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Property profile & analytics
OFF-MARKET
Estimated value
$2,950,000
Motels
3188 State Rte 28, Old Forge, NY 13420
Entity Owned
13-yr Hold
Free & Clear
Property ID
US63-2303166
Property profile
Verified
Property type
Motels
Use group
MOTEL
Year built
1986
Total area
31,258 SF
Lot
1.7 ac (74,052 SF)
Zoning code
CB
APN
215400 041.51-3-6
UPID
US63-2303166
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.91M
Comparable Approach
Comparable
$2.99M
Blend (final)
Blend
$2.95M
Owner & transaction history
K & K Lodging Development · 13 yrs held
K & K Lodging Development
since 2012
4 recorded transactions
Zoning & alternative use
CB · Old Forge, NY
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$3.9M
+65.6%
Restaurant
$3.3M
+40.2%
Auto repair, garage
$2.8M
+20.2%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Old Forge submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Old Forge submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$3,155,000
6.5%
$2,910,000
7%
$2,705,000
Alternative Use
Use
Estimation
HOTEL/MOTEL
$2,345,000
Current use
COMMERCIAL (GENERAL)
$3,880,000
Change: +66% · Conversion: Difficult
RESTAURANT
$3,285,000
Change: +40% · Conversion: Difficult
AUTO REPAIR, GARAGE
$2,820,000
Change: +20% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,120,000
Change: -10% · Conversion: Difficult
RETAIL STORES
$2,015,000
Change: -14% · Conversion: Difficult
OFFICE BUILDING
$1,920,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$2.95M
Range $2.66M – $3.25M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$94 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2020Property tax & assessments
Tax year 2020
Tax billed
$43,419
Tax year 2020
Assessed value
$3,099,200
Assessed 2023
Previous assessed
$3,099,200
+0.0% YoY
Effective rate
1.40%
On assessed value
Assessed land
$334,900
Assessed improvement
$2,764,300
Land market value
$467,085
Improvement market value
$3,855,370
Total market value
$4,322,455
Applied tax rate
215,401.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Motels
Use group
MOTEL
Status
Off-Market
Year built
1986
Heating
NONE
Cooling
CENTRAL
Buildings
1
Stories
2
Total area
31,258 SF
Lot
1.7 ac (74,052 SF)
Zoning code
CB
APN
215400 041.51-3-6
UPID
US63-2303166
Jurisdiction
HERKIMER
Zoning & alternative use
CB · Old Forge, NY
Zoning CB · permitted uses
CB · Old Forge, NY
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Old Forge. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
HOTEL/MOTEL Current
Est. value
$2.3M
COMMERCIAL (GENERAL)
Est. value
$3.9M
RESTAURANT
Est. value
$3.3M
AUTO REPAIR, GARAGE
Est. value
$2.8M
WAREHOUSE, STORAGE
Est. value
$2.1M
RETAIL STORES
Est. value
$2.0M
OFFICE BUILDING
Est. value
$1.9M
HOTEL/MOTEL Current
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
RETAIL STORES
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1986
Heating
NONE
Cooling
Yes
Stories
2
Buildings
1
Lot
1.7 ac
Current owner
From public records · entity-resolved
K & K Lodging Development
Entity
Free & Clear · 13 yrs held
Mailing address
PO BOX 181, OLD FORGE, NY 13420-0181
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 21, 2012
$2,999,999
K & K Lodging Development
Waters Edge Inn INC
Deed
—
Dec 21, 2012
—
Waters Edge Inn INC
Herkimer Cnty Indl Dev Ag
Quit Claim Deed
related
—
Jun 30, 2006
$2,600,000
Waters Edge Inn, INC.
Lakefront Property Old Forge
Deed
—
Jun 30, 2006
—
L Development Agency Herkimer Count
Waters Edge Inn, INC.
Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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