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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    27 Carpenter Ave Middletown, NY 10940

    • Investment properties
    • 2,250 SF
    • 0.43 lot acres
    For Lease
    View listing
    $675 /Mo
    Last Sale
    May 14, 2024
    $480,000
    Value Estimations
    $460,000
    Cap Rate Potential
    4.1%
    Investment properties
    Location Intelligence
    Property ID
    US63-0999857
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Mercedes Law PC / Law Firm
    • Life Credit Solutions INC / Consultant
    • Adel-Co Ent. Inc. Real Estate / Real Estate Consultant
    • Laser Hair Removal & Skincare / Laser Hair Removal Service / Skin Care Clinic
    • Mercedes Law / Legal Services

    Property Details for 27 Carpenter Ave

    Year built
    2008
    Lot size
    0.43 lot acres
    Property size
    2,250 SF
    Zone code
    HC
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    335200 74-10-2.1
    APU
    335200741021

    Description

    This exceptional investment property located at 27 Carpenter Avenue in Middletown, New York, presents a compelling opportunity for discerning investors. The building is currently 100% occupied, generating consistent rental income. One half of the building is leased to a single tenant under a long-term agreement, providing stability and predictable cash flow. The remaining half is comprised of five individual office spaces, each currently leased for $550 or more per month on full-service leases. These leases ensure a diversified tenant base and further enhance the property's income potential. Shared amenities for all tenants include a spacious kitchenette, a restroom, and a comfortable waiting area. The property's strong occupancy rate and established rental income stream make it an attractive investment with significant potential for future growth and appreciation. This is a turnkey operation, ideal for a passive investor seeking a reliable and profitable addition to their portfolio. Further details regarding the existing leases are available upon request. This is a rare opportunity to acquire a fully-leased, income-producing office building in a desirable location. Don't miss out on this exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $480,000
      ML approach
      $480,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $325,000
      6.5%
      $300,000
      7%
      $280,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $489,000
      Market price range: $206k - $489k
      AI Estimate
      $409,000
      Market price range: $194k - $410k

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $345,000
      Current use
      RETAIL STORES
      $465,000
      Change: +34% Conversion: Easy
      OFFICE BUILDING
      $430,000
      Change: +24% Conversion: Easy
      AUTO REPAIR, GARAGE
      $375,000
      Change: +9% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Middletown
    County
    Orange
    State
    New York
    Longitude
    -74.3987
    Latitude
    41.4463
    CBSA code
    39100
    CBSA name
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $0.00
    $23,000
    $50,200
    $73,200
    -
    $158,612
    $346,188
    $504,800

    Comparable in this City

    • Value Estimation
      $280,000
      0.26 Acres

      423-425 Nn St

      STORE/OFFICE (MIXED USE) • 0.26 Acres
      423-425 Nn St, Middletown, NY 10940
      View Details
    • Value Estimation
      $275,000
      0.10 Acres

      100 Cottage St

      STORE/OFFICE (MIXED USE) • 0.10 Acres
      100 Cottage St, Middletown, NY 10940-3943
      View Details
    • Value Estimation
      $275,000
      0.14 Acres

      136 Excelsior Ave

      STORE/OFFICE (MIXED USE) • 0.14 Acres
      136 Excelsior Ave, Middletown, NY 10940-3314
      View Details
    • Value Estimation
      $280,000
      0.66 Acres

      257 Monhagen Ave

      STORE/OFFICE (MIXED USE) • 0.66 Acres
      257 Monhagen Ave, Middletown, NY 10940-6024
      View Details
    • Value Estimation
      $285,000
      0.52 Acres

      50-52 Mulberry St

      STORE/OFFICE (MIXED USE) • 0.52 Acres
      50-52 Mulberry St, Middletown, NY 10940
      View Details
    • Value Estimation
      $265,000
      1.90 Acres

      45 Webb Rd

      STORE/OFFICE (MIXED USE) • 1.90 Acres
      45 Webb Rd, Middletown, NY 10940-6577
      View Details

    Similar Nearby for Sale

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      0.04 Acres

      Mixed-Use Building in Middletown, NY

      Mixed-use building with apartments and restaurant in Middletown's commercial district.
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      View Details
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      Mixed-Use Property with Income Potential

      Mixed-use property featuring office, garage, and three fully rented apartments.
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      Mixed-use property with retail, office space, and development potential.
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      Middletown Mixed-Use Warehouse Compound

      44000SF mixed-use warehouse on 1.4 acres with multiple entrances.
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      Updated Mixed-Use Building For Sale

      Renovated mixed-use building with apartments and retail in Middletown, NY.
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      Downtown Middletown Mixed-Use Opportunity

      Two-story commercial property in downtown Middletown, offering mixed-use potential.
      24 John St, Middletown, NY 10940
      View Details

    Similar Nearby for Lease

    • $1,500 /Mo
      750 SF

      Commercial Space in Middletown, NY

      Commercial space in a fast-developing downtown area with high visibility.
      125 Wickham Ave, Middletown, NY 10940
      View Details
    • $10 SF/Yr
      3,264 SF

      Versatile Warehouse and Office Space

      Ample storage and office space suitable for various business needs.
      34 Cottage St, Middletown, NY 10940
      View Details
    • $1,800 /Mo
      1,500 SF

      Professional Office Suite For Lease

      Move-in ready office suite with five private offices available for lease.
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      Updated Medical Office Space

      Updated medical office space near Garnett Medical Center and Touro College.
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    • $1,600 /Mo
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      Versatile Rental Space in Middletown

      Adaptable space near highways and retail, ideal for business.
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      View Details
    • $12 SF/Yr
      8,500 SF

      Prime Middletown Retail Space

      8,500 SF Retail Space - High Traffic
      341 State Rte 211, Mechanicstown, NY 10940
      View Details
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    27 Carpenter Ave
    Middletown, NY 10940
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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