Historic Storefront
New
For Sale
$935,000
11 Railroad Plaza, Millerton, NY 12546
Historic character combines with updated electrical, heating, and air-conditioning systems for a flexible commercial setting.
Property Size2,400 SF
Price / SF$214.06
Days on Market4
Property Features for 11 Railroad Plaza
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Commercial
Building Details
Year Built
1850
Buildings
1
Building Size
2,400 SF
Listing Agency:
Houlihan Lawrence
Listed By:
Shaylene Neumann · License #RES.0774531
(203) 948-4655
Source:
Lockandkeyre
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 6 at 3:46AM
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 Houlihan Lawrence
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.
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 = 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
$55,889
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
5.98%
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%
$1,117,780
$1.1M
Cap Rate 7%
$798,414
$798.4K
Cap Rate 9%
$620,989
$621.0K
Market Conditions
NOI Build-Up for 4,368 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
$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 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%
$1,117,780
Cap Rate 7%
$798,414
Cap Rate 9%
$620,989
Alternative Uses
Best Use
Retail
$798.4K
$698.6K – $931.5K
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
NOI $92,039 @ 7.0% cap · market cap 9.84%
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
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
Questions? Ask Rey
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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 Plaza 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
