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    Mixed-Use Commercial Opportunity in Hobart Title is generated by Realmo AI

    581 Main Street, Hobart, NY 13788

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    Claim this Listing
    New
    For Sale
    $350,000

    MULTI_FAMILY - Hobart, NY

    Property size:
    1,344 SF
    Lot size:
    0.13 Acres
    Price / SF:
    $260/SF
    Added:
    May 29, 2026
    Days on Market:
    2
    Last Refresh:
    May 30 at 1:06 pm

    Property Features for 581 Main Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 1
    Exterior features
    PropaneTankLeased
    Appliances
    ElectricWaterHeater
    Standard status
    Active
    APN
    125201-069-017-0002-007-000
    Size
    1,344 SF
    Lot size
    0.13 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3324

    Utilities

    Heating system
    Electric (Heating), Baseboard
    Water source
    Public

    Building Details

    Year built
    1890
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Varies, Laminate, Carpet
    Building materials
    WoodSiding

    We can help!

    Listing Contact
    Frank Lumia
    Frank Lumia

    Listing agent Frank Lumia License #37LU0818789

    Listing office Frank Lumia Real Estate Plus!, LLC 78 Main St, Delhi, NY

    Listing date May 29, 2026

    MLS# R1685785 Listing URL

    Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Mixed‑use commercial property in a highly visible corner location in Hobart's Book Village.
    • Ground floor cafe (The Coffee Pot) with established business, loyal customer base, and fully equipped operation.
    • Two income‑producing residential apartments upstairs in a strong rental market.
    • Ideal for owner‑operator: live above the business and offset costs with rental income.
    • Benefits from consistent seasonal tourism traffic and growing demand in the Catskills.
    • Built in 1890 and updated, with electric heating and public water source.

    Overview

    Located at the most visible corner in Hobart, NY, this mixed-use commercial property was built in 1890. The ground floor has operated as The Coffee Pot, a breakfast and lunch cafe, for over two decades, establishing a loyal customer base. The space is fully equipped and operational, positioned in a food service and retail market. Tourism traffic through the Book Village creates consistent seasonal demand, extending the customer base beyond local residents. Upstairs, two residential apartments provide income-producing rental units. The property is perfect for an owner-operator to live above their business, letting the rental income offset costs. The property size is 1344 square feet and the lot size is 0.13 acres.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $33.9k $25.20
    − Vacancy −$1.4k −$1.06
    EGI $32.4k $24.14
    − OpEx −$9.7k −$7.24
    NOI $22.7k $16.90
    1,344 SF · lease $25.20/SF/yr · vacancy 4.20% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $324.5K
    $283.9K – $378.5K (±1% cap)
    NOI $22,712 @ 7.0% cap · market cap 6.49%
    Second Best
    Specialty Retail
    $298.0K
    $260.7K – $347.6K (±1% cap)
    NOI $20,858 @ 7.0% cap · market cap 5.96%
    Theoretical Best
    Office A
    $659.4K
    $577.0K – $769.3K (±1% cap)
    NOI $46,158 @ 7.0% cap · market cap 13.19%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Coffee Pot Cafe & Coffee Shop

    Suggested Use

    Restaurant Law Firm Building Supply Big Box & Wholesale Store Hotel & Motel Food Market Storage Facility Department Store Furniture & Home Goods Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Hobart
    County
    Delaware
    State
    New York
    Longitude
    -74.669889
    Latitude
    42.371766

    FAQs

    What type of property is this?
    Mixed-use property - Landmark Main Street property with cafe and rental apartments.
    Where is this mixed-use property located?
    The property is located at 581 Main Street Hobart, NY.
    What is the asking price?
    The asking price for this property is $350,000.
    What are key features of this property?
    This property features: Mixed‑use commercial property in a highly visible corner location in Hobart's Book Village.; Ground floor cafe (The Coffee Pot) with established business, loyal customer base, and fully equipped operation.; Two income‑producing residential apartments upstairs in a strong rental market.
    (607) 746-6029
    We can help!
    Listing Contact
    Frank Lumia
    Frank Lumia
    Real Estate License ID: 37LU0818789
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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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