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Balsam House Inn-Friends Lake Renovation 477 Atateka Dr 38 Room Hotel Chestertown, NY 12817 $5,500,000 ($144,737/Room) 7.42% Cap Rate
Investment Highlights
- Hotel Renovation Opportunity 22 rooms full service resort
- Fully entitled. USDA Renovation Loan eligibility
- Private Friends Lake with full Riparian rights
- Located in the Enterprise Zone of City. Many tax incentive program's available
Executive Summary
Once the "Jewel of the Adirondacks" this 22 room full service hotel dates back to the 1800's with full riparian rights and direct access to the private Friends Lake. Closed in 1980's due to a fire in the kitchen, the hotel is ready for complete renovation with a HVS study ADR of $350.00.
Fully entitled, submit plans and permits and your ready to start construction. The local municipalities fully support the reopening of the hotel. The property qualified for funding the USDA Business & Industry Guaranteed Loan Programs and is located in the enterprise zone of Chestertown, New York eligible for local tax incentives including city TOT programs. Some state and federal historic credits maybe available as well. Buyer to verify all.
The crafted from reclaimed timber and natural stone, blends seamlessly with its surroundings. Accommodations offer mountain views, wood-burning fireplaces, and silence so profound it becomes its own kind of music.
Seller Financing is offered:- 50 % carry paper @ 6.5% interest.
The purchase price includes a "Redevelopment Plan" should the buyer decide to expand the project, see "attached documents" tab for; current real estate appraisal, HVS Feasibility Study & municipality letters of support.
Nestled deep within the emerald embrace of the Adirondack Mountains, The Balsam House is more than a wellness resort—it's a return to self.
Here, beneath towering evergreens and beside mirror-like lakes, the pace of life slows. Guests arrive not to escape the world, but to rediscover their place in it.
From sunrise yoga on dew-kissed meadows to guided forest bathing through ancient pines, every experience is designed to reconnect body, mind, and spirit. Our wellness philosophy is rooted in nature’s rhythm—seasonal therapies, locally-sourced botanical cuisine, and elemental spa treatments inspired by earth, air, fire, and water.
This is not just a place. It is a practice. A living rhythm of stillness and strength. Whispering Pines invites you to retreat… and to return renewed.
Fully entitled, submit plans and permits and your ready to start construction. The local municipalities fully support the reopening of the hotel. The property qualified for funding the USDA Business & Industry Guaranteed Loan Programs and is located in the enterprise zone of Chestertown, New York eligible for local tax incentives including city TOT programs. Some state and federal historic credits maybe available as well. Buyer to verify all.
The crafted from reclaimed timber and natural stone, blends seamlessly with its surroundings. Accommodations offer mountain views, wood-burning fireplaces, and silence so profound it becomes its own kind of music.
Seller Financing is offered:- 50 % carry paper @ 6.5% interest.
The purchase price includes a "Redevelopment Plan" should the buyer decide to expand the project, see "attached documents" tab for; current real estate appraisal, HVS Feasibility Study & municipality letters of support.
Nestled deep within the emerald embrace of the Adirondack Mountains, The Balsam House is more than a wellness resort—it's a return to self.
Here, beneath towering evergreens and beside mirror-like lakes, the pace of life slows. Guests arrive not to escape the world, but to rediscover their place in it.
From sunrise yoga on dew-kissed meadows to guided forest bathing through ancient pines, every experience is designed to reconnect body, mind, and spirit. Our wellness philosophy is rooted in nature’s rhythm—seasonal therapies, locally-sourced botanical cuisine, and elemental spa treatments inspired by earth, air, fire, and water.
This is not just a place. It is a practice. A living rhythm of stillness and strength. Whispering Pines invites you to retreat… and to return renewed.
Data Room Click Here to Access
- Offering Memorandum
- Market Information
- Operating and Financials
- Third Party Reports
Property Facts
| Price | $5,500,000 | Lot Size | 19.10 AC |
| Price Per Room | $144,737 | Building Size | 45,240 SF |
| Sale Type | Investment | No. Rooms | 38 |
| Cap Rate | 7.42% | No. Stories | 3 |
| Sale Condition | Build to Suit | Year Built/Renovated | 1890/1990 |
| Property Type | Hospitality | Parking Ratio | 1.33/1,000 SF |
| Property Subtype | Hotel | Corridor | Interior |
| Building Class | C | ||
| Zoning | tourism | ||
| Price | $5,500,000 |
| Price Per Room | $144,737 |
| Sale Type | Investment |
| Cap Rate | 7.42% |
| Sale Condition | Build to Suit |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 19.10 AC |
| Building Size | 45,240 SF |
| No. Rooms | 38 |
| No. Stories | 3 |
| Year Built/Renovated | 1890/1990 |
| Parking Ratio | 1.33/1,000 SF |
| Corridor | Interior |
| Zoning | tourism |
Amenities
- High Speed Internet Access
- Patio
- Meeting Event Space
- Public Access Wifi
- Smoke-Free
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Guest Room | 38 | $131.00 | - |
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Property Taxes
| Parcel Number | 522400-136-002-0001-008-000-0000 | Improvements Assessment | $375,000 |
| Land Assessment | $900,000 | Total Assessment | $1,275,000 |
Property Taxes
Parcel Number
522400-136-002-0001-008-000-0000
Land Assessment
$900,000
Improvements Assessment
$375,000
Total Assessment
$1,275,000
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Balsam House Inn-Friends Lake Renovation | 477 Atateka Dr
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