PA-22 pilot reported flying a simulated engine failure approach resulting in flying towards terrain. The pilot continued the approach to landing.

Narrative

Approximately 2.0 miles from the airport and at 2500 MSL I elected to perform a simulated engine failure to landing. I cleared the airspace visually and via ADS-B and confirmed there was no one operating in or near the airport surface. My heading was about 240° and winds were about 260° at 10-15 knots. I was setting up for a landing to the southeast runway. My glide path at max glide had me on target to make the runway environment on what would have been a left base to the runway threshold; so I elected to continue the maneuver to the ground. I confirmed again there were no aircraft or persons operating on or near the airport surface.At about 500' AGL I did not think I would make the threshold so I adjusted my aiming point to the left about 10° for a point on the runway about 400' down the from the threshold. This put my flight path between two old hangers with about 150' of separation on both sides and 200' vertically. Once I had the field made I banked left and completed the flight without incident.At no time during the maneuver were any persons or property in danger but in retrospect; once I realized I was not going to make the threshold area I should have terminated the maneuver added power and performed a go-around and rejoined the pattern normally. My reasons for completing the flight to the surface were probably influenced by my extensive experience but in the GA environment the risk reward for this maneuver was not worth it.