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    State Route 9 Chazy, NY 12921
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    Property profile & analytics

    State Route 9 Chazy, NY 12921

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    • Commercial real estate
    • 37,281 SF
    • 1.09 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for State Route 9

    Year built
    1920
    Lot size
    1.09 lot acres
    Property size
    37,281 SF
    Property type
    Commercial real estate

    Description

    Gray Gables, a significant Chazy landmark, presents a unique investment opportunity. This historic six-story building, constructed in the 1920s by local millionaire William H. Miner, boasts an impressive 37,281 square feet of space situated on a 1.09-acre lot at State Route 9 Unit 9627, Chazy, NY. Originally serving as housing for school teachers and their families, this substantial property offers immense potential for various uses. Its robust construction is evident in its 18-inch thick cement walls and cement floors, ensuring durability and longevity. High ceilings, measuring 12 feet, add to the spacious feel. The building is equipped with a powerful 1 million BTU boiler, providing efficient heating. A unique feature is the on-site ice house, a testament to the property's history, located on the river side and designed for winter ice harvesting and summer storage. Two elevators provide convenient access throughout the building. This remarkable property, offered for sale to the public for the first time since the 1980s, is priced at $4,900,000. Foreign investors are welcome. Companies seeking cost-effective temporary employee housing will find this property particularly attractive. The scale and historical significance of Gray Gables present a rare chance to acquire a substantial and versatile property in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Chazy
    County
    Clinton
    State
    New York
    Longitude
    -73.4372
    Latitude
    44.8891

    Comparable in this City

    • Value Estimation by Request
      6,475 SF

      9658 Rt 9th 9

      SHOW ROOM, WAREHOUSE • 6,475 SF
      9658 Rt 9th 9, Chazy, NY 12921
      View Details
    • Value Estimation by Request
      5,700 SF

      9398 Rt 9th 9

      SHOW ROOM, WAREHOUSE • 5,700 SF
      9398 Rt 9th 9, Chazy, NY 12921
      View Details
    • Value Estimation by Request
      76.30 Acres

      Macadam Rd

      MINING, MINERAL, QUARRIES • 76.30 Acres
      Macadam Rd, Chazy, NY 12921
      View Details
    • Value Estimation by Request
      0.52 Acres

      9688 State Rte 9th 9

      VACANT COMMERCIAL LAND • 3,751 SF
      9688 State Rte 9th 9, Chazy, NY 12921
      View Details
    • Value Estimation by Request
      2,283 SF

      9615 Rt 9th 9

      SERVICE STATION WITH FOOD MART • 2,283 SF
      9615 Rt 9th 9, Chazy, NY 12921
      View Details
    • Value Estimation by Request
      4,829 SF

      9631 Rt 9th 9

      OFFICE BUILDING • 4,829 SF
      9631 Rt 9th 9, Chazy, NY 12921
      View Details

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    Chazy, NY 12921
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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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