Building Details

Year Built 1850

Buildings 1

Building Size 2,400 SF

Listing Agency: Houlihan Lawrence k***@houlihanlawrence.com Show Phone

Listed By: Shaylene Neumann · License #RES.0774531 Show Phone

Source: Lockandkeyre

Added: Sep 4 Changed: Oct 21 Last Checked: Oct 20 at 11:13PM

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Investment Insights

Based on property information with market context.

This approximately 2,400-square-foot commercial building dates to 1850 and was originally constructed by the New York Central Railroad as a warehouse. The structure was moved to its current location in the 1960s and retains its historic character while incorporating updated electrical service, heating, and air conditioning. The property has accommodated local businesses including a flower shop and hair salons, and its commercial configuration supports retail, office, studio, or other permitted commercial uses.

Set within the Village of Millerton business district, the property includes a large private parking lot with approximately 75+ spaces. The combination of a distinctive historic structure, modernized building systems, commercial zoning, and substantial on-site parking provides a practical base for an owner-user, retail operator, office user, or studio.

Key Highlights

• Approximately 2,400 square feet of commercial building area
• Built in 1850 by the New York Central Railroad as a warehouse
• Relocated to its current location in the 1960s

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$55,889

Cap Rate

5.98%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,117,780 $1.1M

Cap Rate 7%

$798,414 $798.4K

Cap Rate 9%

$620,989 $621.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,368 SF

Gross rent

$83.3K $19.08/SF

− Vacancy

−$3.5K −$0.80/SF

EGI

$79.8K $18.28/SF

− OpEx

−$24.0K −$5.48/SF

NOI

$55.9K $12.80/SF

Area

Dutchess County, NY

Vacancy

4.20%

Lease Rate

$19.08 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,117,780

Cap Rate 7%

$798,414

Cap Rate 9%

$620,989

Alternative Uses

Best Use

Retail

$798.4K

$698.6K – $931.5K (±1% cap)

NOI $55,889 @ 7.0% cap · market cap 5.98%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.31M

$1.15M – $1.53M (±1% cap)

NOI $92,039 @ 7.0% cap · market cap 9.84%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Parking Lot & Garage HVAC Service Electrical Service Building Supply Storage Facility Furniture & Home Goods

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1

Businesses Nearby

Well-served

Demand for This Use

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 Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

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Frequently Asked Questions

What type of property is this?

Storefront property - Historic character combines with updated electrical, heating, and air-conditioning systems for a flexible commercial setting.

Where is this storefront property located?

The property is located at 11 Railroad Millerton, NY.

What is the asking price?

The asking price for this property is $935,000.

What are key features of this property?

This property features: Approximately 2,400 square feet of commercial building area; Built in 1850 by the New York Central Railroad as a warehouse; Relocated to its current location in the 1960s