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    Versatile Commercial Space on Route 17K Title is generated by Realmo AI

    2824 State Route 17K, Middletown, NY 10941

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    Claim this Listing
    For Lease
    $3,800/Mo $14 SF/Yr (calc)

    COMMERCIAL - Middletown, NY

    Property size:
    3,136 SF
    Lot size:
    4.10 Acres
    Added:
    Jan 29, 2026
    Days on Market:
    104
    Last Refresh:
    May 13 at 12:06 am

    Property Features for 2824 State Route 17K

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    BP
    Standard status
    Active
    APN
    332600-025-000-0001-013.000-0000
    Size
    3,136 SF
    Lot size
    4.10 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    11531

    Utilities

    Utilities
    Cable Available
    Sewer type
    Septic Tank
    Heating system
    Forced Air, Propane (Heating)
    Cooling system
    Central Air
    Water source
    Well

    Building Details

    Year built
    1959
    Floors in Building
    2

    We can help!

    Listing Contact
    Richard Baxter
    Richard Baxter

    Listing agent Richard Baxter License #10401254733

    Listing office Keller Williams Realty 69 Brookside Ave. Ste 225, Chester, NY

    Listing date Jan 29, 2026

    MLS# 954634

    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.

    HighLights

    • Highly visible location on Route 17K in Middletown.
    • 3,136 sqft of versatile warehouse and office space, or individual suites available.
    • Utilities included in the rent.
    • Functional office space, reception area, and restrooms.
    • Heavy‑duty warehouse zones with high ceilings and overhead bay doors.
    • Abundant fleet parking and ample room for outdoor storage.

    Overview

    This commercial lease offers 3,136 total square feet of warehouse and office space on Route 17K in Middletown. Tenants have the option to lease the entire facility or select from three individual suites measuring 1,470 square feet, 1,050 square feet, and 636 square feet. All utilities are included in the rent. The property combines functional administrative office space, a reception area, and restrooms with heavy-duty warehouse zones that feature high ceilings, generous clear spans, and multiple overhead bay doors. It is suited for light industrial, automotive, distribution, or contractor use. The property provides fleet parking, maneuverability for heavy equipment, and outdoor storage along a commercial corridor. The property is zoned BP and situated on a 4.1-acre lot in Orange County. Permitted uses must be verified with the local municipality.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Gym & Fitness Center Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Middletown
    County
    Orange
    State
    New York
    Longitude
    -74.357532
    Latitude
    41.541556

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    FAQs

    What type of property is this?
    Flex space - Flexible warehouse and office space available for lease in Middletown.
    Where is this flex space located?
    The property is located at 2824 State Route 17K Middletown, NY.
    What is the lease rate?
    The lease rate is $3,800 /Mo.
    What are key features of this property?
    This property features: Highly visible location on Route 17K in Middletown.; 3,136 sqft of versatile warehouse and office space, or individual suites available.; Utilities included in the rent.
    (845) 494-4715
    We can help!
    Listing Contact
    Richard Baxter
    Richard Baxter
    Real Estate License ID: 10401254733
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    2824 State Route 17K, Middletown, NY 10941
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