Mixed-Use Corner Retail and
For Sale
$550,000
36 Wallkill Avenue, Middletown, NY 10940
High-visibility corner property combining first-floor retail with two renovated, move-in-ready apartments above.
Property Size1,919 SF
Price / SF$286.61
Days on Market51
Property Features for 36 Wallkill Avenue
General Information
Standard status
Active
Size
1,919 SF
Property subtype
Commercial
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,307
Amenities
Corner Lot
Detached
Driveway
Forced Air Heating
Level
Natural Gas Heating
Near Public Transit
Building Details
Year Built
1900
Stories
2
Tenancy
Multi
Listing Agency:
KELLER WILLIAMS HUDSON VALLEY
(845) 610-6065
Listed By:
JONATHON Z. LEE
Source:
Corcoran
Added: Jun 30
Changed: Aug 19
Last Checked: Aug 19 at 8:55AM
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 HUDSON VALLEY
Investment Insights
Based on property information with market context.
This mixed-use property offers a first-floor commercial storefront totaling 1,919 sq. ft. and two newly renovated two-bedroom apartments on the second floor totaling approximately 1,727 sq. ft. The residential units each include two bedrooms, a full bath, a kitchen, and a spacious living room. The three units have been updated and are presented as move-in/rent-ready.
The commercial and residential space are positioned on a high-visibility corner at a traffic light, supporting street-facing access for retail users. Parking is available via driveway parking and a detached one-car garage, with additional on-street parking nearby.
The storefront is a practical fit for personal care and wellness uses such as a hair salon, barbershop, skincare or beauty spa, nail salon, or similar service concepts, subject to municipal approvals. For an owner-occupant, the layout supports operating retail below while living in one of the apartments above; for investors, it provides on-site rental income from two residential units in a single, updated property.
The commercial and residential space are positioned on a high-visibility corner at a traffic light, supporting street-facing access for retail users. Parking is available via driveway parking and a detached one-car garage, with additional on-street parking nearby.
The storefront is a practical fit for personal care and wellness uses such as a hair salon, barbershop, skincare or beauty spa, nail salon, or similar service concepts, subject to municipal approvals. For an owner-occupant, the layout supports operating retail below while living in one of the apartments above; for investors, it provides on-site rental income from two residential units in a single, updated property.
Key Highlights
- 1900‑built mixed‑use property with first‑floor commercial storefront plus two residential apartments
- 1,919 sq. ft. first‑floor commercial space with updates and move‑in/rent‑ready status
- Two newly renovated 2‑bedroom apartments on the second floor totaling approx. 1,727 sq. ft.
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
$38,142
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
6.93%
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%
$762,840
$762.8K
Cap Rate 7%
$544,886
$544.9K
Cap Rate 9%
$423,800
$423.8K
Market Conditions
NOI Build-Up for 1,919 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
$56.4K $29.40/SF
− Vacancy
−$1.9K −$1.01/SF
EGI
$54.5K $28.39/SF
− OpEx
−$16.3K −$8.52/SF
NOI
$38.1K $19.88/SF
Area
Orange County, NY
Vacancy
3.42%
Lease Rate
$29.40 /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%
$762,840
Cap Rate 7%
$544,886
Cap Rate 9%
$423,800
Alternative Uses
Best Use
Multifamily LT 5
$544.9K
$476.8K – $635.7K
NOI $38,142 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$512.8K
$448.7K – $598.3K
NOI $35,896 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$649.9K
$568.7K – $758.3K
NOI $45,496 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,214
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - High-visibility corner property combining first-floor retail with two renovated, move-in-ready apartments above.
Where is this mixed-use property located?
The property is located at 36 Wallkill Avenue Middletown, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1900‑built mixed‑use property with first‑floor commercial storefront plus two residential apartments; 1,919 sq. ft. first‑floor commercial space with updates and move‑in/rent‑ready status; Two newly renovated 2‑bedroom apartments on the second floor totaling approx. 1,727 sq. ft.
