Unique Commercial Space in Pine
For Sale
$698,000
3007 Church St, Pine Plains, NY 12567
Transformed church ideal for retail, studio, or gallery.
Property Size3,846 SF
Lot Size0.34 Acres
Days on Market164
Property Features for 3007 Church St
General Information
Standard status
Active
Size
3,846 SF
Lot size
0.34 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$10,291
Building Details
Building Size
3,846 SF
Listing Agency:
ELYSE HARNEY REAL ESTATE
(518) 605-8717
Listed By:
JONATHAN SCARINZI
(518) 605-8717
Source:
Elliman
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 20 at 8:09AM
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 ELYSE HARNEY REAL ESTATE
Investment Insights
Based on property information with market context.
This transformed church building offers a distinctive commercial opportunity in Pine Plains, ideally suited for retail, studio, gallery, or various creative ventures. Located on Main Street among local businesses, the property provides charm and visibility. Wide stone steps and yellow doors lead into a welcoming lobby. The main floor features cathedral ceilings, an open layout, and natural light from oversized windows. Original wide-board hardwood floors, ceiling fans, and track lighting enhance the space. A loft overlooks the main area, suitable for display, seating, or workspace. The lower level offers generous square footage with tall ceilings and natural light from ground-level windows. It includes a built-in bar, worktables, and a half bath. Pine Plains is a hub within the Hudson Valley, attracting locals and visitors along Route 199 between Connecticut, Dutchess County, and the river towns of Hudson and Kingston. The area benefits from a mix of residents, tourists, and second-home owners, supporting a lively business environment.
Key Highlights
- Prime Main Street location in Pine Plains with high visibility and foot traffic.
- Unique, renovated church building offering unmatched charm and character.
- Versatile space suitable for retail, studio, gallery, or other creative ventures.
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
$49,210
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
7.05%
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%
$984,200
$984.2K
Cap Rate 7%
$703,000
$703.0K
Cap Rate 9%
$546,778
$546.8K
Market Conditions
NOI Build-Up for 3,846 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
$73.4K $19.08/SF
− Vacancy
−$3.1K −$0.80/SF
EGI
$70.3K $18.28/SF
− OpEx
−$21.1K −$5.48/SF
NOI
$49.2K $12.80/SF
Area
Dutchess County, NY
Vacancy
4.20%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
30.00%
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%
$984,200
Cap Rate 7%
$703,000
Cap Rate 9%
$546,778
Alternative Uses
Best Use
Retail
$703.0K
$615.1K – $820.2K
NOI $49,210 @ 7.0% cap · market cap 7.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $81,040 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
168
Businesses Nearby
1k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 100%
Peck's Food Market
Groceries
1,296 visits/mo
0.0 miles
Demographics for 12567, NY
2,564
Population
1,434
Households
1.8
Avg Household Size
50
Median Age
42%
College-Educated
91%
High-School Grad
46.0 sq mi
ZIP Area
56
Density / Sq Mi
$95,982
Median Household Income
$53,140
Median Earnings
$1,455
Median Rent
$329,700
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hugs & Kisses — 2957 Church St, Pine Plains, NY 12567
Frequently Asked Questions
What type of property is this?
Storefront property - Transformed church ideal for retail, studio, or gallery.
Where is this storefront property located?
The property is located at 3007 Church St Pine Plains, NY.
What is the asking price?
The asking price for this property is $698,000.
What are key features of this property?
This property features: Prime Main Street location in Pine Plains with high visibility and foot traffic.; Unique, renovated church building offering unmatched charm and character.; Versatile space suitable for retail, studio, gallery, or other creative ventures.
