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 Market51
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
Listing Agency:
CR Properties Group LLC
Listed By:
Thomas M. Cervone · License #49CE0922865
(845) 485-3100
Source:
Crproperties
Added: Jul 27
Changed: Sep 3
Last Checked: Sep 14 at 6:00AM
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 CR Properties Group LLC
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 = 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
$84,840
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
5.66%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
867
Businesses Nearby
Explore this area
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
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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
