Industrial Condo Near Hudson Valley
For Sale
$325,000
Pending
72 Airport Drive #1-4, Wappingers Falls, NY 12590
Multi-unit industrial condo building near Hudson Valley Airport, built in 2006.
Property Size1,625 SF
Lot Size0.04 Acres
Days on Market147
Property Features for 72 Airport Drive #1-4
General Information
Standard status
Pending
Size
1,625 SF
Lot size
0.04 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$6,195
Amenities
Central air
Central Air Cooling
Electric Heating
Building Details
Year Built
2006
Listing Agency:
KW MIDHUDSON
(914) 962-0007
Listed By:
DON MINICHINO · License #10401333542
Source:
Corcoran
Added: Mar 26
Changed: Aug 14
Last Checked: Aug 14 at 6:04AM
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 KW MIDHUDSON
Investment Insights
Based on property information with market context.
This multi-unit industrial condo building, constructed in 2006, is located near the Hudson Valley Airport and off NY-376. The units have a 1,625 square foot footprint, featuring a front office with a private entrance and a 14-foot drive-in door at the rear. Some units include a second or third floor built out for office or storage space, with an additional 550 square feet on the third floor. The Homeowner's Association (HOA) fees cover water, sewer, garbage, building insurance, landscaping, snow removal, and management. Annual expenses for Units 1-4 (1,625 square feet with an additional 550 square feet on the 3rd floor for office or storage) include $6,216 in taxes based on an assessment of $249,000, $6,060 for HOA fees, and $4,800 for electric, which includes the use of an EV charger. Landowner and management services are provided by Neave Landscaping.
Key Highlights
- Multi‑unit industrial condo building in a convenient location near Hudson Valley Airport and off NY‑376.
- HOA fees cover water, sewer, garbage, building insurance, landscaping, snow removal, and management.
- Each unit features a 1,625 SF footprint with a front office (private entrance) and a 14ft rear drive‑in door.
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
$26,675
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
8.21%
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%
$533,500
$533.5K
Cap Rate 7%
$381,071
$381.1K
Cap Rate 9%
$296,389
$296.4K
Market Conditions
NOI Build-Up for 1,625 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
$44.9K $27.60/SF
− Vacancy
−$3.8K −$2.35/SF
EGI
$41.0K $25.25/SF
− OpEx
−$14.4K −$8.84/SF
NOI
$26.7K $16.42/SF
Area
Dutchess County, NY
Vacancy
8.50%
Lease Rate
$27.60 /SF/Yr
Expense Ratio
35.00%
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%
$533,500
Cap Rate 7%
$381,071
Cap Rate 9%
$296,389
Alternative Uses
Best Use
Flex RnD
$381.1K
$333.4K – $444.6K
NOI $26,675 @ 7.0% cap · market cap 8.21%
Second Best
Industrial
$143.6K
$125.6K – $167.5K
NOI $10,050 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$489.2K
$428.0K – $570.7K
NOI $34,241 @ 7.0% cap · market cap 10.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12590, NY
37,051
Population
14,563
Households
2.5
Avg Household Size
43
Median Age
36%
College-Educated
92%
High-School Grad
34.8 sq mi
ZIP Area
1,065
Density / Sq Mi
$98,252
Median Household Income
$52,861
Median Earnings
$1,674
Median Rent
$365,900
Median Home Value
Market
Vacancy Rate% for Industrial in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Multi-unit industrial condo building near Hudson Valley Airport, built in 2006.
Where is this flex space located?
The property is located at 72 Airport Drive #1-4 Wappingers Falls, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Multi‑unit industrial condo building in a convenient location near Hudson Valley Airport and off NY‑376.; HOA fees cover water, sewer, garbage, building insurance, landscaping, snow removal, and management.; Each unit features a 1,625 SF footprint with a front office (private entrance) and a **14ft rear drive‑in door.**
