Historic Mixed-Use Entertainment
For Sale
$1,500,000
16 N Chestnut St, New Paltz, NY 12561
Historic building with expansive upstairs space and a restaurant/retail-ready downstairs area, currently used by Goodwill Church.
Property Size6,560 SF
Days on Market96
Property Features for 16 N Chestnut St
General Information
Standard status
Active
Size
6,560 SF
Class
C
Property subtype
Office
Building Details
Building Size
6,560 SF
Year Built
1970
Listed By:
Thomas M. Cervone · License #49CE0922865
(845) 485-3100
Source:
Crproperties
Added: Jul 27
Changed: Oct 25
Last Checked: Oct 30 at 12:32PM
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 Thomas M. Cervone
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Investment Insights
Based on property information with market context.
The property at 16 N Chestnut St is a historic building originally dating back to the 1860s. The expansive upstairs space has historically supported community meetings, live theater, lectures, and art exhibitions, and it features high ceilings, beautiful windows, and historic woodwork. The downstairs area historically accommodated a restaurant and various retail uses, and Barnaby’s Restaurant operated on the ground floor with a cozy ambiance.
In recent years, the building was leased by Goodwill Church, which used the space for Sunday school and community rooms while preserving the original architectural features.
The building’s layout reflects a flexible mix of public-facing uses, with large upstairs gathering space and a separate ground-floor area that has previously functioned as a restaurant and retail space.
In recent years, the building was leased by Goodwill Church, which used the space for Sunday school and community rooms while preserving the original architectural features.
The building’s layout reflects a flexible mix of public-facing uses, with large upstairs gathering space and a separate ground-floor area that has previously functioned as a restaurant and retail space.
Key Highlights
- Historic building at 16 N Chestnut Street in New Paltz, NY, with origins dating back to the 1860s
- Upstairs space used for meetings, live theater, lectures, and art exhibitions over its history
- Downstairs area designed for restaurant and various retail uses, including Barnaby's Restaurant in the 1960s
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$84,840
Cap Rate
5.66%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,696,800
$1.7M
Cap Rate 7%
$1,212,000
$1.2M
Cap Rate 9%
$942,667
$942.7K
Market Conditions
NOI Build-Up for 6,560 SF
Gross rent
$118.1K $18.00/SF
− Vacancy
−$5.0K −$0.76/SF
EGI
$113.1K $17.24/SF
− OpEx
−$28.3K −$4.31/SF
NOI
$84.8K $12.93/SF
Area
Ulster County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,696,800
Cap Rate 7%
$1,212,000
Cap Rate 9%
$942,667
Alternative Uses
Best Use
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,840 @ 7.0% cap · market cap 5.66%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$61.35M
$53.68M – $71.57M
NOI $4,294,330 @ 7.0% cap · market cap 286.29%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
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Business Placement
Demographics for 12561, NY
18,726
Population
7,081
Households
2.6
Avg Household Size
36
Median Age
56%
College-Educated
97%
High-School Grad
60.3 sq mi
ZIP Area
311
Density / Sq Mi
$89,694
Median Household Income
$25,612
Median Earnings
$1,603
Median Rent
$411,600
Median Home Value
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Market
Vacancy Rate% for Retail in Northeast region
Frequently Asked Questions
What type of property is this?
Church & religious facility - Historic building with expansive upstairs space and a restaurant/retail-ready downstairs area, currently used by Goodwill Church.
Where is this church & religious facility located?
The property is located at 16 N Chestnut St New Paltz, NY.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Historic building at 16 N Chestnut Street in New Paltz, NY, with origins dating back to the 1860s; Upstairs space used for meetings, live theater, lectures, and art exhibitions over its history; Downstairs area designed for restaurant and various retail uses, including Barnaby's Restaurant in the 1960s
