Two-Story Medical Office
For Sale
$648,000
11 Airport Dr, Wappingers Falls, NY 12590
Two-story building with office, exam rooms, reception, kitchenette, two bathrooms, and ample storage with separate entrances.
Property Size3,300 SF
Price / SF$196.36
Days on Market43
Property Features for 11 Airport Dr
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Commercial
Zoning
General Business
Additional Details
Traffic Count
16,000 vehicles/day
Building Details
Year Built
2002
Stories
2
Listing Agency:
Houlihan Lawrence Inc.
(973) 464-6434
Listed By:
Stacey J. Cronin · License #40CR1172859
(973) 464-6434
Source:
Elliman
Added: Jul 9
Changed: Jul 10
Last Checked: Aug 19 at 12:50PM
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 Inc.
Investment Insights
Based on property information with market context.
Offered for sale for the first time in over 20 years, this two-story professional building totals approximately 3,300 square feet and is currently operating as an animal care facility. The interior includes an office, exam rooms, reception and waiting area, kitchenette, two bathrooms, and ample storage. Separate client and employee entrances support more efficient day-to-day operations, and the layout offers a functional foundation for renovation or customization to suit a range of business needs.
The property is located at a high-visibility intersection of Route 376 and Airport Road, with more than 850 feet of road frontage and an average daily traffic count of approximately 16,000 vehicles. It also features expansive on-site parking. The building sits adjacent to Hudson Valley Regional Airport and the Airport Park Soccer Complex, in Wappingers Falls’ business corridor.
Zoned General Business, the property allows a wide variety of permitted uses, including medical, professional, financial, retail, office, and service-related businesses. With its existing improvements and flexible zoning, the building is positioned as a versatile option for owner-users and investors seeking a centrally exposed commercial facility.
The property is located at a high-visibility intersection of Route 376 and Airport Road, with more than 850 feet of road frontage and an average daily traffic count of approximately 16,000 vehicles. It also features expansive on-site parking. The building sits adjacent to Hudson Valley Regional Airport and the Airport Park Soccer Complex, in Wappingers Falls’ business corridor.
Zoned General Business, the property allows a wide variety of permitted uses, including medical, professional, financial, retail, office, and service-related businesses. With its existing improvements and flexible zoning, the building is positioned as a versatile option for owner-users and investors seeking a centrally exposed commercial facility.
Key Highlights
- 2002‑built two‑story professional building with approx. 3,300 SF and separate client and employee entrances
- Approx. 850+ ft of road frontage on Route 376 and Airport Road with average daily traffic of ~16,000 vehicles
- General Business zoning with permitted uses including medical, professional, financial, retail, office, and service‑related businesses
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
$53,163
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
8.20%
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%
$1,063,260
$1.1M
Cap Rate 7%
$759,471
$759.5K
Cap Rate 9%
$590,700
$590.7K
Market Conditions
NOI Build-Up for 3,300 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
$99.0K $30.00/SF
− Vacancy
−$10.4K −$3.15/SF
EGI
$88.6K $26.85/SF
− OpEx
−$35.4K −$10.74/SF
NOI
$53.2K $16.11/SF
Area
Dutchess County, NY
Vacancy
10.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
40.00%
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%
$1,063,260
Cap Rate 7%
$759,471
Cap Rate 9%
$590,700
Alternative Uses
Best Use
Healthcare Medical
$759.5K
$664.5K – $886.1K
NOI $53,163 @ 7.0% cap · market cap 8.20%
Second Best
Office B
$754.5K
$660.2K – $880.3K
NOI $52,818 @ 7.0% cap · market cap 8.15%
Theoretical Best
Office A
$993.4K
$869.2K – $1.16M
NOI $69,535 @ 7.0% cap · market cap 10.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 12590, NY
37,051
Population
14,563
Households
2.5
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
34.8 sq mi
ZIP Area
1,065
Density / Sq Mi
$98,252
Median Household Income
$52,861
Median Earnings
$1,674
Median Rent
$365,900
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Airport Veterinary Center — 11 Airport Dr, Wappingers Falls, NY 12590
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story building with office, exam rooms, reception, kitchenette, two bathrooms, and ample storage with separate entrances.
Where is this medical office space located?
The property is located at 11 Airport Dr Wappingers Falls, NY.
What is the asking price?
The asking price for this property is $648,000.
What are key features of this property?
This property features: 2002‑built two‑story professional building with approx. 3,300 SF and separate client and employee entrances; Approx. 850+ ft of road frontage on Route 376 and Airport Road with average daily traffic of ~16,000 vehicles; General Business zoning with permitted uses including medical, professional, financial, retail, office, and service‑related businesses
