3 Main StNew Paltz, NY 12561

Property Details for 3 Main St

Year built

1998

Lot size

2.03 AC

Property size (Sq ft)

7,476 SF

Zone code

GT

Property type

Turn key restaurants

APN

513801 86.33-2-7.100

APU

513801863327100

Description

Exceptional opportunity to acquire a thriving, established bar and restaurant in the vibrant Village of New Paltz, New York. This turnkey operation, known as the Gilded Otter/Clemson Brothers, boasts 8,276 square feet of space across two stories, situated on a desirable 2.03-acre corner lot at 3 Main St, 12561. The property, built in 1998 and renovated in 2020, enjoys 100% occupancy and benefits from a prime location near SUNY New Paltz, offering stunning Shawangunk Mountain views. Its strategic location, 90 minutes from both New York City and Albany, is easily accessible via major roadways including the New York State Thruway (Exit 18) and State Routes 299, 32, and 208. The property features ample outdoor seating and parking. The current zoning, Gateway, allows for a variety of uses. This presents a unique opportunity for an owner/user or a developer seeking to capitalize on the area's growth and potential. The asking price is $2,500,000, translating to $302.08 per square foot. The property's potential extends beyond its current use; a visionary developer could transform this into a multi-use development incorporating apartments, retail space, and potentially a parking garage. Ulster County's thriving market makes this a compelling investment.

• CAP approach

  CAP return

  Valuation

  6%

  $2,730,017

  6.5%

  $2,520,016

  7%

  $2,340,014

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,478,118

  Geo Method

  $2,461,572

• Alternative Use

  Use

  Valuation

  Residential

  $2,125,727

  Hospitality

  $1,947,155

  Educational

  $1,620,010

  Medical

  $1,675,725

  Retail

  $2,520,016

Location Insight

City

New Paltz

County

Ulster

State

New York

Latitude

41.7473

Longitude

-74.0896

CBSA code

28740

CBSA name

KINGSTON, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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