300+ Acre Outdoor Recreation
For Sale
$2,500,000
374 Neer Rd, Long Eddy, NY 12760
Unique sporting and hospitality property with significant development potential.
Property Size6,000 SF
Lot Size300.50 Acres
Price / SF$403.23
Days on Market155
Property Features for 374 Neer Rd
General Information
Standard status
Active
Size
6,000 SF
Lot size
300.50 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$26,000
Building Details
Building Size
6,000 SF
Listing Agency:
Land and Water Realty LLC
(845) 807-2630
Listed By:
Travis O'Dell · License #10401263952
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:21AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Land and Water Realty LLC
Investment Insights
Based on property information with market context.
This property, known as The Catskill Pheasantry, is situated on over 300 acres of open field and mixed hardwood forest within the Delaware River watershed. It features five two-bedroom rental cabins and a main lodge spanning nearly 5000 square feet, complete with a stone fireplace, bar area, sitting areas, seven bedrooms, and three bathrooms. Additionally, there is an attached two-bedroom, one-bath caretaker apartment. The property includes an office and retail store of approximately 1200 square feet, which houses a full commercial kitchen and dining area downstairs. Outdoor amenities include cleaning stations, pavilions, barns, dog kennels, bird enclosures, shooting stands, and a rifle range. A 20-station sporting clay course is also present. The property is currently open to the public and has the capacity to host large corporate events, with potential for further expansion. This property is located a two-hour drive from the George Washington Bridge.
Key Highlights
- Over 300 acres of open field and mixed hardwood forest in the Delaware River watershed.
- Established business with five rental cabins, a retail store, and facilities for large corporate events.
- Nearly 5000 sqft main lodge featuring 7 bedrooms, 3 baths, stone fireplace, and bar area.
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
$74,839
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
2.99%
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%
$1,496,780
$1.5M
Cap Rate 7%
$1,069,129
$1.1M
Cap Rate 9%
$831,544
$831.5K
Market Conditions
NOI Build-Up for 6,200 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
$111.6K $18.00/SF
− Vacancy
−$4.7K −$0.76/SF
EGI
$106.9K $17.24/SF
− OpEx
−$32.1K −$5.17/SF
NOI
$74.8K $12.07/SF
Area
Sullivan County, NY
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,496,780
Cap Rate 7%
$1,069,129
Cap Rate 9%
$831,544
Alternative Uses
Best Use
Retail
$1.07M
$935.5K – $1.25M
NOI $74,839 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $119,040 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 12760, NY
477
Population
364
Households
1.3
Avg Household Size
48
Median Age
20%
College-Educated
100%
High-School Grad
45.4 sq mi
ZIP Area
11
Density / Sq Mi
$91,625
Median Household Income
$63,417
Median Earnings
$187,500
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Golf course & driving range - Unique sporting and hospitality property with significant development potential.
Where is this golf course & driving range located?
The property is located at 374 Neer Rd Long Eddy, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Over 300 acres of open field and mixed hardwood forest in the Delaware River watershed.; Established business with five rental cabins, a retail store, and facilities for large corporate events.; Nearly 5000 sqft main lodge featuring **7 bedrooms, 3 baths, stone fireplace, and bar area.**
