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    Historic Estate with Inn Potential Title is generated by Realmo AI

    54-66 Ramble Hill Lane, Millbrook, NY 12545

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    Claim this Listing
    For Sale
    $1,500,000

    32-acre Millbrook estate approved for hospitality overlay district.

    Type:Commercial
    Property size:
    7,330 SF
    Lot size:
    31.98 Acres
    Price / SF:
    $204/SF
    Added:
    Dec 12, 2025
    Days on Market:
    173
    Last Refresh:
    Apr 5 at 8:31 pm

    Property Features for 54-66 Ramble Hill Lane

    General Information

    Standard status
    Active
    Size
    7,330 SF
    Lot size
    31.98 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    BRIAN MCGRATH
    BRIAN MCGRATH

    Listing agent BRIAN MCGRATH License #REB.0791807

    Listing office MCGRATH REALTY INC

    Listing date Dec 12, 2025

    Source Corcoran

    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 MCGRATH REALTY INC

    HighLights

    • Approved for Hospitality Overlay District: Explore the possibilities with potential for an inn (up to 40 rooms), restaurant, bar/tavern, spa, fitness gym, and swimming pool.
    • Historic Crawford Farm Estate: Own a piece of history with this 32‑acre Gilded Age mansion built in 1900.
    • Development Potential: Current zoning allows for 17 single‑family or two‑family homes, with potential for subdivision.
    • Existing Structures: Includes a 9‑bedroom, 8‑bath mansion, an 18‑room dormitory wing, and a modern 7,330 SF 6‑classroom school building.
    • Self‑Sufficient Infrastructure: Features a 100,000‑gallon water cistern and on‑site water and sewage treatment plants.
    • Strategic Location: Minutes from Route 44 and the Taconic State Parkway, with a Metro North train station nearby.

    Overview

    Located at 54-66 Ramble Hill Lane in Millbrook, NY, this historic Crawford Farm Estate spans close to 32 acres. The property is approved for the newly created Hospitality Overlay District, allowing use as an inn. The site has potential for up to 40 inn rooms with accessory uses such as a restaurant, bar/tavern open to the public and room guests, a spa, fitness gym, and swimming pool for guests only. Additional possibilities include a single-family residence, bed and breakfast, educational institution, membership club, nursing or convalescent home, stable, corporate or religious retreat, along with the potential for subdivision to further residential development. Current zoning allows for 17 single family or two family homes. The estate features a 3-story, 9-bedroom, 8-bath mansion awaiting full restoration, alongside an attached 2-story, 18-room dormitory wing. A more modern 7,330 SF 6-classroom school building built in 2005 offers opportunities for contemporary repurpose. The estate features a 100,000-gallon water cistern, complemented by on-site water and sewage treatment plants. The sewage treatment plant has been recently SPDES-renewed. The property has two access points from Ramble Hill Lane and College Lane, and is located minutes from Route 44 and the Taconic State Parkway, with a Metro North train station a mere 20-minute drive away. The property was originally named Crawford Farm Estate and has served as a health services rehabilitation center. Full market value is $3,701,000 with a total assessed value of $2,500,000.

    Local Financial Insights For Healthcare Medical

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $219.9k $30.00
    − Vacancy −$23.1k −$3.15
    EGI $196.8k $26.85
    − OpEx −$78.7k −$10.74
    NOI $118.1k $16.11
    7,330 SF · lease $30.00/SF/yr · vacancy 10.50% · expense 40.00%

    Alternative Uses

    Best Use
    Healthcare Medical
    $1.69M
    $1.48M – $1.97M (±1% cap)
    NOI $118,086 @ 7.0% cap · market cap 7.87%
    Second Best
    Hotel Hospitality
    $783.4K
    $685.5K – $914.0K (±1% cap)
    NOI $54,838 @ 7.0% cap · market cap 3.66%
    Theoretical Best
    Office A
    $2.21M
    $1.93M – $2.57M (±1% cap)
    NOI $154,452 @ 7.0% cap · market cap 10.30%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bed & breakfasts

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Hair Salon Nail Salon Pharmacy Gym & Fitness Center

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

    Similar Places Nearby

    • Millbrook Gatehouse Guest Suite — Franklin Ave, Millbrook, NY 12545

    Location Insight

    • Map
    • Local Demand
    City
    Millbrook
    County
    Dutchess
    State
    New York
    Longitude
    -73.7075
    Latitude
    41.7767

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    FAQs

    What type of property is this?
    Bed & breakfast - 32-acre Millbrook estate approved for hospitality overlay district.
    Where is this bed & breakfast located?
    The property is located at 54-66 Ramble Hill Lane Millbrook, NY.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Approved for Hospitality Overlay District: Explore the possibilities with potential for an inn (up to 40 rooms), restaurant, bar/tavern, spa, fitness gym, and swimming pool.; Historic Crawford Farm Estate: Own a piece of history with this 32‑acre Gilded Age mansion built in 1900.; Development Potential: Current zoning allows for 17 single‑family or two‑family homes, with potential for subdivision.
    (845) 855-5550
    We can help!
    Listing Contact
    BRIAN MCGRATH
    BRIAN MCGRATH
    Real Estate License ID: REB.0791807
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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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