Mixed-Use Retail and Residential
For Sale
$550,000
36 Wallkill Avenue, Middletown, NY 10940
MULTI_FAMILY - Middletown, NY
Property Size1,919 SF
Lot Size0.07 Acres
Price / SF$286.61
Days on Market48
Property Features for 36 Wallkill Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking
2
Parking features
Driveway
Basement
Unfinished
Lot features
Corner Lot, Level, Near Public Transit, Near School, Near Shops
Elementary school
Maple Hill Elementary School
Middle school
Middletown Twin Towers Middle Sch
High school
Middletown High School
Elementary school district
Middletown
Middle school district
Middletown
High school district
Middletown
Standard status
Active
APN
330900-025-000-0019-031.000-0000
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10307
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1900
Number of units
3
Building materials
Frame, Vinyl Siding
Listing Agency:
KW Hudson Valley United · Keller Williams Realty
(845) 610-6065
Listed By:
Jonathon Z. Lee
(917) 747-6688
Added: Jun 30
Changed: Jul 11
Last Checked: Aug 16 at 10:06AM
MLS# 1020113
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.
Located at 36 Wallkill Avenue in Middletown, this mixed-use building combines commercial and residential space in a high-visibility corner setting at a traffic light. The first floor includes a 1,919 sq. ft. storefront, while the second floor offers two newly renovated 2-bedroom apartments totaling approximately 1,727 sq. ft. Each apartment features 2 bedrooms, a full bath, a kitchen, and a spacious living room.
The storefront configuration is well suited for personal care and wellness uses such as a hair salon, barbershop, skincare/beauty spa, nail salon, or similar services, subject to municipal approvals. The property has been updated throughout and is described as move-in/rent-ready.
Additional features include on-site storage, a detached one-car garage, and both driveway parking and on-street parking.
The storefront configuration is well suited for personal care and wellness uses such as a hair salon, barbershop, skincare/beauty spa, nail salon, or similar services, subject to municipal approvals. The property has been updated throughout and is described as move-in/rent-ready.
Additional features include on-site storage, a detached one-car garage, and both driveway parking and on-street parking.
Key Highlights
- Mixed‑use property with 1,919 SF commercial storefront on the first floor and two renovated 2‑bedroom apartments on the second floor
- Residential units total approx. 1,727 SF and each features 2 bedrooms, a full bath, kitchen, and spacious living room
- All three units updated and move‑in/rent‑ready
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
Turnkey business
Opportunity
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?
Duplex - Corner property with a street-level storefront and two newly renovated two-bedroom apartments, move-in/rent-ready.
Where is this duplex 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: Mixed‑use property with 1,919 SF commercial storefront on the first floor and two renovated 2‑bedroom apartments on the second floor; Residential units total approx. 1,727 SF and each features 2 bedrooms, a full bath, kitchen, and spacious living room; All three units updated and move‑in/rent‑ready
