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    226 State Route 296 Windham, NY 12496

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    For Sale
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    Fully renovated resort on 17+ acres near Windham Mountain.

    Lot size:
    14.40 Acres

    Property Features for 226 State Route 296

    General Information

    Standard status
    Active
    Zoning
    01
    Lot size
    14.40 Acres

    Building Details

    Year built
    1898

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    Listing Contact
    Jason Karadus
    Source: Crexi

    Listing Agency: Corcoran Country Living Listing Agent: Jason Karadus

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Luxury Resort Near Windham Mountain

    Haus Windham, a luxury all-season resort, is situated on 17+ acres in the Northern Catskills, offering direct-to-slope access and expansion-ready land. Located a three-minute drive from Windham Mountain's trails, the property underwent a comprehensive ground-up luxury renovation between 2021 and 2023. The resort features 11 units with high-end furnishings, full mechanical upgrades, designer appliances, and spa-caliber bathrooms. Signature amenities include private steam showers, a private cinema room, hot tubs & Jacuzzis, a boutique fitness center, in-suite fireplaces, fiber-optic WiFi, full-size kitchens, and Glass Mirror Haus suites. The unit mix includes Glass Mirror Haus suites, a 5-bedroom private chalet (sleeps 12), duplex suites, 1-bedroom suites, and 2-bedroom full kitchen suites. The property is connected to full municipal water and sewer. Located steps away from Windham Path, walking distance from Windham Country Club & Golf Course, and a 12-minute drive from Hunter Mountain, the property is in Windham's commercial core, featuring dining and boutiques. The Town of Windham has no zoning ordinance, offering creative control over land development and use. An existing variance permits below-minimum-footprint cabin construction, potentially supporting a high-density micro-cabin or tiny-home hotel concept.
    Location Intelligence

    Current Use by Public Records

    Resorts

    Suggested Use

    Building Supply Spa & Massage Center Restaurant Big Box & Wholesale Store Hair Salon Nail Salon Pharmacy Gym & Fitness Center Department Store Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Windham
    County
    Greene
    State
    New York
    Longitude
    -74.224599
    Latitude
    42.297804

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    FAQs

    What type of property is this?
    Resort - Fully renovated resort on 17+ acres near Windham Mountain.
    Where is this resort located?
    The property is located at 226 State Route 296 Windham, NY.
    What are key features of this property?
    This property features: - Uncapped Development Potential: Town with no zoning ordinance offers extraordinary creative control.; - Rare Municipal Utilities: Connected to full municipal water and sewer unlocking full development capacity.; - Direct-to-Slope Access & Prime Location: Just three minutes from Windham Mountain Resort.
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    Windham, NY 12496
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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
    226 State Route 296 Windham, NY 12496
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    Listing Contact
    Jason Karadus
    Real Estate License ID: 10991233039
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