Revitalized Mixed-Use
For Sale
$799,000
3 Main Street, Wassaic, NY 12592
Historic barn with HM zoning and adaptable office, retail, studio, and workshop areas.
Property Size10,640 SF
Price / SF$75.09
Days on Market8
Property Features for 3 Main Street
General Information
Standard status
Active
Size
10,640 SF
Property subtype
Commercial
Zoning
HM
Site & Location
Road Access
Yes
Public Transit
Yes
Additional Details
Office Units
1
Taxes and HOA fees
Annual Taxes
$8,316
Amenities
outdoor seating
bicycle racks
walk-in cooler
reclaimed planting areas
Historic District
Level
On Street
Radiant Heating
Building Details
Year Built
1920
Year Renovated
2023
Buildings
2
Stories
2
Building Size
10,640 SF
Construction
barn
Tenancy
Multi
Listing Agency:
MCGRATH REALTY INC
(845) 855-5550
Listed By:
BRIAN MCGRATH · License #REB.0791807
Source:
Corcoran
Added: Aug 4
Changed: Aug 11
Last Checked: Aug 10 at 3:45AM
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 MCGRATH REALTY INC
Investment Insights
Based on property information with market context.
This 10,640 SF mixed-use property occupies a renovated 1920 barn with two levels and a combination of finished commercial areas, raw space, storage, and building infrastructure. Work completed from 2017 to 2023 included exterior improvements, custom millwork, cabinetry, paneling, acoustic treatments, and structural review. The first floor contains a 1,200 SF market and commercial kitchen area, 3,600 SF of retail space, plus a 520 SF section with an office, two bathrooms, and mechanical systems. The second floor adds 3,600 SF of unfinished space with 20-foot ceilings, along with 1,720 SF used for mechanical systems and storage. HM zoning and the existing configuration support a range of office, retail, arts instruction, studio, workshop, and storage applications.
A 748 SF storage shed is connected by concrete sidewalk and includes a 12 x 6 commercial-grade walk-in cooler. Outdoor improvements include seating, bicycle racks, reclaimed planting areas, and views toward the bordering stream. The property is on Main Street in Wassaic Hamlet, near the Wassaic Art Project, Lantern Inn, Ten Mile Table, Calsi’s General Store, the local post office, Wassaic Metro-North station, Route 22, and the Harlem Valley Rail Trail.
A 748 SF storage shed is connected by concrete sidewalk and includes a 12 x 6 commercial-grade walk-in cooler. Outdoor improvements include seating, bicycle racks, reclaimed planting areas, and views toward the bordering stream. The property is on Main Street in Wassaic Hamlet, near the Wassaic Art Project, Lantern Inn, Ten Mile Table, Calsi’s General Store, the local post office, Wassaic Metro-North station, Route 22, and the Harlem Valley Rail Trail.
Key Highlights
- 10,640 SF renovated mixed‑use barn with HM zoning
- First floor includes 1,200 SF market and commercial kitchen area plus 3,600 SF of retail space
- Second floor provides 3,600 SF of raw space with 20‑foot ceilings
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
$65,806
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
8.24%
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%
$1,316,120
$1.3M
Cap Rate 7%
$940,086
$940.1K
Cap Rate 9%
$731,178
$731.2K
Market Conditions
NOI Build-Up for 10,640 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
$100.9K $9.48/SF
− Vacancy
−$6.9K −$0.64/SF
EGI
$94.0K $8.84/SF
− OpEx
−$28.2K −$2.65/SF
NOI
$65.8K $6.18/SF
Area
Dutchess County, NY
Vacancy
6.80%
Lease Rate
$9.48 /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%
$1,316,120
Cap Rate 7%
$940,086
Cap Rate 9%
$731,178
Alternative Uses
Best Use
Specialty Retail
$2.75M
$2.41M – $3.21M
NOI $192,650 @ 7.0% cap · market cap 24.11%
Second Best
Office B
$2.43M
$2.13M – $2.84M
NOI $170,300 @ 7.0% cap · market cap 21.31%
Theoretical Best
Office A
$3.20M
$2.80M – $3.74M
NOI $224,198 @ 7.0% cap · market cap 28.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Explore this area
Business Placement
Demographics for 12592, NY
1,230
Population
508
Households
2.4
Avg Household Size
45
Median Age
28%
College-Educated
83%
High-School Grad
14.9 sq mi
ZIP Area
83
Density / Sq Mi
$72,188
Median Household Income
$46,658
Median Earnings
$854
Median Rent
$264,900
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 - Historic barn with HM zoning and adaptable office, retail, studio, and workshop areas.
Where is this mixed-use property located?
The property is located at 3 Main Street Wassaic, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 10,640 SF renovated mixed‑use barn with HM zoning; First floor includes 1,200 SF market and commercial kitchen area plus 3,600 SF of retail space; Second floor provides 3,600 SF of raw space with 20‑foot ceilings
