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    Versatile Acreage with Workshop Title is generated by Realmo AI

    308-314 Pennsylvania Avenue, Palenville, NY 12463

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    For Sale
    $530,000

    16.20 acres with workshop, development potential in Catskill.

    Type:Unimproved Land
    Property size:
    2,856 SF
    Lot size:
    16.20 Acres
    Price / SF:
    $185/SF
    Added:
    May 20, 2026
    Days on Market:
    10
    Last Refresh:
    May 21 at 10:16 am

    Property Features for 308-314 Pennsylvania Avenue

    General Information

    Standard status
    Active
    Size
    2,856 SF
    Lot size
    16.20 Acres
    Property subtype
    Unimproved Land

    We can help!

    Listing Contact
    Shannon O'Connell

    Listing agent Shannon O'Connell

    Listing office Grist Mill Real Estate

    Listing date May 20, 2026

    Source Gristmillrealestate

    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 Grist Mill Real Estate

    HighLights

    • 16.20 private acres zoned MR-.5 offering versatile use and development potential.
    • 2,856 SF Morton‑built workshop with three‑phase electric, polished concrete floors, and compressed air system.
    • Workshop features wide‑span interior, high ceilings, abundant natural light, dedicated office, and plumbed bathroom.
    • Two oversized overhead doors provide excellent access for equipment and storage.
    • Newer drilled well installed in 2022 awaiting hookup.
    • Roof and skylights replaced two years ago.

    Overview

    This property, set on 16.20 acres, offers potential for storage, workshop space, future development, or a live/work setup. A 2,856 square foot Morton-built workshop is a central feature, equipped with three-phase electric, polished concrete floors, and a compressed air line system throughout its three work spaces. The building's design emphasizes functionality, featuring wide-span interior space, high ceilings, natural light from multiple windows and skylights, a dedicated office space, and a plumbed bathroom. Two of the three bays include oversized overhead doors for equipment access and storage. The roof and skylights were replaced two years ago. The property also contains two manufactured homes in disrepair, each with electric service. Water is supplied by a spring-fed well that historically serviced the structures, and a newer drilled well installed in 2022 awaiting hookup. Zoned MR-.5, the property allows for various uses per the Town of Catskill zoning table, including the potential for multiple homes or future expansion opportunities. This Catskill property offers flexibility and infrastructure.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Building Supply Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Department Store Food Market Bar & Pub Electrical Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Palenville
    County
    Greene
    State
    New York
    Longitude
    -74.005547
    Latitude
    42.173847

    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Land - 16.20 acres with workshop, development potential in Catskill.
    Where is this land located?
    The property is located at 308-314 Pennsylvania Avenue Palenville, NY.
    What is the asking price?
    The asking price for this property is $530,000.
    What are key features of this property?
    This property features: 16.20 private acres zoned MR-.5 offering versatile use and development potential.; **2,856 SF Morton‑built workshop** with three‑phase electric, polished concrete floors, and compressed air system.; **Workshop features wide‑span interior, high ceilings, abundant natural light, dedicated office, and plumbed bathroom.**
    We can help!
    Listing Contact
    Shannon O'Connell
    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.

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