Building Details

Building Size 3,200 SF

Year Built 1900

Listing Agency: GATEWAY PROPERTIES OF UPSTATE NY INC n***@gatewaynyland.com Show Phone

Listed By: Nicholas Polce · License #10311203075 Show Phone

Source: Elliman

Added: Apr 27 Changed: Aug 9 Last Checked: Aug 29 at 9:49AM

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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 GATEWAY PROPERTIES OF UPSTATE NY INC

Investment Insights

Based on property information with market context.

Located near Cold Brook, NY, this 10-acre property in the Adirondack Park offers a blend of rustic charm and untapped potential. The property is minutes from Hinckley Reservoir and has direct access to ATV and snowmobile trails. An 80' x 40' barndominium is ready for finishing, equipped with radiant heated floors and a gas-fired boiler. This structure provides a foundation for a workshop, storage facility, rental unit, or expanded living space. Also included is a three-unit farmhouse with 6 bedrooms and 2 bathrooms, offering income potential. The home was occupied as recently as a few years ago but will require updates. The property features a newer septic system with a raised bed leach field located to the right of the main structure. The dug well is housed within the wishing well structure. It is an opportunity to create a compound in an outdoor destination. The property delivers the space, location, and potential to bring your vision to life.

Key Highlights

• 10 Acres in the Adirondack Park with direct access to ATV and snowmobile trails.
• 80' x 40' barndominium with radiant heated floors** and a gas‑fired boiler, ready for finishing.
• Three‑unit farmhouse with 6 bedrooms and 2 bathrooms, offering significant income potential.

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

$23,291

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

6.13%

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%

$465,820 $465.8K

Cap Rate 7%

$332,729 $332.7K

Cap Rate 9%

$258,789 $258.8K

Market Conditions

NOI Build-Up for 3,200 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

$46.1K $14.40/SF

− Vacancy

−$3.7K −$1.17/SF

EGI

$42.3K $13.23/SF

− OpEx

−$19.1K −$5.96/SF

NOI

$23.3K $7.28/SF

Area

Herkimer County, NY

Vacancy

8.10%

Lease Rate

$14.40 /SF/Yr

Expense Ratio

45.00%

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%

$465,820

Cap Rate 7%

$332,729

Cap Rate 9%

$258,789

Alternative Uses

Best Use

Apartment 5plus

$332.7K

$291.1K – $388.2K (±1% cap)

NOI $23,291 @ 7.0% cap · market cap 6.13%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$952.5K

$833.4K – $1.11M (±1% cap)

NOI $66,673 @ 7.0% cap · market cap 17.55%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Farms

Suggested Use

Top Pick Hotel & Motel

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Explore this area Business Placement

Demographics for 13324, NY

1,963

Population

1,372

Households

1.4

Avg Household Size

50

Median Age

18%

College-Educated

88%

High-School Grad

135.1 sq mi

ZIP Area

15

Density / Sq Mi

$80,313

Median Household Income

$46,550

Median Earnings

$867

Median Rent

$144,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this farms located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Farm - 10 acres with barndominium and farmhouse in Adirondack Park.

Where is this farm located?

The property is located at 2192 State Route 8 Ohio, NY.

What is the asking price?

The asking price for this property is $379,900.

What are key features of this property?

This property features: 10 Acres in the Adirondack Park with direct access to ATV and snowmobile trails.; 80' x 40' barndominium with radiant heated floors** and a gas‑fired boiler, ready for finishing.; Three‑unit farmhouse with 6 bedrooms and 2 bathrooms, offering significant income potential.