Flex Warehouse with Office
For Sale
$825,000
7401 Broadway, Red Hook, NY 12571
Large flex building with glass entry, ample parking, offices, and two kitchenettes plus a central bathroom.
Property Size6,200 SF
Price / SF$133.06
Days on Market2221
Property Features for 7401 Broadway
General Information
Standard status
Active
Size
6,200 SF
Property subtype
Office
Additional Details
Road Access
Yes
Amenities
Central Air
3
Rubber
Parking.
1-25 Spaces, Off Street, Paved Driveway.
County Road, Easements.
Building Details
Year Built
1990
Stories
1
Tenancy
Multi
Listing Agency:
UPSTATE DOWN RH
Listed By:
JONATHAN BERRY · License #10401325347
(718) 406-5210
Source:
Xome
Added: Aug 7, 2020
Changed: Sep 2
Last Checked: Sep 4 at 4:07AM
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 UPSTATE DOWN RH
Investment Insights
Based on property information with market context.
This large flex-style property includes approximately 6,200 square feet that was previously used as an open warehouse and has been used for office space. The front area features ample parking and a glass entrance that provides good indoor visibility. Inside, there are two kitchenettes and one central bathroom, along with separating walls that can be reworked or removed.
The property is located on Route 9 in Red Hook, NY, offering straightforward access via the parking area at the front of the building.
Currently, two tenants occupy the building under a one-year lease.
The property is located on Route 9 in Red Hook, NY, offering straightforward access via the parking area at the front of the building.
Currently, two tenants occupy the building under a one-year lease.
Key Highlights
- Approximately 6,200 SF commercial flex building in Red Hook with offices and a former open warehouse layout
- Glass entry at the front area with indoor visibility and separating walls that can be reworked or removed
- Two kitchenettes and one central bathroom
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
$38,345
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
4.65%
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%
$766,900
$766.9K
Cap Rate 7%
$547,786
$547.8K
Cap Rate 9%
$426,056
$426.1K
Market Conditions
NOI Build-Up for 6,200 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
$58.8K $9.48/SF
− Vacancy
−$4.0K −$0.64/SF
EGI
$54.8K $8.84/SF
− OpEx
−$16.4K −$2.65/SF
NOI
$38.3K $6.18/SF
Area
Dutchess County, NY
Vacancy
6.80%
Lease Rate
$9.48 /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%
$766,900
Cap Rate 7%
$547,786
Cap Rate 9%
$426,056
Alternative Uses
Best Use
Flex RnD
$1.45M
$1.27M – $1.70M
NOI $101,774 @ 7.0% cap · market cap 12.34%
Second Best
Office B
$1.42M
$1.24M – $1.65M
NOI $99,235 @ 7.0% cap · market cap 12.03%
Theoretical Best
Office A
$1.87M
$1.63M – $2.18M
NOI $130,642 @ 7.0% cap · market cap 15.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12571, NY
9,600
Population
4,454
Households
2.2
Avg Household Size
47
Median Age
52%
College-Educated
95%
High-School Grad
58.1 sq mi
ZIP Area
165
Density / Sq Mi
$115,200
Median Household Income
$54,338
Median Earnings
$1,338
Median Rent
$386,300
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Large flex building with glass entry, ample parking, offices, and two kitchenettes plus a central bathroom.
Where is this flex space located?
The property is located at 7401 Broadway Red Hook, NY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Approximately 6,200 SF commercial flex building in Red Hook with offices and a former open warehouse layout; Glass entry at the front area with indoor visibility and separating walls that can be reworked or removed; Two kitchenettes and one central bathroom
