Lakefront 8-Unit Short-Term Rental
For Sale
$1,189,000
238 Lakeview Drive Road, Highland Lake, NY 12743
Vacant three-building compound with kitchens, decks, shoreline, and R2 zoning.
Property Size4,762 SF
Days on Market122
Property Features for 238 Lakeview Drive Road
General Information
Standard status
Active
Size
4,762 SF
Property subtype
Commercial
Zoning
R2
Taxes and HOA fees
Annual Taxes
$11,900
Building Details
Building Size
4,762 SF
Year Built
1925
Buildings
3
Stories
1
Units
8
Listing Agency:
KW Hudson Valley United
(845) 800-3032
Listed By:
Joseph A. LaBarbera
(845) 800-3032
Source:
Maurafinnegan
Added: Apr 30
Changed: Aug 28
Last Checked: Aug 25 at 9:24AM
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 KW Hudson Valley United
Investment Insights
Based on property information with market context.
This vacant lakefront property includes 3 buildings containing 8 independent units, 11 total bedrooms, 7 bathrooms, and 8 kitchens. The improvements include a main lodge with 4 units and a multilevel deck, a ranch-style lodge with 2 units and a wraparound veranda, and a bungalow with 2 studio-style units. The site also features a sandy beach, fire pit area, and front lawn, with motorboat access from the lake.
The property occupies 1.6 acres with more than 175 feet of shoreline and is zoned R2. It is located at 238 Lakeview Drive Road in Highland Lake, with Monticello, Bethel Woods, and Port Jervis transit identified as nearby destinations. The structures were built in 1925 and are currently vacant, offering a lakefront configuration with separate units and shared outdoor features.
The property occupies 1.6 acres with more than 175 feet of shoreline and is zoned R2. It is located at 238 Lakeview Drive Road in Highland Lake, with Monticello, Bethel Woods, and Port Jervis transit identified as nearby destinations. The structures were built in 1925 and are currently vacant, offering a lakefront configuration with separate units and shared outdoor features.
Key Highlights
- 1.6‑acre lakefront property with over 175 feet of shoreline
- 8 independent units across 3 buildings
- 11 bedrooms, 7 bathrooms, and 8 kitchens
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
$36,354
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
3.06%
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%
$727,080
$727.1K
Cap Rate 7%
$519,343
$519.3K
Cap Rate 9%
$403,933
$403.9K
Market Conditions
NOI Build-Up for 4,762 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
$72.0K $15.12/SF
− Vacancy
−$5.9K −$1.24/SF
EGI
$66.1K $13.88/SF
− OpEx
−$29.7K −$6.25/SF
NOI
$36.4K $7.63/SF
Area
Sullivan County, NY
Vacancy
8.20%
Lease Rate
$15.12 /SF/Yr
Expense Ratio
45.00%
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%
$727,080
Cap Rate 7%
$519,343
Cap Rate 9%
$403,933
Alternative Uses
Best Use
Apartment 5plus
$519.3K
$454.4K – $605.9K
NOI $36,354 @ 7.0% cap · market cap 3.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,430 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 12743, NY
347
Population
285
Households
1.2
Avg Household Size
47
Median Age
20%
College-Educated
99%
High-School Grad
7.5 sq mi
ZIP Area
46
Density / Sq Mi
$75,848
Median Earnings
$341,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Vacant three-building compound with kitchens, decks, shoreline, and R2 zoning.
Where is this short term rental property located?
The property is located at 238 Lakeview Drive Road Highland Lake, NY.
What is the asking price?
The asking price for this property is $1,189,000.
What are key features of this property?
This property features: 1.6‑acre lakefront property with over 175 feet of shoreline; 8 independent units across 3 buildings; 11 bedrooms, 7 bathrooms, and 8 kitchens
