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    238 Lakeview Drive Road Highland Lake, NY 12743

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    Claim this Listing
    For Sale
    $1,189,000

    MULTI_FAMILY - Highland Lake, NY

    Lot size:
    1.60 Acres
    Added:
    Apr 16, 2026
    Days on Market:
    17
    Last Refresh:
    May 2 at 4:06 pm

    Property Features for 238 Lakeview Drive Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R2
    Parking features
    Driveway
    Standard status
    Active
    APN
    3400-007-0-0001-048-002
    Lot size
    1.60 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    11900

    Utilities

    Utilities
    Propane
    Sewer type
    Septic Tank
    Heating system
    Electric (Heating)
    Water source
    Well
    Water front features
    Lake Front, Lake
    Water front
    1

    Building Details

    Year built
    1925
    Floors in Building
    1
    Number of units
    8
    Building materials
    Frame

    We can help!

    Listing Contact
    Joseph A. LaBarbera

    Listing agent Joseph A. LaBarbera

    Listing office Keller Williams Hudson Valley 9 Bert Crawford Rd, Ste 104, New City, NY

    Listing date Apr 16, 2026

    MLS# 976487

    Copyright © 2026 OneKey MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Lakefront Investment Property - 8 Units

    This vacant lakefront property presents a redevelopment, repositioning, or value-add investment opportunity. Situated on a 1.6-acre lot with over 175 feet of shoreline, the multi-structure compound includes three separate buildings with eight independent units, each equipped with a kitchen. Previously used as a retreat and rental destination, the property is ready for an update or redevelopment. The property features 11 total bedrooms, 7 bathrooms, and 8 kitchens, offering possibilities such as short-term rentals, long-term rentals, or transformation into a boutique resort, wellness retreat, or private compound. The main lodge includes 4 units with private kitchens and bathrooms, a multi-level deck overlooking the lake, and sandy beach access. The ranch-style lodge contains 2 units with a wraparound veranda, and the bungalow has 2 studio-style units with kitchens. Outdoor amenities include a sandy beach, fire pit area, and an expansive front lawn for recreation. The property is zoned for rental flexibility, allowing for long-term or short-term potential. It offers direct lake frontage with motorboat access and panoramic lake views from multiple units and decks. The location is convenient, within minutes of Monticello, Bethel Woods, and Port Jervis transit, and under 2 hours from New York City. The property is located in Sullivan County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Resorts

    Suggested Use

    Restaurant Real Estate Agency Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Highland Lake
    County
    Sullivan
    State
    New York
    Longitude
    -74.8424777
    Latitude
    41.5326965

    FAQs

    What type of property is this?
    Apartment building - Lakefront property with 8 units, offering redevelopment or investment potential.
    Where is this apartment building 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 175+ feet of shoreline.; Eight independent units across three buildings, each with a kitchen.; Value‑add opportunity: vacant and ready for renovation/redevelopment.
    (845) 800-3032
    We can help!
    Listing Contact
    Joseph A. LaBarbera
    Learn More
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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
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    238 Lakeview Drive Road, Highland Lake, NY 12743

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