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    Property profile & analytics

    508 Lk Ave Lake Luzerne, NY 12846-2928

    • Motels
    • 3,800 SF
    • 2.22 lot acres
    OFF-MARKET
    Last Sale
    Feb 20, 2025
    $699,000
    Value Estimations
    $710,000
    Show details
    Cap Rate Potential
    3.9%
    Motels
    Location Intelligence
    Property ID
    US63-1237758
    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

    • Luzerne Court Motel / Motel / Hotel

    Property Details for 508 Lk Ave

    Year built
    1975
    Lot size
    2.22 lot acres
    Property size
    3,800 SF
    Zone code
    R-RE
    Property type
    Motels
    APN
    523200 292.-1-48.1
    APU
    5232002921481

    Description

    This exceptional investment opportunity presents a 10-unit motel situated on a spacious 2.22-acre lot in Lake Luzerne, NY. The property boasts 2,851 square feet of building space, including a flexible area suitable for an owner's residence or manager's apartment. The motel features ten well-maintained rooms, each equipped with a microwave, refrigerator, coffee maker, and air conditioning, ensuring guest comfort. Ample parking is available with 16 spaces provided. Beyond the motel itself, the property includes two RV sites, generating additional revenue streams. Recreational amenities enhance the property's appeal, including a 20 x 40 in-ground pool, barbecue area, and fire pits. The motel benefits from its convenient location, set back from the highway for a peaceful atmosphere. This established business has a proven track record of success, offering a strong return on investment. The property is zoned for commercial use and is offered at an asking price of $795,000. Please note: one item is excluded from the sale. This is a rare opportunity to acquire a thriving hospitality business with significant upside potential. The property's combination of motel units, RV sites, and attractive amenities makes it an ideal investment for those seeking a diversified income stream in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $745,000
      ML approach
      $805,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $485,000
      6.5%
      $450,000
      7%
      $420,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $460,000
      Market price range: $460k - $2.06M

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

    Location Insight

    • Map
    • Local Demand
    City
    Lake Luzerne
    County
    Warren
    State
    New York
    Longitude
    -73.8378
    Latitude
    43.3378
    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
    $37,000
    $173,000
    $210,000
    -
    $50,003
    $233,797
    $283,800

    Comparable in this City

    • Value Estimation by Request
      5.00 Acres

      365 River Dr

      Motels • 5.00 Acres
      365 River Dr, Lake Luzerne, NY 12846
      View Details
    • Value Estimation
      $840,000
      3,596 SF

      302 Lk Ave

      MOTEL • 3,596 SF
      302 Lk Ave, Lake Luzerne, NY 12846-2815
      View Details
    • Value Estimation
      $1,165,000
      4,490 SF

      296 Lk Ave

      MOTEL • 4,490 SF
      296 Lk Ave, Lake Luzerne, NY 12846-2804
      View Details
    • Value Estimation
      $330,000
      2,403 SF

      310 Lk Ave

      MOTEL • 2,403 SF
      310 Lk Ave, Lake Luzerne, NY 12846-2912
      View Details
    • Value Estimation
      $330,000
      2,394 SF

      1420 Lk Ave

      MOTEL • 2,394 SF
      1420 Lk Ave, Lake Luzerne, NY 12846-3244
      View Details
    • Value Estimation
      $415,000
      2,288 SF

      1315 Lk Ave

      MOTEL • 2,288 SF
      1315 Lk Ave, Lake Luzerne, NY 12846
      View Details

    Similar Nearby for Sale

    • $2,650,000
      5.00 Acres

      Whispering Pines Waterfront Retreat

      Hudson River Cottages, Turnkey Operation
      365 River Dr, Lake Luzerne, NY 12846
      View Details
    • New
      $1,550,000
      5,780 SF

      Adirondack Lodges: Income Potential

      Two Adirondack-style lodges on 22+ acres, ideal for rental income.
      746 Howe Rd, Lake Luzerne, NY 12846
      View Details
    • $200,000
      1,296 SF

      Lake Luzerne Commercial Building

      Versatile 1,296 sq ft commercial building in Lake Luzerne.
      98 Lake Ave, Lake Luzerne, NY 12846
      View Details
    • $165,000

      Specialty Property Sold Before Listing

      Specialty property in Lake Luzerne, NY, sold before listing.
      144 Thomas Rd, Lake Luzerne, NY 12846
      View Details
    • $110,000
      0.62 Acres

      Residential Land Near Hudson River

      0.62-acre residential lot with Hudson River access and amenities.
      L20 White Birch Dr, Lake Luzerne, NY 12846
      View Details
    • $369,000

      Waterfront Land with Mountain Views

      Waterfront land in Lake Luzerne with mountain views and town water.
      12 North Ave, Lake Luzerne, NY 12846
      View Details
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    508 Lk Ave
    Lake Luzerne, NY 12846-2928
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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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