Historic Estate with Inn
For Sale
$1,500,000
Pending
54-66 Ramble Hill Lane, Millbrook, NY 12545
32-acre Millbrook estate approved for hospitality overlay district.
Property Size7,330 SF
Lot Size31.98 Acres
Days on Market242
Property Features for 54-66 Ramble Hill Lane
General Information
Standard status
Pending
Size
7,330 SF
Lot size
31.98 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$55,226
Amenities
Hardwood Flooring
Hot Water Heating
Level
Oil Heating
Parking Lot
Part Wooded
Propane Heating
Sloped
Wooded
Building Details
Year Built
1900
Listing Agency:
MCGRATH REALTY INC
(845) 855-5550
Listed By:
BRIAN MCGRATH · License #REB.0791807
Source:
Corcoran
Added: Dec 12, 2025
Changed: Aug 8
Last Checked: Apr 5 at 8:31PM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$54,838
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
3.66%
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%
$1,096,760
$1.1M
Cap Rate 7%
$783,400
$783.4K
Cap Rate 9%
$609,311
$609.3K
Market Conditions
NOI Build-Up for 7,330 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
$131.9K $18.00/SF
− Vacancy
−$16.5K −$2.25/SF
EGI
$115.4K $15.75/SF
− OpEx
−$60.6K −$8.27/SF
NOI
$54.8K $7.48/SF
Area
Dutchess County, NY
Vacancy
12.50%
Lease Rate
$18.00 /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%
$1,096,760
Cap Rate 7%
$783,400
Cap Rate 9%
$609,311
Alternative Uses
Best Use
Hotel Hospitality
$783.4K
$685.5K – $914.0K
NOI $54,838 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.21M
$1.93M – $2.57M
NOI $154,452 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
51
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12545, NY
4,741
Population
2,492
Households
1.9
Avg Household Size
45
Median Age
41%
College-Educated
94%
High-School Grad
56.7 sq mi
ZIP Area
84
Density / Sq Mi
$77,991
Median Household Income
$46,282
Median Earnings
$1,207
Median Rent
$414,800
Median Home Value
Questions? Ask Rey
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Similar Off Market Nearby
- Millbrook Gatehouse Guest Suite — Franklin Ave, Millbrook, NY 12545
Frequently Asked Questions
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.
