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    Historic Mill Pond Inn & Tavern Title is generated by Realmo AI

    102 Main Street, Jefferson, NY 12093

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    For Sale
    $1,300,000

    Iconic, historic property with hospitality, restaurant, and event space.

    Type:Commercial Sale / Business
    Property size:
    5,429 SF
    Price / SF:
    $239/SF
    Added:
    Jan 3, 2025
    Days on Market:
    515
    Last Refresh:
    Mar 13 at 12:35 pm

    Property Features for 102 Main Street

    General Information

    Standard status
    Active
    Size
    5,429 SF
    Property subtype
    Commercial Sale / Business

    Building Details

    Year Built
    1879

    We can help!

    Listing Contact
    Margaret Bellar

    Listing agent Margaret Bellar License #10331200183

    Listing office The Catskill Dream Team

    Listing date Jan 3, 2025

    Source Compass

    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 The Catskill Dream Team

    HighLights

    • Historic landmark meticulously restored in 2018 with updated systems.
    • Turnkey, fully operational Inn & Tavern with established business and loyal clientele.
    • Multiple dining and event spaces including a main dining room, deck, tavern, and seasonal Carriage House.
    • Five guest suites with private baths reflecting the property's historic heritage.
    • Picturesque setting on Mill Pond with water views, walking path, and waterfall.
    • Ample parking with 100 spaces plus additional staff parking.

    Overview

    The Mill Pond Inn & Tavern, a historic property in Jefferson, NY, was originally built in 1879 as a grain and saw mill. Meticulously restored in 2018, the property preserves its history while updating all systems. The main dining room and event space accommodates up to 100 guests, with an additional 42 seats and bar on the deck overlooking the pond. The tavern area provides seating for 31. The seasonal Carriage House seats 75-100 and features a wood/gas-fired pizza oven and full bar, suitable for weddings, live music, private events, and pizza nights. The inn features five guest suites with private baths on the second floor, along with a dedicated laundry and service room. A walking path with a waterfall encircles the pond. The property has 100 parking spaces, plus additional staff parking. Located in Jefferson, recently added to the National Register of Historic Places, the property is positioned to cater to skiers, hikers, baseball enthusiasts, and city dwellers. The property offers potential for expansion into weddings, retreats, and destination events. The building size is 5429 square feet.

    Local Financial Insights For Specialty 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 $107.5k $19.80
    − Vacancy −$7.2k −$1.33
    EGI $100.3k $18.47
    − OpEx −$25.1k −$4.62
    NOI $75.2k $13.86
    5,429 SF · lease $19.80/SF/yr · vacancy 6.70% · expense 25.00%

    Alternative Uses

    Best Use
    Specialty Retail
    $1.07M
    $940.2K – $1.25M (±1% cap)
    NOI $75,219 @ 7.0% cap · market cap 5.79%
    Second Best
    Hotel Hospitality
    $414.3K
    $362.5K – $483.4K (±1% cap)
    NOI $29,003 @ 7.0% cap · market cap 2.23%
    Theoretical Best
    Office A
    $1.43M
    $1.25M – $1.67M (±1% cap)
    NOI $100,263 @ 7.0% cap · market cap 7.71%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Mill Pond Inn Bed & Breakfast

    Suggested Use

    Restaurant Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon Hotel & Motel Pharmacy Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Jefferson
    County
    Schoharie
    State
    New York
    Longitude
    -74.6172355
    Latitude
    42.4805756

    FAQs

    What type of property is this?
    Bed & breakfast - Iconic, historic property with hospitality, restaurant, and event space.
    Where is this bed & breakfast located?
    The property is located at 102 Main Street Jefferson, NY.
    What is the asking price?
    The asking price for this property is $1,300,000.
    What are key features of this property?
    This property features: Historic landmark **meticulously restored in 2018** with updated systems.; Turnkey, fully operational Inn & Tavern with established business and loyal clientele.; Multiple dining and event spaces including a main dining room, deck, tavern, and seasonal Carriage House.
    (917) 558-0447
    We can help!
    Listing Contact
    Margaret Bellar
    Real Estate License ID: 10331200183
    Learn More
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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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