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    Majestic Church Overlooking Hudson River Title is generated by Realmo AI

    73 N 2nd St, Hudson, NY 12534

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    Claim this Listing
    For Sale
    $2,350,000

    Renovated 1930s brick church with modern amenities and river views.

    Type:General Commercial
    Property size:
    8,300 SF
    Lot size:
    1.00 Acre
    Price / SF:
    $283/SF
    Added:
    Aug 9, 2024
    Days on Market:
    665
    Last Refresh:
    May 12 at 8:45 pm

    Property Features for 73 N 2nd St

    General Information

    Standard status
    Active
    Size
    8,300 SF
    Lot size
    1.00 Acre
    Property subtype
    General Commercial

    Building Details

    Year Built
    1933

    We can help!

    Listing Contact
    Chris Getman

    Listing agent Chris Getman

    Listing office Houlihan Lawrence Inc.

    Listing date Aug 9, 2024

    Source Xome

    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 Houlihan Lawrence Inc.

    HighLights

    • Majestic, renovated 8000 sq ft 1930s brick church overlooking the Hudson River.
    • Prime location: Steps from Warren Street in downtown Hudson, NY, and close to NYC, Albany, and the Berkshires.
    • Features a professional chef's kitchen with Blue Star appliances and a large center island.
    • Original architectural details meticulously preserved, including stained‑glass windows and pendant lights.
    • Nearly 1‑acre property with mature trees, vegetable garden, and custom brick terrace.
    • Sanctuary with 30‑foot ceilings and terrace with Hudson River views.

    Overview

    The Abbey, a majestic 1930s brick church with 8300 sq ft, overlooks the Hudson River and is located steps from Warren Street in downtown Hudson, NY. The property features architectural beauty and grandeur, with a complete renovation undertaken in 2016 that meticulously preserved original details, including glass pendant lights and stained-glass windows. The Sanctuary boasts 30-foot ceilings. A large terrace overlooks the property and offers northern views of the Hudson River. The bell tower presents options for future use. The lower level features a professional chef's kitchen with Blue Star appliances and a center island that seats 8, opening to the large yard. Adjacent to the kitchen is a spacious great room, bracketed by original columns of wood and native stone. There is one full bath and two powder rooms. The nearly 1-acre property includes a vegetable garden, mature trees, and a custom brick, lower terrace. Potential uses include a unique home, cooking school, food television studio, music production studio, art center complex, museum, or Zen meditation retreat. The acoustics are professional grade. The new Klocke Estates Distillery is 10 minutes away, the future home of The Shaker Museum in Chatham is 20 minutes away, and the Berkshires are 40 minutes away. The Abbey is a stroll from the historic Hudson Amtrak station, two hours to NYC and half an hour to the Albany International Airport.

    Local Financial Insights For Specialty Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $179.3k $21.60
    − Vacancy −$18.6k −$2.25
    EGI $160.6k $19.35
    − OpEx −$40.2k −$4.84
    NOI $120.5k $14.52
    8,300 SF · lease $21.60/SF/yr · vacancy 10.40% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $1.72M
    $1.51M – $2.01M (±1% cap)
    NOI $120,476 @ 7.0% cap · market cap 5.13%
    Second Best
    Industrial
    $1.63M
    $1.43M – $1.91M (±1% cap)
    NOI $114,318 @ 7.0% cap · market cap 4.86%
    Theoretical Best
    Office A
    $2.05M
    $1.80M – $2.40M (±1% cap)
    NOI $143,743 @ 7.0% cap · market cap 6.12%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Churches & religious facilities

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Hudson
    County
    Columbia
    State
    New York
    Longitude
    -73.7912608
    Latitude
    42.2564686

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    FAQs

    What type of property is this?
    Church & religious facility - Renovated 1930s brick church with modern amenities and river views.
    Where is this church & religious facility located?
    The property is located at 73 N 2nd St Hudson, NY.
    What is the asking price?
    The asking price for this property is $2,350,000.
    What are key features of this property?
    This property features: Majestic, renovated 8000 sq ft 1930s brick church overlooking the Hudson River.; Prime location: Steps from Warren Street in downtown Hudson, NY, and close to NYC, Albany, and the Berkshires.; Features a **professional chef's kitchen with Blue Star appliances** and a large center island.
    (518) 822-0300
    We can help!
    Listing Contact
    Chris Getman
    Request Owner's contact information
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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.

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