Millerton Commercial Property with
For Sale
$975,000
135 Route 44, Millerton, NY 12546
Versatile commercial space near Millerton with ample parking.
Property Size2,560 SF
Lot Size0.82 Acres
Price / SF$380.86
Days on Market185
Property Features for 135 Route 44
General Information
Standard status
Active
Size
2,560 SF
Lot size
0.82 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$8,055
Amenities
Central air
Central Air Cooling
Driveway
Forced Air Heating
Propane Heating
Building Details
Year Built
1957
Listing Agency:
ELYSE HARNEY REAL ESTATE
(518) 789-8800
Listed By:
ARLEEN M. SHEPLEY
Source:
Corcoran
Added: Feb 6
Changed: Aug 8
Last Checked: Apr 24 at 6:32PM
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 ELYSE HARNEY REAL ESTATE
Investment Insights
Based on property information with market context.
This commercial property, located at the edge of the Village of Millerton, offers approximately 2,560 square feet of space in a highly visible and easily accessible location. The property is divided into two separate units. The larger, light-filled unit features a flexible layout suitable for various business uses, accommodating two to three private offices, along with a spacious waiting room, lobby, or retail area. The second, smaller unit includes a main office with an additional comfortable area ideal for administrative support, workspace, or a sitting area. Each unit includes a kitchenette for convenience. The property provides ample on-site parking for up to 20 vehicles. Situated near the Village of Millerton and minutes from Salisbury, Sharon, and Lakeville, Connecticut, the property is also approximately 10 minutes from the Wassaic Metro-North station, offering rail access to the greater Hudson Valley and New York City. This location is suited for businesses serving local and regional clientele.
Key Highlights
- Highly visible and easily accessible location at the edge of the Village of Millerton.
- Two separate units offer flexible layouts suitable for various business uses.
- Ample on‑site parking for up to 20 vehicles.
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
$40,974
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
4.20%
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%
$819,480
$819.5K
Cap Rate 7%
$585,343
$585.3K
Cap Rate 9%
$455,267
$455.3K
Market Conditions
NOI Build-Up for 2,560 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
$70.0K $27.36/SF
− Vacancy
−$15.4K −$6.02/SF
EGI
$54.6K $21.34/SF
− OpEx
−$13.7K −$5.34/SF
NOI
$41.0K $16.01/SF
Area
Dutchess County, NY
Vacancy
22.00%
Lease Rate
$27.36 /SF/Yr
Expense Ratio
25.00%
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%
$819,480
Cap Rate 7%
$585,343
Cap Rate 9%
$455,267
Alternative Uses
Best Use
Office B
$585.3K
$512.2K – $682.9K
NOI $40,974 @ 7.0% cap · market cap 4.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$770.6K
$674.3K – $899.0K
NOI $53,942 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
267
Businesses Nearby
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 Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Versatile commercial space near Millerton with ample parking.
Where is this office units located?
The property is located at 135 Route 44 Millerton, NY.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Highly visible and easily accessible location at the edge of the Village of Millerton.; Two separate units offer flexible layouts suitable for various business uses.; Ample on‑site parking for up to 20 vehicles.
