Mixed-Use Building with Office
For Sale
$685,000
22-24 Main Street, Millerton, NY 12546
Village commercial property combining retail storefronts with professional office accommodations and multiple utility arrangements.
Property Size4,038 SF
Days on Market27
Property Features for 22-24 Main Street
General Information
Standard status
Active
Size
4,038 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,171,000
Building Details
Building Size
4,038 SF
Tenancy
Multi
Listing Agency:
DUTCHESS COUNTRY REALTY INC. M
(845) 702-4290
Listed By:
BRAD REBILLARD
(845) 702-4290
Source:
Alexandermadisonhomes
Added: Aug 4
Changed: Aug 29
Last Checked: Aug 29 at 11:57AM
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 DUTCHESS COUNTRY REALTY INC. M
Investment Insights
Based on property information with market context.
Located at 22-24 Main Street in Millerton, this mixed-use commercial building contains 3 commercial spaces along with 5 professional office spaces. The configuration combines retail and office functions within one village property, with commercial and professional suites serving distinct occupants.
Utility responsibilities vary by space. The retail and chiropractic office occupants pay their own utilities, while the landlord provides heat and electric for the second-floor offices. The property sits in the heart of the Village, within Millerton’s downtown setting of independent shops, galleries, antique stores, dining establishments, and cultural venues.
Utility responsibilities vary by space. The retail and chiropractic office occupants pay their own utilities, while the landlord provides heat and electric for the second-floor offices. The property sits in the heart of the Village, within Millerton’s downtown setting of independent shops, galleries, antique stores, dining establishments, and cultural venues.
Key Highlights
- Mixed‑use commercial building at 22‑24 Main Street, Millerton, NY 12546
- 3 commercial spaces plus 5 professional office spaces
- Retail and chiropractic office occupants pay all utilities
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
$51,666
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
7.54%
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%
$1,033,320
$1.0M
Cap Rate 7%
$738,086
$738.1K
Cap Rate 9%
$574,067
$574.1K
Market Conditions
NOI Build-Up for 4,038 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
$77.0K $19.08/SF
− Vacancy
−$3.2K −$0.80/SF
EGI
$73.8K $18.28/SF
− OpEx
−$22.1K −$5.48/SF
NOI
$51.7K $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 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%
$1,033,320
Cap Rate 7%
$738,086
Cap Rate 9%
$574,067
Alternative Uses
Best Use
Office B
$923.3K
$807.9K – $1.08M
NOI $64,631 @ 7.0% cap · market cap 9.44%
Second Best
Retail
$738.1K
$645.8K – $861.1K
NOI $51,666 @ 7.0% cap · market cap 7.54%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,086 @ 7.0% cap · market cap 12.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
275
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Village commercial property combining retail storefronts with professional office accommodations and multiple utility arrangements.
Where is this mixed-use property located?
The property is located at 22-24 Main Street Millerton, NY.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Mixed‑use commercial building at 22‑24 Main Street, Millerton, NY 12546; 3 commercial spaces plus 5 professional office spaces; Retail and chiropractic office occupants pay all utilities
