Mixed-Use Corner Building with
For Sale
$299,000
581 Main St, Stamford, NY 13788
Built in 1890, the property offers a ground-floor café plus two residential apartments upstairs.
Property Size1,344 SF
Days on Market82
Property Features for 581 Main St
General Information
Standard status
Active
Size
1,344 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,324
Building Details
Building Size
1,344 SF
Year Built
1890
Stories
2
Units
2
Listing Agency:
Frank Lumia Real Estate Plus!, LLC
(607) 746-6029
Listed By:
Frank Lumia · License #37LU0818789
(607) 746-6029
Source:
Elliman
Added: Jun 1
Changed: Aug 7
Last Checked: Aug 21 at 12:00PM
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 Frank Lumia Real Estate Plus!, LLC
Investment Insights
Based on property information with market context.
This mixed-use corner building was built in 1890 and thoughtfully updated, with commercial space on the ground floor and residential units above. The ground floor has operated as The Coffee Pot, a breakfast and lunch café, for over two decades and is described as fully equipped, operational, and positioned for food service and retail use. Upstairs, there are two residential apartments that provide rental income.
The property is located at a highly visible corner on Main Street in Hobart’s Book Village area, which the remarks describe as a growing destination for tourism, outdoor recreation, and second home buyers. The listing also notes that tourism creates consistent seasonal demand.
For a practical owner-operator setup, the building supports operating the café below while collecting income from the two apartments above.
The property is located at a highly visible corner on Main Street in Hobart’s Book Village area, which the remarks describe as a growing destination for tourism, outdoor recreation, and second home buyers. The listing also notes that tourism creates consistent seasonal demand.
For a practical owner-operator setup, the building supports operating the café below while collecting income from the two apartments above.
Key Highlights
- Built in 1890, mixed‑use property with a ground‑floor café and two residential apartments upstairs
- Ground floor has operated as The Coffee Pot breakfast and lunch café for over two decades
- Upstairs includes two income‑producing rental apartments
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
$20,858
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
6.98%
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%
$417,160
$417.2K
Cap Rate 7%
$297,971
$298.0K
Cap Rate 9%
$231,756
$231.8K
Market Conditions
NOI Build-Up for 1,344 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
$29.0K $21.60/SF
− Vacancy
−$1.2K −$0.91/SF
EGI
$27.8K $20.69/SF
− OpEx
−$7.0K −$5.17/SF
NOI
$20.9K $15.52/SF
Area
Delaware County, NY
Vacancy
4.20%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$417,160
Cap Rate 7%
$297,971
Cap Rate 9%
$231,756
Alternative Uses
Best Use
Office B
$564.1K
$493.6K – $658.1K
NOI $39,484 @ 7.0% cap · market cap 13.21%
Second Best
Specialty Retail
$298.0K
$260.7K – $347.6K
NOI $20,858 @ 7.0% cap · market cap 6.98%
Theoretical Best
Office A
$659.4K
$577.0K – $769.3K
NOI $46,158 @ 7.0% cap · market cap 15.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13788, NY
870
Population
646
Households
1.3
Avg Household Size
51
Median Age
42%
College-Educated
93%
High-School Grad
34.6 sq mi
ZIP Area
25
Density / Sq Mi
$95,329
Median Household Income
$44,583
Median Earnings
$740
Median Rent
$222,000
Median Home Value
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Coffee Pot — 581 E Main St, Hobart, NY 13788
Frequently Asked Questions
What type of property is this?
Coffee shop - Built in 1890, the property offers a ground-floor café plus two residential apartments upstairs.
Where is this coffee shop located?
The property is located at 581 Main St Stamford, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Built in 1890, mixed‑use property with a ground‑floor café and two residential apartments upstairs; Ground floor has operated as The Coffee Pot breakfast and lunch café for over two decades; Upstairs includes two income‑producing rental apartments
