Renovated Mixed-Use
For Sale
$2,400,000
104 North St, Middletown, NY 10940
Fully leased property combines apartment residences with street-level retail space in a walkable downtown setting.
Property Size11,750 SF
Days on Market50
Property Features for 104 North St
General Information
Standard status
Active
Size
11,750 SF
Property subtype
Commercial
Occupancy
100%
Site & Location
Corner Location
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Cap Rate
7%
Sprinkler System
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$23,515
Building Details
Building Size
11,750 SF
Year Built
1900
Year Renovated
2022
Buildings
1
Units
11
Tenancy
Multi
Listing Agency:
Keller Williams Hudson Valley Realty & United
Listed By:
Jonathon Z. Lee
(917) 747-6688
Source:
Elliman
Added: Aug 21
Changed: Oct 7
Last Checked: Oct 7 at 1:20PM
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 Keller Williams Hudson Valley Realty & United
Investment Insights
Based on property information with market context.
This mixed-use building at 104 North St in Middletown, NY contains 8 apartments and 3 retail units. A comprehensive renovation completed at the end of 2022 upgraded the electrical and plumbing systems, kitchens, residential interiors, and commercial spaces. The property also has sprinklers and fire alarms and complies with current fire codes. Built in 1900, the building is fully rented and produces a 7% cap rate.
The property is next to the bus terminal serving NYC and sits at the intersection of North St and Railroad St in downtown Middletown. Restaurants, supermarkets, shops, City Hall, and the Heritage Trail extension are within walking distance. WalkScore is 69 and BikeScore is 27.
The property is next to the bus terminal serving NYC and sits at the intersection of North St and Railroad St in downtown Middletown. Restaurants, supermarkets, shops, City Hall, and the Heritage Trail extension are within walking distance. WalkScore is 69 and BikeScore is 27.
Key Highlights
- 8 apartments and 3 retail units in one mixed‑use building
- Full renovation completed at the end of 2022
- New electrical, plumbing, kitchens, apartments, and retail spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$219,789
Cap Rate
9.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,395,780
$4.4M
Cap Rate 7%
$3,139,843
$3.1M
Cap Rate 9%
$2,442,100
$2.4M
Market Conditions
NOI Build-Up for 11,750 SF
Gross rent
$414.5K $35.28/SF
− Vacancy
−$14.9K −$1.27/SF
EGI
$399.6K $34.01/SF
− OpEx
−$179.8K −$15.30/SF
NOI
$219.8K $18.71/SF
Area
Orange County, NY
Vacancy
3.60%
Lease Rate
$35.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,395,780
Cap Rate 7%
$3,139,843
Cap Rate 9%
$2,442,100
Alternative Uses
Best Use
Apartment 5plus
$3.14M
$2.75M – $3.66M
NOI $219,789 @ 7.0% cap · market cap 9.16%
Second Best
Retail
$2.04M
$1.79M – $2.38M
NOI $143,016 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$3.98M
$3.48M – $4.64M
NOI $278,571 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,479
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased property combines apartment residences with street-level retail space in a walkable downtown setting.
Where is this mixed-use property located?
The property is located at 104 North St Middletown, NY.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 8 apartments and 3 retail units in one mixed‑use building; Full renovation completed at the end of 2022; New electrical, plumbing, kitchens, apartments, and retail spaces
