Adirondack Lodges Investment
For Sale
$999,900
746 Howe Road, Lake Luzerne, NY 12846
Two Adirondack lodges offer rental income or private residence potential.
Property Size5,780 SF
Price / SF$172.99
Days on Market150
Property Features for 746 Howe Road
General Information
Standard status
Active
Size
5,780 SF
Total Parking Spaces
10
Property subtype
Residential / Single Family Residence
Zoning
Mixed
Taxes and HOA fees
Annual Taxes
$10,295
Amenities
Asphalt
Central Air, Yes
Forced Air, Propane, Propane Tank Leased, Wood Stove, Yes
True
200+ Amp Service
Tile, Carpet, Ceramic Tile, Hardwood
Yes
3
High Speed Internet, Paddle Fan, Vaulted Ceiling(s), Built-in Features, Cathedral Ceiling(s), Ceramic Tile Bath, Eat-in Kitchen, Kitchen Island
Wood Burning Stove, Basement, Dining Room, Living Room, Wood Burning
Stone
Log, Wood Siding
Blinds, Curtain Rods
Laundry Room, Upper Level
Guest House
Drive-Paved, Garden, Lighting
Smoke Detector(s), Carbon Monoxide Detector(s), Fire Escape
Covered, Front Porch, Porch
Building Details
Year Built
1942
Listing Agency:
Realty One Group Key
(518) 588-2751
Listed By:
Deena Miller · License #10401361467
(518) 588-2751
Source:
Compass
Added: Mar 13
Changed: Aug 8
Last Checked: Aug 7 at 8:05AM
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 Realty One Group Key
Investment Insights
Based on property information with market context.
This property features two Adirondack-style lodges, presenting a versatile opportunity for use as a private residence, income-producing rental, or commercial investment. Each lodge showcases classic Adirondack architecture, characterized by warm wood interiors, inviting living spaces, and functional layouts. The lodges can be occupied individually or rented separately, making the property suitable for short-term rentals, seasonal guests, or long-term tenants. The layout allows an owner to reside in one lodge while generating rental income from the other, or to operate both as income-producing units. With zoning and configuration suitable for commercial use, the property offers potential for vacation rentals, retreats, or a boutique lodging experience. The setting provides privacy and tranquility, enhancing its appeal to renters and residents. Ample outdoor space, parking, and convenient access to local attractions contribute to its desirability. The property is located 20 minutes from Lake George and 30 minutes from Saratoga Springs. The property is known as the iconic ''Painted Pony''. The property size is 5780 square feet.
Key Highlights
- Two Adirondack‑style lodges offer flexibility as a private residence, rental income, or commercial investment.
- Income‑producing potential: Live in one lodge and rent the other.
- Zoning and configuration suitable for commercial use: Ideal for vacation rentals or retreats.
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
$48,200
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
4.82%
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%
$964,000
$964.0K
Cap Rate 7%
$688,571
$688.6K
Cap Rate 9%
$535,556
$535.6K
Market Conditions
NOI Build-Up for 5,780 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
$92.2K $15.96/SF
− Vacancy
−$4.6K −$0.80/SF
EGI
$87.6K $15.16/SF
− OpEx
−$39.4K −$6.82/SF
NOI
$48.2K $8.34/SF
Area
Warren County, NY
Vacancy
5.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
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%
$964,000
Cap Rate 7%
$688,571
Cap Rate 9%
$535,556
Alternative Uses
Best Use
Apartment 5plus
$688.6K
$602.5K – $803.3K
NOI $48,200 @ 7.0% cap · market cap 4.82%
Second Best
Hotel Hospitality
$635.4K
$556.0K – $741.3K
NOI $44,477 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$1.73M
$1.51M – $2.02M
NOI $121,103 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 12846, NY
3,008
Population
2,338
Households
1.3
Avg Household Size
51
Median Age
26%
College-Educated
90%
High-School Grad
53.7 sq mi
ZIP Area
56
Density / Sq Mi
$47,449
Median Household Income
$41,500
Median Earnings
$942
Median Rent
$197,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Lakeside Cottage Rental LLC — 1315 Lake Ave, Lake Luzerne, NY 12846
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- Lake View Cottages — 1359 Lake Ave, Lake Luzerne, NY 12846
Frequently Asked Questions
What type of property is this?
Bed & breakfast - Two Adirondack lodges offer rental income or private residence potential.
Where is this bed & breakfast located?
The property is located at 746 Howe Road Lake Luzerne, NY.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Two Adirondack‑style lodges offer flexibility as a private residence, rental income, or commercial investment.; Income‑producing potential: Live in one lodge and rent the other.; Zoning and configuration suitable for commercial use: Ideal for vacation rentals or retreats.
