checked: Aug 20 at 5:35AM
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 ELYSE HARNEY REAL ESTATE CT
Investment Insights
Based on property information with market context.
This meticulously renovated four-floor office building offers an investment opportunity. The property has been well-maintained, resulting in its excellent condition. The rent roll demonstrates strong financials and full occupancy. The offices, common areas, and mechanical systems are well-kept, ensuring a comfortable and efficient working environment. The building features 14 offices spread across four floors, creating a diverse and vibrant atmosphere with a mix of quiet offices, services, and artists. The commercially zoned space provides ample room for various businesses, totaling 4940 square feet. Low-maintenance landscaping, abundant parking, and long-term tenants make this an ideal investment.
Key Highlights
- Fully Occupied with Strong Financials (Profitable Venture)
- Meticulously Renovated and Well‑Maintained (Excellent Condition)
- Commercially Zoned Space: 4940 sqft
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
$79,068
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
8.03%
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%
$1,581,360
$1.6M
Cap Rate 7%
$1,129,543
$1.1M
Cap Rate 9%
$878,533
$878.5K
Market Conditions
NOI Build-Up for 4,940 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
$135.2K $27.36/SF
− Vacancy
−$29.7K −$6.02/SF
EGI
$105.4K $21.34/SF
− OpEx
−$26.4K −$5.34/SF
NOI
$79.1K $16.01/SF
Area
Dutchess County, NY
Vacancy
22.00%
Lease Rate
$27.36 /SF/Yr
Expense Ratio
25.00%
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%
$1,581,360
Cap Rate 7%
$1,129,543
Cap Rate 9%
$878,533
Alternative Uses
Best Use
Office B
$1.13M
$988.4K – $1.32M
NOI $79,068 @ 7.0% cap · market cap 8.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.30M – $1.73M
NOI $104,092 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 12546, NY
3,026
Population
1,594
Households
1.9
Avg Household Size
46
Median Age
35%
College-Educated
90%
High-School Grad
45.4 sq mi
ZIP Area
67
Density / Sq Mi
$88,603
Median Household Income
$50,693
Median Earnings
$1,277
Median Rent
$317,200
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Meticulously renovated, fully occupied office building with strong financials.
Where is this office building located?
The property is located at 1 John St Millerton, NY.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Fully Occupied with Strong Financials (Profitable Venture); Meticulously Renovated and Well‑Maintained (Excellent Condition); Commercially Zoned Space: 4940 sqft
