Riverfront Golf Course and Driving
For Sale
$799,000
42565 Route 28, Margaretville, NY 12455
COMMERCIAL - Margaretville, NY
Property Size2,200 SF
Lot Size23.38 Acres
Price / SF$363.18
Days on Market95
Property Features for 42565 Route 28
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
BC
Bathrooms
1
Full bathrooms
1
Rooms
Bathroom 1
Exterior features
Barbecue, Lighting
Accessibility
Accessible Elevator Installed
Appliances
Vented Exhaust Fan, Stainless Steel Appliance(s), Refrigerator, Indoor Grill, Ice Maker, Freezer, Free-Standing Gas Range
Lot features
Irregular Lot, Level, On Golf Course, Open Lot, Views
Elementary school district
Margaretville Central Schools
Middle school district
Margaretville Central Schools
High school district
Margaretville Central Schools
Directions
From NYS Thruway Exit 19 (Kingston), take Route 28 West approx. 44 miles through Arkville. Property is on the right, opposite the Speedway gas station - see sign
Subdivision
Middletown
Standard status
Active
APN
284.-1-20
Size
2,200 SF
Lot size
23.38 Acres
Taxes and HOA fees
Tax Annual Amount
4416
Utilities
Utilities
Propane
Sewer type
Public Sewer
Heating system
Ductless (Heating), Electric (Heating)
Cooling system
Ductless
Water source
Well
Water front features
River Front
Water front
1
Amenities
9-hole golf course
18-hole mini-golf course
driving range
practice green
clubhouse
elevated decks
studio apartment
river frontage
Building Details
Year built
2012
Floors in Building
2
Flooring type
Vinyl, Carpet, Tile - Ceramic
Building materials
Frame, Steel Siding
Roof type
Metal
Listing Agency:
Coldwell Banker Village Green · Coldwell Banker Real Estate
(845) 679-2255
Listed By:
Laura Warren · License #10401345546
(646) 203-9437
Added: May 7
Changed: Aug 4
Last Checked: Aug 9 at 8:06AM
MLS# 20262175
Copyright © 2026 Hudson Valley Catskill Region MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This riverfront hospitality and recreation property sits on 23.38 acres with approximately 400 yards of private frontage along the East Branch of the Delaware River. The existing operation includes a 9-hole public golf course (par 29, 1,600 yards) and an 18-hole riverside mini-golf course with full night lighting. Also on site is a 275-yard floodlit driving range with 10 mat stations, a grass hitting area, and an adjacent practice green. A gambrel-style clubhouse with overhead doors supports year-round use of the range and indoor/outdoor flexibility.
On the food and beverage side, the property features an established BBQ restaurant with two elevated decks overlooking the river and surrounding valley. A newly built bar is also in place, with a liquor license currently in the works. A newly built studio apartment provides accommodation for staff or guests.
Built in 2012 with a frame and steel siding exterior and a metal roof, the property is supported by propane utilities, well water, and public sewer. Ductless heating and cooling are installed, and an accessible elevator has been added, supporting year-round guest access.
On the food and beverage side, the property features an established BBQ restaurant with two elevated decks overlooking the river and surrounding valley. A newly built bar is also in place, with a liquor license currently in the works. A newly built studio apartment provides accommodation for staff or guests.
Built in 2012 with a frame and steel siding exterior and a metal roof, the property is supported by propane utilities, well water, and public sewer. Ductless heating and cooling are installed, and an accessible elevator has been added, supporting year-round guest access.
Key Highlights
- Approximately 400 yards of private river frontage along the East Branch of the Delaware River
- 23.38‑acre Catskills property with existing golf and event‑ready infrastructure
- 9‑hole public golf course (par 29) measuring 1,600 yards
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,143
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.27%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$682,860
$682.9K
Cap Rate 7%
$487,757
$487.8K
Cap Rate 9%
$379,367
$379.4K
Market Conditions
NOI Build-Up for 2,200 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.5K $21.60/SF
− Vacancy
−$2.0K −$0.91/SF
EGI
$45.5K $20.69/SF
− OpEx
−$11.4K −$5.17/SF
NOI
$34.1K $15.52/SF
Area
Delaware County, NY
Vacancy
4.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$682,860
Cap Rate 7%
$487,757
Cap Rate 9%
$379,367
Alternative Uses
Best Use
Specialty Retail
$487.8K
$426.8K – $569.1K
NOI $34,143 @ 7.0% cap · market cap 4.27%
Second Best
Hotel Hospitality
$235.1K
$205.7K – $274.3K
NOI $16,459 @ 7.0% cap · market cap 2.06%
Theoretical Best
Office A
$1.08M
$944.5K – $1.26M
NOI $75,557 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
11k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Speedway
Shops & Services
9,840 visits/mo
0.0 miles
Carquest Auto Parts # 8866
Shops & Services
1,481 visits/mo
0.2 miles
Demographics for 12455, NY
1,820
Population
1,697
Households
1.1
Avg Household Size
56
Median Age
27%
College-Educated
91%
High-School Grad
71.3 sq mi
ZIP Area
26
Density / Sq Mi
$74,271
Median Household Income
$34,531
Median Earnings
$1,297
Median Rent
$219,600
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Golf course & driving range - Zoned BC, this riverfront property includes a 9-hole golf course, mini-golf, and a floodlit driving range.
Where is this golf course & driving range located?
The property is located at 42565 Route 28 Margaretville, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Approximately 400 yards of private river frontage along the East Branch of the Delaware River; 23.38‑acre Catskills property with existing golf and event‑ready infrastructure; 9‑hole public golf course (par 29) measuring 1,600 yards
