Building Details

Units 6

Listing Agency: Berkshire Hathaway HomeServices CNY Realty Fayetteville m***@msn.com Show Phone

Listed By: Thalia Collis · License #NY 30VI826997

Source: Crexi

Added: Apr 10, 2025 Changed: Aug 14 Last Checked: Aug 14 at 5:59AM

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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 Berkshire Hathaway HomeServices CNY Realty Fayetteville

Investment Insights

Based on property information with market context.

This 100+ acre multi-dwelling compound, set back on a private road, features a large pond, gardens, and Butternut Creek stocked with trout. The property, which has not been logged for over 40 years and has much mature tree growth, is suitable for use as a self-sufficient residence compound, wellness retreat, or extended-stay tourist accommodations. The roadbed entering the property is built to highway standards. The property has the potential for 40+ homesites in addition to the five existing homes. It also has potential for hotel, resort, and B&B development. The five chalet-style residences feature a two-story design and consist of four to five bedrooms, a two-story living area, a full eat-in kitchen, and two to three bathrooms. Each home includes wood stoves, decking, and views of the pond and woods. Features include natural woodworking, granite countertops, and hardwood flooring. The homes are designed to be on or off the grid, with solar heating and generator backup. Located eight miles from Cooperstown, New York, home of the Glimmerglass Festival and the Baseball Hall of Fame, the property also features many horse trails leading down to the Butternut Creek.

Key Highlights

• 100+ Acre multi‑dwelling compound featuring five chalet‑style residences.
• Potential for 40+ additional homesites, hotel, resort, or B&B development.
• Located just 8 miles from Cooperstown, NY, near the Glimmerglass Festival and Baseball Hall of Fame.

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

$128,250

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

6.41%

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%

$2,565,000 $2.6M

Cap Rate 7%

$1,832,143 $1.8M

Cap Rate 9%

$1,425,000 $1.4M

Market Conditions

NOI Build-Up for 20,000 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

$360.0K $18.00/SF

− Vacancy

−$90.0K −$4.50/SF

EGI

$270.0K $13.50/SF

− OpEx

−$141.8K −$7.09/SF

NOI

$128.3K $6.41/SF

Area

Otsego County, NY

Vacancy

25.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

52.50%

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%

$2,565,000

Cap Rate 7%

$1,832,143

Cap Rate 9%

$1,425,000

Alternative Uses

Best Use

Hotel Hospitality

$1.83M

$1.60M – $2.14M (±1% cap)

NOI $128,250 @ 7.0% cap · market cap 6.41%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$5.51M

$4.82M – $6.43M (±1% cap)

NOI $385,920 @ 7.0% cap · market cap 19.30%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Bed & breakfasts

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 13348, NY

1,323

Population

732

Households

1.8

Avg Household Size

45

Median Age

35%

College-Educated

96%

High-School Grad

35.7 sq mi

ZIP Area

37

Density / Sq Mi

$77,903

Median Household Income

$40,764

Median Earnings

$956

Median Rent

$187,500

Median Home Value

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Bed & breakfast - 100+ acre compound with five residences near Cooperstown, NY.

Where is this bed & breakfast located?

The property is located at 144 Ashocon Way Patent, NY.

What is the asking price?

The asking price for this property is $1,999,999.

What are key features of this property?

This property features: 100+ Acre multi‑dwelling compound featuring five chalet‑style residences.; Potential for 40+ additional homesites, hotel, resort, or B&B development.; Located just 8 miles from Cooperstown, NY, near the Glimmerglass Festival and Baseball Hall of Fame.