For Sale
$1,699,000
175 Hovick Road, Hartwick, NY 13348
COMMERCIAL - Hartwick, NY
Property Size9,000 SF
Lot Size100.41 Acres
Price / SF$188.78
Days on Market92
Property Features for 175 Hovick Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
280
Rooms
Basement
Parking
15
Lot features
Irregular Lot
Elementary school district
Edmeston
Middle school district
Edmeston
High school district
Edmeston
Subdivision
Burlington-362000
Standard status
Active
APN
95.00-1-32.01
Size
9,000 SF
Lot size
100.41 Acres
Taxes and HOA fees
Tax Annual Amount
23923
Utilities
Sewer type
Septic Tank
Heating system
Radiant, Solar (Heating)
Water front features
Stream, Pond, River Access
Water front
1
Building Details
Year built
2010
Floors in Building
2
Flooring type
Hardwood, Varies
Building materials
SprayFoamInsulation
Roof type
Shingle, Asphalt
Listing Agency:
Benson Agency Real Estate LLC
(607) 432-4391
Listed By:
Mary Rab · License #30RA0875441
(607) 437-1694
Added: May 27
Changed: Aug 19
Last Checked: Aug 26 at 5:06AM
MLS# R1685096
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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
$73,359
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
4.32%
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%
$1,467,180
$1.5M
Cap Rate 7%
$1,047,986
$1.0M
Cap Rate 9%
$815,100
$815.1K
Market Conditions
NOI Build-Up for 9,000 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
$140.4K $15.60/SF
− Vacancy
−$7.0K −$0.78/SF
EGI
$133.4K $14.82/SF
− OpEx
−$60.0K −$6.67/SF
NOI
$73.4K $8.15/SF
Area
Otsego County, NY
Vacancy
5.00%
Lease Rate
$15.60 /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%
$1,467,180
Cap Rate 7%
$1,047,986
Cap Rate 9%
$815,100
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$917.0K – $1.22M
NOI $73,359 @ 7.0% cap · market cap 4.32%
Second Best
Hotel Hospitality
$824.5K
$721.4K – $961.9K
NOI $57,713 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,664 @ 7.0% cap · market cap 10.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
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
Where is this recreation land located?
The property is located at 175 Hovick Road Hartwick, NY.
What is the asking price?
The asking price for this property is $1,699,000.
