Building Details

Year built 1850

Flooring type Wood

Listing Agency: Houlihan Lawrence r***@neumannrealestate.com Show Phone

Listed By: Shaylene Neumann Show Phone

Added: Sep 4 Changed: Oct 20 Last Checked: Oct 22 at 12:06PM

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MLS# 24204608

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Investment Insights

Based on property information with market context.

This historic commercial storefront at 11 Railroad Plaza dates to 1850 and was originally constructed by the New York Central Railroad as a warehouse. The building was moved to its current location in the 1960s and retains wood flooring, while updated electrical service, zoned heating, and central air support ongoing commercial use. The property also includes two bathrooms, lighting, and public water service.

A private parking lot provides approximately 75+ spaces. The property is located in the Village of Millerton business district and carries Commercial zoning. Its prior business uses have included a flower shop and hair salons, and the property information identifies potential applications including retail, office, studio, owner-user, investor, and other permitted commercial uses.

Key Highlights

• Historic commercial storefront constructed in 1850
• Originally built by the New York Central Railroad as a railroad warehouse
• Relocated to the current site 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.

Lease Details

Yes

Utilities to site

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 - Commercial building with updated electrical, heating, and air-conditioning systems in Millerton’s business district.

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: Historic commercial storefront constructed in 1850; Originally built by the New York Central Railroad as a railroad warehouse; Relocated to the current site in the 1960s