Multi-Unit Flex
For Sale
$325,000
Pending
72 Airport Drive, Wappingers Falls, NY 12590
Commercial Sale, Wappingers Falls, NY
Property Size2,329 SF
Lot Size0.04 Acres
Days on Market152
Property Features for 72 Airport Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
AI
Parking
4
Standard status
Pending
APN
135689-6259-04-690453-0000
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6195
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air, Electric
Water source
Public
Building Details
Year built
2006
Floors in Building
2
Building materials
Aluminum Siding
Listing Agency:
KW MidHudson · Keller Williams Realty
(914) 962-0007
Listed By:
Don Minichino · License #10401333542
(845) 242-4381
Added: Mar 25
Changed: Aug 20
Last Checked: Aug 23 at 3:06PM
MLS# 976721
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.
This multi-unit flex property was built in 2006 and features a 1,625 SF footprint for each unit, with a front office and private entrance. The rear includes a 14ft drive-in door, while some units have additional second- or third-floor office and storage areas. Construction includes aluminum siding, with natural gas forced-air heat and central air conditioning.
The property is located at 72 Airport Drive in Wappingers Falls, near Hudson Valley Airport and off NY-376. Public water and public sewer serve the building, and zoning is designated AI. Units 1–3 are identified at 2,329SF.
The property is located at 72 Airport Drive in Wappingers Falls, near Hudson Valley Airport and off NY-376. Public water and public sewer serve the building, and zoning is designated AI. Units 1–3 are identified at 2,329SF.
Key Highlights
- Multi‑unit industrial condominium building constructed in 2006
- Each unit has a 1,625SF footprint with front office and private entrance
- 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
$17,491
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
5.38%
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%
$349,820
$349.8K
Cap Rate 7%
$249,871
$249.9K
Cap Rate 9%
$194,344
$194.3K
Market Conditions
NOI Build-Up for 2,329 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
$22.1K $9.48/SF
− Vacancy
−$1.5K −$0.64/SF
EGI
$20.6K $8.84/SF
− OpEx
−$3.1K −$1.33/SF
NOI
$17.5K $7.51/SF
Area
Dutchess County, NY
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$349,820
Cap Rate 7%
$249,871
Cap Rate 9%
$194,344
Alternative Uses
Best Use
Flex RnD
$546.2K
$477.9K – $637.2K
NOI $38,231 @ 7.0% cap · market cap 11.76%
Second Best
Warehouse
$249.9K
$218.6K – $291.5K
NOI $17,491 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$701.1K
$613.4K – $817.9K
NOI $49,075 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
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 - Industrial condominium property with office frontage, drive-in access, and public utilities near Hudson Valley Airport.
Where is this flex space located?
The property is located at 72 Airport Drive 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 condominium building constructed in 2006; Each unit has a 1,625SF footprint with front office and private entrance; Rear 14ft drive‑in door
