Motel and Studio-Style Hospitality
For Sale
Contact for pricing
1545 State Route 9, Lake George, NY 12845
Kitchen-equipped lodging and substantial owner housing support a wide range of guest stays in a tourism corridor setting.
Property Size14,622 SF
Lot Size3.55 Acres
Price / SF$194.91
Days on Market64
Property Features for 1545 State Route 9
General Information
Standard status
Active
Size
14,622 SF
Lot size
3.55 Acres
Property subtype
Hospitality
Investment Type
Value Add
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Building Details
Year Renovated
2026
Stories
2
Tenancy
Single
Listing Agency:
Muroff Hospitality Group
(617) 610-7774
Listed By:
Mitchell B. Muroff · License #10491210905
Source:
Crexi
Added: Jun 9
Changed: Aug 8
Last Checked: Aug 10 at 7:59AM
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 Muroff Hospitality Group
Investment Insights
Based on property information with market context.
This hospitality property includes 44 lodging units arranged in a campus-style setting surrounding a two-story lobby and reception building. The unit mix is exceptionally varied for a property of this size, featuring a combination of traditional guestrooms, family and townhouse-style units, and multiple efficiency and condominium-style accommodations. Ownership housing is built into the asset as well, with one 5-bedroom owner’s residence and one 2-bedroom owner/manager apartment, each with full kitchen facilities. Additional unit types include multi-bedroom suites with full kitchens, offering practical layouts for overnight travelers as well as longer-stay arrangements.
The property is positioned along State Route 9 in the Lake George tourism corridor, providing immediate access to area attractions and guest demand drivers such as Six Flags Great Escape, Million Dollar Beach, Lake George Village, outlet shopping, Fort William Henry, restaurants, nightlife, and opportunities for boating, hiking, and recreation.
Operationally, the kitchen-equipped lodging configuration can support longer-term rentals, workforce and contractor lodging, relocation stays, and seasonal occupancy. Guest amenities include a heated indoor swimming pool, outdoor swimming pool, fitness center, game room, children’s playground, basketball court, fire pit and gathering areas, gazebo and landscaped grounds, guest laundry facilities, and complimentary parking. A spacious reception and lobby building includes a breakfast service area ready for activation, providing additional flexibility for day-to-day guest programming.
The property is positioned along State Route 9 in the Lake George tourism corridor, providing immediate access to area attractions and guest demand drivers such as Six Flags Great Escape, Million Dollar Beach, Lake George Village, outlet shopping, Fort William Henry, restaurants, nightlife, and opportunities for boating, hiking, and recreation.
Operationally, the kitchen-equipped lodging configuration can support longer-term rentals, workforce and contractor lodging, relocation stays, and seasonal occupancy. Guest amenities include a heated indoor swimming pool, outdoor swimming pool, fitness center, game room, children’s playground, basketball court, fire pit and gathering areas, gazebo and landscaped grounds, guest laundry facilities, and complimentary parking. A spacious reception and lobby building includes a breakfast service area ready for activation, providing additional flexibility for day-to-day guest programming.
Key Highlights
- 44‑unit motel/hospitality property on approx. 3.55 acres along the Lake George tourism corridor
- Campus‑style lodging buildings arranged around a two‑story lobby and reception building for streamlined guest operations
- Diverse unit mix includes 2 owner/manager residences plus multiple 2‑bedroom, efficiency, townhouse‑style, and condo‑style units
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
$112,516
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
3.95%
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%
$2,250,320
$2.3M
Cap Rate 7%
$1,607,371
$1.6M
Cap Rate 9%
$1,250,178
$1.3M
Market Conditions
NOI Build-Up for 14,622 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
$263.2K $18.00/SF
− Vacancy
−$26.3K −$1.80/SF
EGI
$236.9K $16.20/SF
− OpEx
−$124.4K −$8.51/SF
NOI
$112.5K $7.69/SF
Area
Warren County, NY
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
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%
$2,250,320
Cap Rate 7%
$1,607,371
Cap Rate 9%
$1,250,178
Alternative Uses
Best Use
Hotel Hospitality
$1.61M
$1.41M – $1.88M
NOI $112,516 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.38M
$3.83M – $5.11M
NOI $306,360 @ 7.0% cap · market cap 10.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12845, NY
4,873
Population
3,441
Households
1.4
Avg Household Size
52
Median Age
37%
College-Educated
94%
High-School Grad
45.0 sq mi
ZIP Area
108
Density / Sq Mi
$95,583
Median Household Income
$50,000
Median Earnings
$1,064
Median Rent
$371,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Motel - Kitchen-equipped lodging and substantial owner housing support a wide range of guest stays in a tourism corridor setting.
Where is this motel located?
The property is located at 1545 State Route 9 Lake George, NY.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 44‑unit motel/hospitality property on approx. 3.55 acres along the Lake George tourism corridor; Campus‑style lodging buildings arranged around a two‑story lobby and reception building for streamlined guest operations; Diverse unit mix includes 2 owner/manager residences plus multiple 2‑bedroom, efficiency, townhouse‑style, and condo‑style units
