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    21 Laurel Avenue Cornwall, NY 12518

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    For Lease
    $18 SF/Yr

    Class-A medical office suites for lease on hospital campus.

    Type:Commercial
    Lot size:
    11.10 Acres
    Added:
    May 14, 2025
    Days on Market:
    323
    Last Refresh:
    Mar 29 at 9:44 pm

    Property Features for 21 Laurel Avenue

    General Information

    Standard status
    Active
    Lot size
    11.10 Acres
    Property subtype
    Commercial

    We can help!

    Listing Contact
    HILARY R. GOLDMAN
    HILARY R. GOLDMAN

    Listing agent HILARY R. GOLDMAN License #10401341414

    Listing office RAND COMMERCIAL

    Listing date May 14, 2025

    Source Corcoran

    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 RAND COMMERCIAL

    Overview

    Modern Medical Office Space Available

    Located on the Montefiore St. Luke's Cornwall Campus, this modern Class-A medical office building offers a light-filled, two-story atrium that provides a welcoming entry. The property features spacious suites with configurations designed to maximize workspace efficiency. Contiguous units can be combined to accommodate larger practices, and full build-outs are available with a selection of finishes for customization. The property is professionally managed. Available upper-level suites include Suite 210, which is 1687 square feet and features a waiting room, reception area, 5 exam rooms, and a restroom. Suites 230 and 250 are combined to create Suite 240, offering 4040 square feet with large reception and waiting rooms, 13 exam rooms, and 2 restrooms. Suite 270 is currently used for storage but can be made available. Suite 260 is a large corner unit with 2857 square feet, a combined lobby/reception area, 9 exam rooms, and 3 bathrooms. Adjoining Suite 280 offers 4068 square feet, with a large lobby and reception rooms, 12 exam rooms, and 2 bathrooms. Ample parking is available in a large, level lot, and exterior signage is available. A bus stop is located at the front door. The Salisbury Mills/Cornwall train station is 4.5 miles away, and Stewart Airport is 7 miles away. The junction of I-84 and I-87 is just 8 miles away in Newburgh, and I-87 and Route 17/Future I-86 are in Central Valley.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Fugo Jonathan R ... Physician St. Luke’s Cornwall ... Medical Group Dr. Jeffrey Klein, ... Physician Michael Sayegh MD Ophthalmologist ENT Faculty Practice Physician

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cornwall
    County
    Orange
    State
    New York
    Longitude
    -74.0432
    Latitude
    41.4356

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    FAQs

    What type of property is this?
    Medical Office Space - Class-A medical office suites for lease on hospital campus.
    Where is this medical office space located?
    The property is located at 21 Laurel Avenue Cornwall, NY.
    What is the lease rate?
    The lease rate is $18 SF/Yr.
    What are key features of this property?
    This property features: Class‑A Medical Office Building (MOB) on Montefiore St. Luke's Cornwall Campus.; Spacious suites with flexible configurations and build‑out options for customization.; Ample parking and exterior signage available.
    (845) 294-3100
    We can help!
    Listing Contact
    HILARY R. GOLDMAN
    HILARY R. GOLDMAN
    Real Estate License ID: 10401341414
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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