Renovated Live-Work
For Sale
$629,000
46 N Chestnut Street, New Paltz, NY 12561
Fully renovated building with main-level professional office and upstairs private apartment, plus parking, garage, and pickleball court.
Property Size1,990 SF
Lot Size0.32 Acres
Days on Market68
Property Features for 46 N Chestnut Street
General Information
Standard status
Active
Size
1,990 SF
Lot size
0.32 Acres
Property subtype
Mixed Use
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$8,882
Building Details
Building Size
1,990 SF
Year Built
1965
Listing Agency:
eXp Realty
Listed By:
Lindsay Stevens · License #10301211263
(845) 204-4447
Source:
Gristmillrealestate
Added: Jun 30
Changed: Sep 2
Last Checked: Sep 4 at 10:01AM
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 eXp Realty
Investment Insights
Based on property information with market context.
46 N Chestnut Street in the Village of New Paltz presents a fully turn-key, renovated live-work/commercial-residential setup. The main level was designed and restored by Seakill Custom Home Builders for private office use and features a welcoming foyer, a reception area with hardwood floors, a kitchenette/coffee bar, and a flexible open workspace suitable for multiple desks. A standout custom conference room includes natural wood beams and wide-plank flooring, complemented by built-in storage, workstations, and a half bath. There is easy access to the basement for additional storage.
Upstairs, a private apartment provides flexible living and income options. The residence is fully renovated and receives abundant natural light, with sunset views over the village. The layout includes an eat-in kitchen with dining area, a full bath, and a spacious bedroom that can also serve as a living area.
Outside, the property is set on a 0.32-acre lot and includes ample private parking, a detached garage, and a private pickleball court. The building is just steps from Main Street’s restaurants, cafes, boutiques, and the Rail Trail.
Upstairs, a private apartment provides flexible living and income options. The residence is fully renovated and receives abundant natural light, with sunset views over the village. The layout includes an eat-in kitchen with dining area, a full bath, and a spacious bedroom that can also serve as a living area.
Outside, the property is set on a 0.32-acre lot and includes ample private parking, a detached garage, and a private pickleball court. The building is just steps from Main Street’s restaurants, cafes, boutiques, and the Rail Trail.
Key Highlights
- 1965‑built, fully renovated mixed‑use building with main‑level professional office and an upstairs private apartment
- Main level includes a reception area, polished hardwood floors, kitchenette/coffee bar, flexible open workspace, custom conference room, and half bath
- Upstairs apartment features an eat‑in kitchen with dining area, full bath, bedroom, and additional living space with natural light and sunset views
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
$39,089
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
6.21%
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%
$781,780
$781.8K
Cap Rate 7%
$558,414
$558.4K
Cap Rate 9%
$434,322
$434.3K
Market Conditions
NOI Build-Up for 1,990 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
$59.7K $30.00/SF
− Vacancy
−$7.6K −$3.81/SF
EGI
$52.1K $26.19/SF
− OpEx
−$13.0K −$6.55/SF
NOI
$39.1K $19.64/SF
Area
Ulster County, NY
Vacancy
12.70%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$781,780
Cap Rate 7%
$558,414
Cap Rate 9%
$434,322
Alternative Uses
Best Use
Office B
$558.4K
$488.6K – $651.5K
NOI $39,089 @ 7.0% cap · market cap 6.21%
Second Best
Mixed Use
$300.6K
$263.1K – $350.7K
NOI $21,044 @ 7.0% cap · market cap 3.35%
Theoretical Best
Multifamily LT 5
$18.61M
$16.28M – $21.71M
NOI $1,302,701 @ 7.0% cap · market cap 207.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
951
Businesses Nearby
Explore this area
Business Placement
Demographics for 12561, NY
18,726
Population
7,081
Households
2.6
Avg Household Size
36
Median Age
56%
College-Educated
97%
High-School Grad
60.3 sq mi
ZIP Area
311
Density / Sq Mi
$89,694
Median Household Income
$25,612
Median Earnings
$1,603
Median Rent
$411,600
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Live-work space - Fully renovated building with main-level professional office and upstairs private apartment, plus parking, garage, and pickleball court.
Where is this live-work space located?
The property is located at 46 N Chestnut Street New Paltz, NY.
What is the asking price?
The asking price for this property is $629,000.
What are key features of this property?
This property features: 1965‑built, fully renovated mixed‑use building with main‑level professional office and an upstairs private apartment; Main level includes a reception area, polished hardwood floors, kitchenette/coffee bar, flexible open workspace, custom conference room, and half bath; Upstairs apartment features an eat‑in kitchen with dining area, full bath, bedroom, and additional living space with natural light and sunset views
