Multi-Entranced Office
For Sale
$1,995,000
527 Route 22, Pawling, NY 12564
Flexible multi-level office property with entrances on all four sides and ample parking for tailored tenant needs.
Property Size11,989 SF
Lot Size2.00 Acres
Price / SF$181.36
Days on Market105
Property Features for 527 Route 22
General Information
Standard status
Active
Size
11,989 SF
Lot size
2.00 Acres
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$24,805
Amenities
Central Air
Oil
Unfinished
Building Details
Building Size
11,989 SF
Stories
3
Listing Agency:
McGrath Premier Real Estate
Listed By:
Clayton C. Livingston · License #30LI0772064
(914) 625-4617
Source:
Evrealestate
Added: May 28
Changed: Sep 7
Last Checked: Sep 8 at 4:41AM
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 Premier Real Estate
Investment Insights
Based on property information with market context.
The property at 515, 517 & 527 Route 22 is an office campus offering three levels of professional space designed for adaptable occupancy. The layout includes multiple reception areas, executive offices, conference rooms, kitchens, and private and shared restrooms. In addition, there are multiple storage spaces above and below grade. Entrances and exits are provided on all four sides, supporting configurations for private business operations, multiple tenants, or an owner-user setup. Separate utility services and multiple access points further support easy subdivision and independent operation of different sections of the property.
Situated on nearly 2 acres in a highly visible Route 22 location, the campus includes exterior yard areas and ample parking. The property is described as having excellent traffic exposure and provides opportunities for expansion. Convenience is also a noted benefit, with shopping, restaurants, schools, and Metro-North rail service identified as nearby within walking distance.
For tenants, buyers, and operators, this configuration can suit a range of professional needs, including medical, corporate, educational, creative, or administrative users, based on the space types already in place. For owner-users, the ability to occupy a portion while leasing additional space aligns with the property’s described flexibility. For investors, multiple revenue streams may be achieved through subdivision supported by the existing access and utility setup.
Situated on nearly 2 acres in a highly visible Route 22 location, the campus includes exterior yard areas and ample parking. The property is described as having excellent traffic exposure and provides opportunities for expansion. Convenience is also a noted benefit, with shopping, restaurants, schools, and Metro-North rail service identified as nearby within walking distance.
For tenants, buyers, and operators, this configuration can suit a range of professional needs, including medical, corporate, educational, creative, or administrative users, based on the space types already in place. For owner-users, the ability to occupy a portion while leasing additional space aligns with the property’s described flexibility. For investors, multiple revenue streams may be achieved through subdivision supported by the existing access and utility setup.
Key Highlights
- Office campus at 515, 517 & 527 Route 22 with over 11,000 SF on nearly 2 acres
- Three‑level building with entrances and exits on all four sides for multiple occupancy configurations
- Space includes executive offices, conference rooms, kitchens, reception areas, and private and shared restrooms
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
$176,062
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
8.83%
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%
$3,521,240
$3.5M
Cap Rate 7%
$2,515,171
$2.5M
Cap Rate 9%
$1,956,244
$2.0M
Market Conditions
NOI Build-Up for 11,000 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
$301.0K $27.36/SF
− Vacancy
−$66.2K −$6.02/SF
EGI
$234.7K $21.34/SF
− OpEx
−$58.7K −$5.34/SF
NOI
$176.1K $16.01/SF
Area
Dutchess County, NY
Vacancy
22.00%
Lease Rate
$27.36 /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%
$3,521,240
Cap Rate 7%
$2,515,171
Cap Rate 9%
$1,956,244
Alternative Uses
Best Use
Office B
$2.52M
$2.20M – $2.93M
NOI $176,062 @ 7.0% cap · market cap 8.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.31M
$2.90M – $3.86M
NOI $231,784 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
340
Businesses Nearby
Explore this area
Business Placement
Demographics for 12564, NY
7,159
Population
3,169
Households
2.3
Avg Household Size
48
Median Age
40%
College-Educated
93%
High-School Grad
41.4 sq mi
ZIP Area
173
Density / Sq Mi
$111,683
Median Household Income
$61,548
Median Earnings
$1,309
Median Rent
$420,900
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?
Office building - Flexible multi-level office property with entrances on all four sides and ample parking for tailored tenant needs.
Where is this office building located?
The property is located at 527 Route 22 Pawling, NY.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Office campus at 515, 517 & 527 Route 22 with over 11,000 SF on nearly 2 acres; Three‑level building with entrances and exits on all four sides for multiple occupancy configurations; Space includes executive offices, conference rooms, kitchens, reception areas, and private and shared restrooms
