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    Property profile & analytics

    1385 County Rte 29 Olmstedville, NY 12857-1818

    • Turn key restaurants
    • 2,804 SF
    • 0.20 lot acres
    OFF-MARKET
    Last Sale
    Nov 20, 2020
    $140,000
    Value Estimations
    $195,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US63-3270460
    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

    • Turn key restaurants

    Property Details for 1385 County Rte 29

    Year built
    1935
    Lot size
    0.20 lot acres
    Property size
    2,804 SF
    Zone code
    07 - MIXED
    Property type
    Turn key restaurants
    APN
    153400 164.23-4-7.000
    APU
    1534001642347000

    Description

    This exceptional multi-use commercial property, located at 1385 County Route 29 Unit 1385, Olmstedville, NY, presents a unique investment opportunity in the heart of the Adirondack Mountains. Just eight minutes from Gore Mountain, this 2,804 square foot property sits on a 0.2-acre lot and offers a blend of residential and commercial spaces, ideal for a chef or investor seeking a turnkey operation. The property includes a fully equipped restaurant, ready to open its doors, boasting approximately 1500 square feet of space, a live-edge bar, and a wraparound porch measuring approximately 30x50 feet. All necessary plates and appliances are included, making this a truly move-in-ready establishment. In addition to the restaurant, the property features two apartments. A downstairs one-bedroom, one-bathroom apartment is currently rented for $500 per month, inclusive of internet and water (tenant pays electricity). Upstairs, a three-bedroom, one-bathroom apartment is currently used as an Airbnb, generating significant revenue, particularly during peak seasons due to its proximity to skiing, lakes, and hiking trails. Projected monthly rent for this unit as a full-time rental is $1200. The Airbnb commands a nightly rate of $225 and enjoys high occupancy on weekends during summer and winter months. This property offers a compelling combination of income-generating rental units and a fully equipped restaurant, presenting a rare opportunity in a desirable Adirondack location. Priced at $239,900.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $195,000
      ML approach
      $175,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $152,000
      Market price range: $145k - $445k
      AI Estimate
      $172,000
      Market price range: $173k - $390k

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

    Location Insight

    • Map
    • Local Demand
    City
    Olmstedville
    County
    Essex
    State
    New York
    Longitude
    -73.9299
    Latitude
    43.7714

    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
    2020
    $2,574
    $16,900
    $105,100
    $122,000
    -
    $18,784
    $116,816
    $135,600

    Comparable in this City

    • Value Estimation
      $265,000
      1,294 SF

      1322 County Rte 29

      RESTAURANT • 1,294 SF
      1322 County Rte 29, Olmstedville, NY 12857-1819
      View Details
    • Value Estimation
      $260,000
      1,568 SF

      1396 County Rte 29

      SERVICE STATION WITH FOOD MART • 1,568 SF
      1396 County Rte 29, Olmstedville, NY 12857-1819
      View Details
    • Value Estimation
      $295,000
      2,112 SF

      335 Morse Memorial Hwy

      AUTO REPAIR, GARAGE • 2,112 SF
      335 Morse Memorial Hwy, Olmstedville, NY 12857-2200
      View Details
    • Value Estimation
      $265,000
      660 SF

      622 Church Rd

      STORE/OFFICE (MIXED USE) • 660 SF
      622 Church Rd, Olmstedville, NY 12857-9998
      View Details
    • Value Estimation
      $245,000
      1,620 SF

      612 Morse Memorial Hwy

      OFFICE/RESIDENTIAL (MIXED USE) • 1,620 SF
      612 Morse Memorial Hwy, Olmstedville, NY 12857-1827
      View Details
    • Value Estimation
      $290,000
      2,402 SF

      5 Morse Memorial Hwy

      OFFICE BUILDING • 2,402 SF
      5 Morse Memorial Hwy, Olmstedville, NY 12857
      View Details
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    1385 County Rte 29
    Olmstedville, NY 12857-1818
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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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