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    193 County Highway 49 Morris, NY 13808

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    For Sale
    $395,000

    Purpose-built wedding and event center in Central NY.

    Property size:
    5,984 SF
    Lot size:
    5.49 Acres

    Property Features for 193 County Highway 49

    General Information

    Standard status
    Active
    Size
    5,984 SF
    Lot size
    5.49 Acres

    Building Details

    Year built
    1998

    We can help!

    Listing Contact
    Elizabeth Shultis
    Source: Crexi

    Listing Agency: Benson Agency Real Estate Listing Agent: Elizabeth Shultis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Turnkey Wedding and Event Center

    The Grove is a purpose-built wedding and conference/event center situated in Central NY, 15 minutes from Interstate 88, Cooperstown All Star Village Baseball camp facility, and major hotel chains. The property is sheltered amidst a grove of mature trees and an open meadow, bounded in back by the historic Butternut Creek. The chapel on the premises includes a lounge, restrooms, an office, and a meeting room with a stage, sound system, and seating for up to 150 guests. Adjacent to the chapel is a multi-purpose event center, complete with a bridal lounge, upscale restrooms, a fully equipped kitchen/service area, and a dining area with tables, chairs, and a dance floor. The event center provides direct access to two patio areas. French doors off the dance floor lead to a side patio suitable for an outdoor bar/service area, and the rear patio features a built-in service bar and a step-down to a fire pit. Guests can explore the grounds, view the scenic Butternut Creek, or relax by the oversized fire pit. The property size is 5984 square feet. Bookings for 2026 are ongoing.
    Location Intelligence

    Current Use by Public Records

    The Grove of Butternut Valley Wedding Service Light Walkers Baptist ... Church

    Suggested Use

    Auto Repair Shop Hotel & Motel Storage Facility HVAC Service Grocery & Convenience Store Electrical Service Pet Store (Bike/Boat/Book/etc) Store Pet Store & Service (Bike/Boat/Book/etc) Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Morris
    County
    Otsego
    State
    New York
    Longitude
    -75.2243062
    Latitude
    42.552261

    Nearby Similar for Sale

    • $395,000
      5,984 SF

      Purpose-Built Wedding and Event Center

      Wedding and conference/event center near Interstate 88 and Cooperstown.
      193 County Highway 49, Morris, NY 13808
      View Details
    • $395,000
      5.49 Acres

      Purpose-Built Wedding & Event Center

      Wedding and conference/event center near Interstate 88 and Cooperstown.
      193 Co Hwy 49, Morris, NY 13808
      View Details

    FAQs

    What type of property is this?
    Wedding venue - Purpose-built wedding and event center in Central NY.
    Where is this wedding venue located?
    The property is located at 193 County Highway 49 Morris, NY.
    What is the asking price?
    The asking price for this property is $395,000.
    What are key features of this property?
    This property features: - Purpose-built wedding and event center with existing bookings for 2026.; - Includes a chapel with seating for 150, lounge, restrooms, and office.; - Multi-purpose event center featuring a bridal lounge and fully equipped kitchen/service area.
    (607) 434-5972
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    193 County Highway 49 Morris, NY 13808
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    Morris, NY 13808
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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
    193 County Highway 49 Morris, NY 13808
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    We can help!
    Listing Contact
    Elizabeth Shultis
    Real Estate License ID: 49SH0935322
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