High-Profile Professional Office
For Sale
$399,900
47 Wickham Ave 45, Middletown, NY 10940
Desirable professional office building in Middletown, turnkey and ready.
Property Size1,478 SF
Lot Size0.39 Acres
Days on Market167
Property Features for 47 Wickham Ave 45
General Information
Standard status
Active
Size
1,478 SF
Lot size
0.39 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,483
Building Details
Building Size
1,478 SF
Year Built
1900
Listing Agency:
HOWARD HANNA RAND REALTY
(914) 447-3308
Listed By:
John N Biasi
(914) 447-3308
Source:
Elliman
Added: Mar 10
Changed: Aug 11
Last Checked: Aug 22 at 8:14AM
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 HOWARD HANNA RAND REALTY
Investment Insights
Based on property information with market context.
This high-profile professional office building is located in a desirable area of Middletown, offering high visibility at a multiple street intersection. The well-maintained building features a flexible floor plan, including an open, sun-filled reception area, a flexible open area, a large conference room, and three spacious private offices. It also includes a full bathroom, wide plank floors, a full basement for storage, and three attics. An oversized garage provides additional storage. The property offers parking and has been recently painted. Central air conditioning is installed. The building is suitable for various professional uses, such as an attorney's office, accountant's office, medical office, or dentist office, or any professional business seeking exposure. The building is turnkey and ready for occupancy.
Key Highlights
- Highly desirable professional office building in a prime Middletown location with high visibility.
- Flexible floor plan featuring an open reception area, large conference room, and 3 spacious private offices.
- Turnkey condition, recently painted and ready for immediate occupancy.
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
$24,731
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
6.18%
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%
$494,620
$494.6K
Cap Rate 7%
$353,300
$353.3K
Cap Rate 9%
$274,789
$274.8K
Market Conditions
NOI Build-Up for 1,478 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
$39.7K $26.88/SF
− Vacancy
−$6.8K −$4.57/SF
EGI
$33.0K $22.31/SF
− OpEx
−$8.2K −$5.58/SF
NOI
$24.7K $16.73/SF
Area
Orange County, NY
Vacancy
17.00%
Lease Rate
$26.88 /SF/Yr
Expense Ratio
25.00%
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%
$494,620
Cap Rate 7%
$353,300
Cap Rate 9%
$274,789
Alternative Uses
Best Use
Office B
$353.3K
$309.1K – $412.2K
NOI $24,731 @ 7.0% cap · market cap 6.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$500.6K
$438.0K – $584.0K
NOI $35,041 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,384
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Desirable professional office building in Middletown, turnkey and ready.
Where is this office building located?
The property is located at 47 Wickham Ave 45 Middletown, NY.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Highly desirable professional office building in a prime Middletown location with high visibility.; Flexible floor plan featuring an open reception area, large conference room, and 3 spacious private offices.; Turnkey condition, recently painted and ready for immediate occupancy.
