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    257 Main Street Cornwall, NY 12518

    View on Map
    For Sale
    $500,000

    COMMERCIAL - Cornwall, NY

    Lot size:
    0.25 Acres
    Added:
    Feb 8, 2025
    Days on Market:
    418
    Last Refresh:
    Apr 2 at 3:06 am

    Property Features for 257 Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Rooms
    Basement
    Parking features
    Off Street, Parking Lot
    Basement
    Full
    Standard status
    Active
    APN
    332489-022-000-0010-001.000-0000
    Lot size
    0.25 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxAnnualAmount
    9219

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Ductless
    Water source
    Public

    Building Details

    Floors in Building
    2

    We can help!

    Listing Contact
    Silvio Perez lll

    Listing agent Silvio Perez lll License #10401347944

    Listing office Keller Williams Realty 69 Brookside Ave. Ste 225, Chester, NY

    Listing date Feb 8, 2025

    MLS# 822486

    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.

    Overview

    Iconic Cornwall Building For Sale

    Located in Cornwall, New York, the iconic "Lemon Building" is available for sale. This property, situated on the corner of Main Street and Torrey Lane, features double-height ceilings and an impressive open area. The building was formerly used as a bank, and some original details, including the vault, remain. The layout includes a large room and a bathroom at the rear of the building. The upstairs area features a large room with a smaller room overlooking the downstairs, as well as a room that was previously a bathroom. A full basement provides additional space. A new climate control system, including a LifeBreath air purification system, has been installed throughout the entire building, including the basement. The property includes off-street parking. The lot size is 0.25 acres. The zoning district is GC, which allows for many commercial uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Callahan-Odnnl Shelia Law Firm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cornwall
    County
    Orange
    State
    New York
    Longitude
    -74.0325664
    Latitude
    41.4359742

    Nearby Similar for Sale

    • $799,999
      3,834 SF

      Turnkey Restaurant Near West Point

      Equipped restaurant for sale with parking and outdoor seating.
      30 Quaker Avenue, Cornwall, NY 12518
      View Details
    • $250,000
      4,382 SF

      Turn-Key Sports Bar & Grill

      Fully equipped bar and grill with loyal customer base.
      2576 US-9W, Cornwall, NY 12518
      View Details

    FAQs

    What type of property is this?
    Bank - Iconic building in Cornwall with unique architectural details and modern upgrades.
    Where is this bank located?
    The property is located at 257 Main Street Cornwall, NY.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Iconic building ("The Lemon Building") in a prime location at the corner of Main Street and Torrey Lane.; New climate control system throughout the entire building, including the basement, with LifeBreath air purification.; Coveted off‑street parking in the center of town.
    (206) 445-4798
    We can help!
    Listing Contact
    Silvio Perez lll
    Real Estate License ID: 10401347944
    Learn More
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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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