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    108 N Franklin St Watkins Glen, NY 14891

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    For Sale
    $1,450,000

    Historic mixed-use property with restaurant, bar, and apartments.

    Type:Commercial
    Added:
    Apr 26, 2026
    Days on Market:
    4
    Last Refresh:
    Apr 26 at 4:02 pm

    Property Features for 108 N Franklin St

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1892

    We can help!

    Listing Contact
    Shawna Lott

    Listing agent Shawna Lott

    Listing office

    Listing date Apr 26, 2026

    Source Elliman

    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 Shawna Lott

    Overview

    Watkins Glen Mixed-Use Investment

    Located in the heart of Watkins Glen, this mixed-use property, historically known as the "Watkins Hotel," is situated two blocks from Seneca Lake. The first floor features a bar and restaurant with a long-term lease, with the operator covering all utilities and utilizing the basement for storage. The second and third floors house 7 fully occupied apartments, renovated within the last decade. Tenants have access to coin-operated laundry and private outdoor seating. The landlord covers cable, Wi-Fi, trash, water, and sewer, while tenants pay their own electric. Tenants benefit from street parking on 1st and 2nd Streets. The second floor includes one of two outdoor seating areas overlooking the Franklin Street corridor. The property has a walk score of 71, indicating it is very walkable, and a bike score of 54, making it bikeable.
    Location Intelligence

    Current Use by Public Records

    House of Hong Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Skin Care Clinic

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

    Location Insight

    • Map
    • Local Demand
    City
    Watkins Glen
    County
    Schuyler
    State
    New York
    Longitude
    -76.874196
    Latitude
    42.3823116

    Nearby Similar for Sale

    • $360,000
      403 SF

      Finger Lakes Investment Opportunity

      Two cabins on 5 acres near Watkins Glen International.
      2400 County Road 21, Watkins Glen, NY 14891
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    • $450,000
      12,200 SF

      Watkins Glen Investment Opportunity

      Two-building commercial property in Watkins Glen, NY for sale.
      223-301 N. Franklin Street, Watkins Glen, NY 14891
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    • $170,000
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      Operating Bar and Restaurant Space

      Operating bar and restaurant in Watkins Glen business district.
      205 N. Franklin Street, Watkins Glen, NY 14891
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Historic mixed-use property with restaurant, bar, and apartments.
    Where is this mixed-use property located?
    The property is located at 108 N Franklin St Watkins Glen, NY.
    What is the asking price?
    The asking price for this property is $1,450,000.
    What are key features of this property?
    This property features: Prime location in the heart of Watkins Glen, just two blocks from Seneca Lake; Mixed‑use property with a well‑established, leased bar/restaurant on the first floor providing stable income; Seven fully occupied, renovated apartments on the second and third floors, ensuring consistent rental income
    (607) 368-8237
    We can help!
    Listing Contact
    Shawna Lott
    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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