Flex Space With Drive-In
For Sale
$325,000
Pending
72 Airport Dr Unit 1-4, Wappingers Falls, NY 12590
Commercial condominium space combines a private-entry office with rear drive-in access and adaptable office or storage areas.
Property Size2,175 SF
Days on Market251
Property Features for 72 Airport Dr Unit 1-4
General Information
Standard status
Pending
Size
2,175 SF
Property subtype
Commercial
Building Details
Year Built
2006
Listing Agency:
KW MidHudson
Listed By:
Don Minichino · License #10401333542
(845) 242-4381
Source:
Searchhomesinlongisland
Added: Dec 30, 2025
Changed: Sep 6
Last Checked: Sep 6 at 9:34AM
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 flex-space condominium includes a 1,625-square-foot footprint with a front office accessed through its own entrance and a rear 14-foot drive-in door. Some units incorporate additional levels for office or storage use, providing flexibility beyond the primary floor area. Unit 1-4 includes a 550-square-foot third-floor office/storage area, bringing the reported total to 2,175 square feet.
The property was built in 2006 and is located near Hudson Valley Airport with access from NY-376. The condominium association provides water, sewer, garbage, building insurance, landscaping, snow removal, and management. Electric service includes EV charger use.
The property was built in 2006 and is located near Hudson Valley Airport with access from NY-376. The condominium association provides water, sewer, garbage, building insurance, landscaping, snow removal, and management. Electric service includes EV charger use.
Key Highlights
- 1,625 SF footprint with a 550 SF third‑floor office/storage area
- Reported total of 2,175 SF for Unit 1‑4
- Rear 14ft 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
$13,452
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
4.14%
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%
$269,040
$269.0K
Cap Rate 7%
$192,171
$192.2K
Cap Rate 9%
$149,467
$149.5K
Market Conditions
NOI Build-Up for 2,175 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
$20.6K $9.48/SF
− Vacancy
−$1.4K −$0.64/SF
EGI
$19.2K $8.84/SF
− OpEx
−$5.8K −$2.65/SF
NOI
$13.5K $6.18/SF
Area
Dutchess County, NY
Vacancy
6.80%
Lease Rate
$9.48 /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%
$269,040
Cap Rate 7%
$192,171
Cap Rate 9%
$149,467
Alternative Uses
Best Use
Flex RnD
$510.0K
$446.3K – $595.1K
NOI $35,703 @ 7.0% cap · market cap 10.99%
Second Best
Office B
$497.3K
$435.2K – $580.2K
NOI $34,812 @ 7.0% cap · market cap 10.71%
Theoretical Best
Office A
$654.7K
$572.9K – $763.8K
NOI $45,830 @ 7.0% cap · market cap 14.10%
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 Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial condominium space combines a private-entry office with rear drive-in access and adaptable office or storage areas.
Where is this flex space located?
The property is located at 72 Airport Dr Unit 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: 1,625 SF footprint with a 550 SF third‑floor office/storage area; Reported total of 2,175 SF for Unit 1‑4; Rear 14ft drive‑in door
