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    6369 Main St Chestertown, NY 12817
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    6369 Main St Chestertown, NY 12817

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    • Hospitality properties
    • 6,000 SF
    • 0.15 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hospitality properties

    Property Details for 6369 Main St

    Year built
    1893
    Lot size
    0.15 lot acres
    Property size
    6,000 SF
    Property type
    Hospitality properties
    Property subtype
    Motels

    Description

    The Remington Building, a historic 1893 structure completely renovated in 2024, presents a unique investment opportunity in Chestertown, NY. This 6,000 square foot, three-level mixed-use property sits on a 0.15-acre lot and is zoned for commercial use. The main level houses a well-established restaurant, popular with both locals and tourists. The second floor boasts a tastefully remodeled four-bedroom, four-bathroom apartment featuring king-sized beds in each ensuite bedroom, 11-foot ceilings, a gourmet kitchen with granite countertops and stainless steel appliances, a double-sided fireplace, and outdoor amenities including a porch, bocce ball court, and fire pit. This space is ideal for short-term rentals or owner occupancy. The lower level offers versatile space, perfect for a wine cellar, gallery, spa, or other creative uses. The property's central location in the Adirondacks, near Lake George, Saratoga, Gore Mountain, and Lake Placid, provides excellent access to popular tourist destinations. This is an exceptional opportunity to acquire a profitable, historic property with significant upside potential in a desirable location. The asking price is $749,000.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chestertown
    County
    Warren
    State
    New York
    Longitude
    -73.8011
    Latitude
    43.6538

    Comparable in this City

    • Value Estimation by Request
      1,781 SF

      5056 State Rte 8th 8

      MOTEL • 1,781 SF
      5056 State Rte 8th 8, Chestertown, NY 12817-3609
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    • Value Estimation
      $680,000
      1,566 SF

      5420 State Rte 8th 8

      MOTEL • 1,566 SF
      5420 State Rte 8th 8, Chestertown, NY 12817
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    • Value Estimation
      $500,000
      3,240 SF

      5381 State Rte 8th 8

      MOTEL • 3,240 SF
      5381 State Rte 8th 8, Chestertown, NY 12817
      View Details
    • Value Estimation
      $800,000
      9,698 SF

      6372 State Rte 9th 9

      HOTEL • 9,698 SF
      6372 State Rte 9th 9, Chestertown, NY 12817
      View Details
    • Value Estimation
      $1,230,000
      448 SF

      71 Dixon Rd

      CAMPGROUND, RV PARK • 448 SF
      71 Dixon Rd, Chestertown, NY 12817-4702
      View Details
    • Value Estimation
      $530,000
      2,392 SF

      261 Frst Lk Rd

      CAMPGROUND, RV PARK • 2,392 SF
      261 Frst Lk Rd, Chestertown, NY 12817-4406
      View Details

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    Chestertown, NY 12817
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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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