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    Property profile & analytics

    274 Main St North Creek, NY 12853

    • Investment properties
    • 2,820 SF
    • 0.13 lot acres
    OFF-MARKET
    Last Sale
    Dec 10, 2024
    $450,000
    Value Estimations
    $450,000
    Show details
    Cap Rate Potential
    7.8%
    Investment properties
    Location Intelligence
    Property ID
    US63-6256865
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Crossroads North Creek / General Store

    Property Details for 274 Main St

    Year built
    1920
    Lot size
    0.13 lot acres
    Property size
    2,820 SF
    Zone code
    H02
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    523000 66.10-1-65
    APU
    5230006610165

    Description

    This meticulously renovated, Class A mixed-use property in North Creek, NY, presents a unique investment opportunity. Located at 274 Main St, this historic building, originally a bank, boasts 3,820 square feet across two buildings and three stories, built in 1920 and renovated ten years ago. The property includes a stunning two-story, three-bedroom, two-bathroom apartment (approximately 1620 sq ft) with original woodwork, a gas range, gas fireplace, and central air. The first floor offers approximately 1200 square feet of prime retail or commercial space, featuring the original bank safe. Additional space includes a heated garage with a workshop and office space. The property sits on a 0.13-acre lot and is currently vacant. Public water is already connected, and public sewer is planned. Estimated long-term monthly rental income is $5250, based on $2500 for the apartment, $1500 for the commercial space, and $1250 for the garage/workshop/office. The property is zoned for commercial use and benefits from its proximity to Gore Mountain and the $30 million Ski Bowl redevelopment project, which includes a large lodge, restaurant, and year-round zip coaster. This exceptional property offers a blend of historic charm and modern convenience, making it an ideal investment in a vibrant, growing community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $450,000
      ML approach
      $450,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $585,000
      6.5%
      $540,000
      7%
      $500,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $358,000
      Market price range: $196k - $507k
      AI Estimate
      $415,000
      Market price range: $261k - $548k

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    North Creek
    County
    Warren
    State
    New York
    Longitude
    -73.9866
    Latitude
    43.7006
    CBSA code
    24020
    CBSA name
    GLENS FALLS, NY METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $0.00
    $9,100
    $242,700
    $251,800
    -
    $10,582
    $282,218
    $292,800

    Comparable in this City

    • Value Estimation
      $320,000
      2,262 SF

      191 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,262 SF
      191 Main St, North Creek, NY 12853
      View Details
    • Value Estimation
      $280,000
      1,120 SF

      328 State Rte 28n

      OFFICE/RESIDENTIAL (MIXED USE) • 1,120 SF
      328 State Rte 28n, North Creek, NY 12853-3903
      View Details
    • Value Estimation
      $175,000
      2,096 SF

      7810 State Rte 9th 9

      OFFICE/RESIDENTIAL (MIXED USE) • 2,096 SF
      7810 State Rte 9th 9, North Creek, NY 12853
      View Details
    • Value Estimation
      $525,000
      1,350 SF

      235 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 1,350 SF
      235 Main St, North Creek, NY 12853
      View Details
    • Value Estimation
      $170,000
      2,840 SF

      272 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 2,840 SF
      272 Main St, North Creek, NY 12853-7728
      View Details
    • Value Estimation
      $750,000
      3,697 SF

      196 Main St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,697 SF
      196 Main St, North Creek, NY 12853-2306
      View Details

    Similar Nearby for Sale

    • $49,900
      1.10 Acres

      Land Near Gore Mountain

      1.1-acre lot near Gore Mountain with community amenities.
      206 Mtn, Johnsburg, NY 12853
      View Details
    • $389,000

      Gore Mountain Vacant Land

      144+ acres near Gore Mountain Ski Resort.
      L48.4 Durkin Rd, Johnsburg, NY 12853
      View Details
    • $130,000
      2.47 Acres

      Land Near Gore Mountain

      2+ acre homesite near Gore Mountain with well and driveway.
      L1-12 Johnsburg Rd, Johnsburg, NY 12853
      View Details
    • $99,900
      1.36 Acres

      Private Lot Near Gore Mountain

      Building lot in premier community with amenities, near Gore Mountain.
      49 The Wood, North Creek, NY 12853
      View Details
    • $100,000
      1.17 Acres

      Approved Building Lot Near Gore

      Approved building lot in exclusive community near Gore Mountain Ski Resort.
      114 Mtn, North Creek, NY 12853
      View Details
    • $49,900
      0.95 Acres

      Residential Land Near Gore Mountain

      Approved building lot near North Creek and Gore Mountain.
      37 Main St, North Creek, NY 12853
      View Details
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    274 Main St
    North Creek, NY 12853
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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.

    More about this property
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