Turnkey 10-Unit Motel
For Sale
$499,000
2624 State Route 40, Greenwich, NY 12834
Well-maintained, turnkey 10-unit motel on State Route 40 offering immediate income potential.
Property Size4,500 SF
Price / SF$110.89
Days on Market198
Property Features for 2624 State Route 40
General Information
Standard status
Active
Size
4,500 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Road Access
Yes
Building Details
Year Built
1990
Listing Agency:
Realty One Group Key
Listed By:
Ryan Mortka
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Feb 23
Changed: Sep 8
Last Checked: Sep 8 at 7:00AM
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 Realty One Group Key
Investment Insights
Based on property information with market context.
This turnkey 10-unit motel is offered for sale as a well-maintained hospitality property with immediate income potential. The asset is positioned for an owner-operator or hospitality investor seeking a manageable property with room for operational refinement.
Located on State Route 40 in Greenwich, NY, the property serves travelers and visitors coming to Washington County and the surrounding regional tourism and recreation market. The location is described as convenient to Saratoga Springs and Rensselaer County.
The offering is presented as a practical investment opportunity, with potential to increase revenue through operational improvements and adjustments to rates, as well as expanded short-term rental marketing.
Located on State Route 40 in Greenwich, NY, the property serves travelers and visitors coming to Washington County and the surrounding regional tourism and recreation market. The location is described as convenient to Saratoga Springs and Rensselaer County.
The offering is presented as a practical investment opportunity, with potential to increase revenue through operational improvements and adjustments to rates, as well as expanded short-term rental marketing.
Key Highlights
- Turnkey 10‑unit motel investment with immediate income potential
- Well‑maintained property built in 1990
- Located on State Route 40 in Greenwich, NY
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
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Well-served
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Battenkill Community Center — 2530 NY-40, Greenwich, NY 12834
- Sunshine Inn — 2624 NY-40, Greenwich, NY 12834
Frequently Asked Questions
What type of property is this?
Motel - Well-maintained, turnkey 10-unit motel on State Route 40 offering immediate income potential.
Where is this motel located?
The property is located at 2624 State 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: Turnkey 10‑unit motel investment with immediate income potential; Well‑maintained property built in 1990; Located on State Route 40 in Greenwich, NY
