10-Unit Motel with
For Sale
$499,000
2624 NY Route 40, Greenwich, NY 12834
COMMERCIAL - Greenwhich, NY
Property Size4,500 SF
Price / SF$110.89
Days on Market157
Property Features for 2624 NY Route 40
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
NYS Route 40
Standard status
Active
Size
4,500 SF
Taxes and HOA fees
Tax Annual Amount
10700
Amenities
kitchenettes
Building Details
Year built
1990
Listing Agency:
REALTY ONE GROUP KEY
(518) 630-0360
Listed By:
Leah Witko · License #10401256547
(518) 630-0360
Added: Mar 9
Changed: Aug 4
Last Checked: Aug 12 at 9:06AM
MLS# 11669440
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 10-unit motel was built in 1990 and includes recent exterior and site updates. The property has a new roof and a redone parking lot, and some of the motel units feature kitchenettes.
The asset is located in Greenwich, New York, off NYS Route 40, providing straightforward access for traveling guests and day-to-day operations.
For buyers seeking a hospitality property with an established unit count and ongoing fundamentals already addressed through the roof and parking improvements, this motel offers a practical configuration to review and run as-is, with the option to consider additional marketing to support performance.
The asset is located in Greenwich, New York, off NYS Route 40, providing straightforward access for traveling guests and day-to-day operations.
For buyers seeking a hospitality property with an established unit count and ongoing fundamentals already addressed through the roof and parking improvements, this motel offers a practical configuration to review and run as-is, with the option to consider additional marketing to support performance.
Key Highlights
- 10‑unit motel built in 1990
- Located off NYS Route 40 in Greenwhich
- New roof reported
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
$17,634
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
3.53%
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%
$352,680
$352.7K
Cap Rate 7%
$251,914
$251.9K
Cap Rate 9%
$195,933
$195.9K
Market Conditions
NOI Build-Up for 4,500 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
$67.5K $15.00/SF
− Vacancy
−$30.4K −$6.75/SF
EGI
$37.1K $8.25/SF
− OpEx
−$19.5K −$4.33/SF
NOI
$17.6K $3.92/SF
Area
Washington County, NY
Vacancy
45.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$352,680
Cap Rate 7%
$251,914
Cap Rate 9%
$195,933
Alternative Uses
Best Use
Hotel Hospitality
$251.9K
$220.4K – $293.9K
NOI $17,634 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$976.9K – $1.30M
NOI $78,149 @ 7.0% cap · market cap 15.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 12834, NY
6,396
Population
2,996
Households
2.1
Avg Household Size
47
Median Age
29%
College-Educated
95%
High-School Grad
84.6 sq mi
ZIP Area
76
Density / Sq Mi
$82,931
Median Household Income
$49,513
Median Earnings
$1,154
Median Rent
$234,900
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Sunshine Inn — 2624 NY-40, Greenwich, NY 12834
- Battenkill Community Center — 2530 NY-40, Greenwich, NY 12834
Frequently Asked Questions
What type of property is this?
Motel - Ten-unit motel built in 1990 with a new roof, redone parking lot, and some units offering kitchenettes.
Where is this motel located?
The property is located at 2624 NY Route 40 Greenwich, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 10‑unit motel built in 1990; Located off NYS Route 40 in Greenwhich; New roof reported
