Brewery and Restaurant Event
For Sale
$2,575,000
22 Cottage Street, Middletown, NY 10940
COMMERCIAL - Middletown, NY
Property Size24,000 SF
Lot Size0.83 Acres
Price / SF$107.29
Days on Market349
Property Features for 22 Cottage Street
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Basement
Partial
Standard status
Active
APN
330900-031-000-0004-001.120-0000
Lot size
0.83 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
64000
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
axe-throwing venue
banquet room
Building Details
Number of units
6
Building materials
Block, Brick, Frame
Listing Agency:
Keller Williams Realty
(845) 928-8000
Listed By:
Chris Scibelli · License #10491200206
(845) 494-3749
Added: Aug 28, 2025
Changed: Aug 4
Last Checked: Aug 11 at 8:06PM
MLS# 906495
Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 22 Cottage Street in Middletown, NY, this brewery and restaurant occupies a renovated 19th-century hacksaw factory. The property includes a main taproom, banquet room, separate entertainment area with axe-throwing lanes, and approximately 24,000 square feet of creative entertaining space. A full food menu, live music, DJ nights, trivia, seasonal programming, and private-event hosting support the venue’s operating concept.
Outdoor amenities include a 7,500-square-foot area with a stone facade and red-brick patio, used for seasonal dining, drinking, and private parties. Five residential apartments incorporate the building’s industrial design elements. The property has public parking, natural-gas heating, central air, public water, and public sewer. The operating business has event bookings extending into 2026.
Outdoor amenities include a 7,500-square-foot area with a stone facade and red-brick patio, used for seasonal dining, drinking, and private parties. Five residential apartments incorporate the building’s industrial design elements. The property has public parking, natural-gas heating, central air, public water, and public sewer. The operating business has event bookings extending into 2026.
Key Highlights
- Renovated 19th‑century hacksaw factory at 22 Cottage Street, Middletown, NY
- Approximately 24,000 square feet of brewery, dining, entertainment, and event space
- 7,500‑square‑foot outdoor area with stone facade and red‑brick patio
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
$208,656
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
8.10%
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%
$4,173,120
$4.2M
Cap Rate 7%
$2,980,800
$3.0M
Cap Rate 9%
$2,318,400
$2.3M
Market Conditions
NOI Build-Up for 24,000 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
$288.0K $12.00/SF
− Vacancy
−$9.8K −$0.41/SF
EGI
$278.2K $11.59/SF
− OpEx
−$69.6K −$2.90/SF
NOI
$208.7K $8.69/SF
Area
Orange County, NY
Vacancy
3.40%
Lease Rate
$12.00 /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%
$4,173,120
Cap Rate 7%
$2,980,800
Cap Rate 9%
$2,318,400
Alternative Uses
Best Use
Apartment 5plus
$6.41M
$5.61M – $7.48M
NOI $448,931 @ 7.0% cap · market cap 17.43%
Second Best
Specialty Retail
$2.98M
$2.61M – $3.48M
NOI $208,656 @ 7.0% cap · market cap 8.10%
Theoretical Best
Office A
$8.13M
$7.11M – $9.48M
NOI $568,996 @ 7.0% cap · market cap 22.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,550
Businesses Nearby
Explore this area
Business Placement
Demographics for 10940, NY
52,803
Population
19,930
Households
2.6
Avg Household Size
39
Median Age
24%
College-Educated
86%
High-School Grad
63.1 sq mi
ZIP Area
837
Density / Sq Mi
$87,198
Median Household Income
$46,435
Median Earnings
$1,600
Median Rent
$301,400
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Brewery - Renovated industrial property combines craft brewing, dining, entertainment, private events, and five residential apartments.
Where is this brewery located?
The property is located at 22 Cottage Street Middletown, NY.
What is the asking price?
The asking price for this property is $2,575,000.
What are key features of this property?
This property features: Renovated 19th‑century hacksaw factory at 22 Cottage Street, Middletown, NY; Approximately 24,000 square feet of brewery, dining, entertainment, and event space; 7,500‑square‑foot outdoor area with stone facade and red‑brick patio
