508 Lake AveLake Luzerne, NY 12846

Property Details for 508 Lake Ave

Year built

1975

Lot size

2.22 AC

Property size (Sq ft)

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.

• CAP approach

  CAP return

  Valuation

  6%

  $1,072,203

  6.5%

  $989,726

  7%

  $919,031

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,174,637

  Geo Method

  $1,166,794

• Alternative Use

  Use

  Valuation

  Residential

  $1,080,493

  Hospitality

  $989,726

  Educational

  $823,440

  Medical

  $851,759

  Retail

  $1,280,907

Location Insight

City

Lake Luzerne

County

Warren

State

New York

Latitude

43.3378

Longitude

-73.8378

CBSA code

24020

CBSA name

GLENS FALLS, NY METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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