Saugerties Hotel/Residential Income
For Sale
$1,200,000
Pending
451 Washington Avenue Extension, Saugerties, NY 12477
27-unit building near village, suitable for various uses.
Property Size10,000 SF
Lot Size2.20 Acres
Days on Market533
Property Features for 451 Washington Avenue Extension
General Information
Standard status
Pending
Size
10,000 SF
Lot size
2.20 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$14,926
Amenities
Central air
Central Air Cooling
Forced Air Heating
Level
Propane Heating
Building Details
Year Built
1960
Listing Agency:
BERARDI REALTY
(845) 201-1111
Listed By:
GREGORY C. BERARDI · License #10311209045
(845) 389-7895
Source:
Corcoran
Added: Apr 5, 2025
Changed: Sep 17
Last Checked: Sep 18 at 8:04AM
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 BERARDI REALTY
Investment Insights
Based on property information with market context.
Located approximately 0.5 miles from the Saugerties Village center, this property is situated near Horse Show properties, the Cantine Sports Complex, an indoor Ice Arena, mini-golf, go-karts, and a skate park. The 27-unit building includes a one-bedroom manager's apartment, totaling 28 units. The building, exceeding 10,000 square feet, is divided into four suites, each equipped with a full kitchen, dining area, living room, and six to seven bedrooms, each with its own full bathroom. Updated with new HVAC (heat and AC) and high-efficiency propane units, the building also features a comprehensive laundry facility with over five coin-operated washers and dryers. The property is fully furnished and currently leased to a Master Tenant. It is located just off the Village, surrounded by Horse Show property (HITS) and other Village activities, including shops, restaurants, theaters, and the waterfront. This property is suitable for a hotel, Inn, Senior Residence, or SRO rentals, and the current tenant uses it for Emergency Housing. List agent is part owner.
Key Highlights
- Prime location near Saugerties Village, Horse Show (HITS), shops, restaurants, and waterfront.
- 27 rentable units plus a 1‑bedroom manager's apartment (28 total units).
- Large 10,000+ sq ft building divided into four suites**, each with full kitchen, dining area, living room, and 6‑7 bedrooms with private bathrooms.
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
$53,438
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
4.45%
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%
$1,068,760
$1.1M
Cap Rate 7%
$763,400
$763.4K
Cap Rate 9%
$593,756
$593.8K
Market Conditions
NOI Build-Up for 10,000 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
$150.0K $15.00/SF
− Vacancy
−$37.5K −$3.75/SF
EGI
$112.5K $11.25/SF
− OpEx
−$59.1K −$5.91/SF
NOI
$53.4K $5.34/SF
Area
Ulster County, NY
Vacancy
25.00%
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%
$1,068,760
Cap Rate 7%
$763,400
Cap Rate 9%
$593,756
Alternative Uses
Best Use
Hotel Hospitality
$763.4K
$668.0K – $890.6K
NOI $53,438 @ 7.0% cap · market cap 4.45%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$93.52M
$81.83M – $109.10M
NOI $6,546,234 @ 7.0% cap · market cap 545.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
58
Businesses Nearby
Explore this area
Business Placement
Demographics for 12477, NY
18,559
Population
9,483
Households
2
Avg Household Size
48
Median Age
34%
College-Educated
92%
High-School Grad
66.7 sq mi
ZIP Area
278
Density / Sq Mi
$72,353
Median Household Income
$49,357
Median Earnings
$1,239
Median Rent
$292,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Hotel - 27-unit building near village, suitable for various uses.
Where is this hotel located?
The property is located at 451 Washington Avenue Extension Saugerties, NY.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Prime location near Saugerties Village, Horse Show (HITS), shops, restaurants, and waterfront.; 27 rentable units plus a 1‑bedroom manager's apartment (28 total units).; Large 10,000+ sq ft building divided into four suites**, each with full kitchen, dining area, living room, and 6‑7 bedrooms with private bathrooms.
