Multi-Level Mixed-Use
New
For Sale
$1,900,000
28 Henry St 22, Middletown, NY 10940
Restaurant occupancy combines with production, storage, and upper-floor redevelopment capacity.
Property Size15,894 SF
Days on Market2
Property Features for 28 Henry St 22
General Information
Standard status
Active
Size
15,894 SF
Property subtype
Commercial
Zoning
DMU
Taxes and HOA fees
Annual Taxes
$1,598
Building Details
Building Size
15,894 SF
Buildings
1
Listing Agency:
KELLER WILLIAMS REALTY
(845) 629-5854
Listed By:
Peter Berman · License #10401392566
(845) 629-5854
Source:
Elliman
Added: Aug 15
Changed: Aug 16
Last Checked: Aug 16 at 4:14AM
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 KELLER WILLIAMS REALTY
Investment Insights
Based on property information with market context.
This multi-level mixed-use property combines an operating ground-floor restaurant with substantial space for commercial operations. The main level includes an industrial production area, while the building also provides a full basement and dedicated lift access. The existing configuration supports food manufacturing, warehousing, and light distribution uses described for the property.
Upper floors are identified for potential residential conversion, including apartment or urban loft concepts. The building is located in downtown Middletown within the Downtown Mixed-Use (DMU) Zone and is adjacent to a municipal parking lot that can support parking and loading needs. The property was formerly occupied by Equilibrium Brewery before that business relocated to 2 South St, Middletown, NY.
Upper floors are identified for potential residential conversion, including apartment or urban loft concepts. The building is located in downtown Middletown within the Downtown Mixed-Use (DMU) Zone and is adjacent to a municipal parking lot that can support parking and loading needs. The property was formerly occupied by Equilibrium Brewery before that business relocated to 2 South St, Middletown, NY.
Key Highlights
- Multi‑level building with a ground‑floor restaurant tenant
- Main‑level industrial production area, full basement, and dedicated lift access
- Space identified for food manufacturing, warehousing, or light distribution
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
$157,434
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
8.29%
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%
$3,148,680
$3.1M
Cap Rate 7%
$2,249,057
$2.2M
Cap Rate 9%
$1,749,267
$1.7M
Market Conditions
NOI Build-Up for 15,894 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
$223.2K $14.04/SF
− Vacancy
−$37.9K −$2.39/SF
EGI
$185.2K $11.65/SF
− OpEx
−$27.8K −$1.75/SF
NOI
$157.4K $9.91/SF
Area
Orange County, NY
Vacancy
17.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
15.00%
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%
$3,148,680
Cap Rate 7%
$2,249,057
Cap Rate 9%
$1,749,267
Alternative Uses
Best Use
Warehouse
$2.25M
$1.97M – $2.62M
NOI $157,434 @ 7.0% cap · market cap 8.29%
Second Best
Mixed Use
$1.98M
$1.73M – $2.31M
NOI $138,397 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$5.38M
$4.71M – $6.28M
NOI $376,817 @ 7.0% cap · market cap 19.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,397
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?
Mixed-use property - Restaurant occupancy combines with production, storage, and upper-floor redevelopment capacity.
Where is this mixed-use property located?
The property is located at 28 Henry St 22 Middletown, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Multi‑level building with a ground‑floor restaurant tenant; Main‑level industrial production area, full basement, and dedicated lift access; Space identified for food manufacturing, warehousing, or light distribution
