Bank Building With
For Sale
$880,000
Pending
357 E Main Street, Middletown, NY 10940
Commercial Sale, Middletown, NY
Property Size3,192 SF
Lot Size1.00 Acre
Days on Market303
Property Features for 357 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Rooms
Basement
Parking
24
Basement
Unfinished, Full
Standard status
Pending
APN
335200-074-000-0010-007.200-0000
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
18173
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
central AC
full basement
Building Details
Floors in Building
1
Building materials
Frame
Listing Agency:
Keller Williams Hudson Valley · Keller Williams Realty
(845) 610-6065
Listed By:
Hai Li
(646) 628-6957
Added: Nov 6, 2025
Changed: Aug 20
Last Checked: Sep 5 at 9:06AM
MLS# 932772
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.
This 2010 frame building at 357 E Main Street provides 3,192 square feet of commercial space on a 1-acre parcel. The property includes a drive-through window, 24 dedicated parking spaces, central air conditioning, a full basement, heat pump heating, public water, and public sewer. Rhinebeck Bank currently occupies the building, with availability scheduled for February 1, 2026.
The property is positioned along E Main Street in Middletown, NY, with an average daily traffic count of 11,189. Its existing bank-oriented configuration and drive-through component also support consideration for financial services or retail use, as identified in the property information.
The property is positioned along E Main Street in Middletown, NY, with an average daily traffic count of 11,189. Its existing bank-oriented configuration and drive-through component also support consideration for financial services or retail use, as identified in the property information.
Key Highlights
- 3,192 SF 2010 commercial building on a 1‑acre parcel
- Drive‑through window included
- 24 dedicated parking spaces
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
$38,852
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
4.42%
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%
$777,040
$777.0K
Cap Rate 7%
$555,029
$555.0K
Cap Rate 9%
$431,689
$431.7K
Market Conditions
NOI Build-Up for 3,192 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
$57.5K $18.00/SF
− Vacancy
−$2.0K −$0.61/SF
EGI
$55.5K $17.39/SF
− OpEx
−$16.7K −$5.22/SF
NOI
$38.9K $12.17/SF
Area
Orange County, NY
Vacancy
3.40%
Lease Rate
$18.00 /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%
$777,040
Cap Rate 7%
$555,029
Cap Rate 9%
$431,689
Alternative Uses
Best Use
Retail
$555.0K
$485.7K – $647.5K
NOI $38,852 @ 7.0% cap · market cap 4.42%
Second Best
Specialty Retail
$396.4K
$346.9K – $462.5K
NOI $27,751 @ 7.0% cap · market cap 3.15%
Theoretical Best
Office A
$1.08M
$946.0K – $1.26M
NOI $75,676 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11,189 VPD
Traffic count
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
34k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 93%
Dining 7%
Cumberland Farms
Shops & Services
12,389 visits/mo
Valero Energy
Shops & Services
6,681 visits/mo
0.1 miles
Family Dollar
Shops & Services
6,635 visits/mo
0.5 miles
Advance Auto Parts
Shops & Services
4,836 visits/mo
0.5 miles
Domino's Pizza
Dining
2,389 visits/mo
0.2 miles
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 Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Well-maintained commercial property with drive-through service, dedicated parking, central air, and a full basement.
Where is this bank located?
The property is located at 357 E Main Street Middletown, NY.
What is the asking price?
The asking price for this property is $880,000.
What are key features of this property?
This property features: 3,192 SF 2010 commercial building on a 1‑acre parcel; Drive‑through window included; 24 dedicated parking spaces
