Building Details

Building Size 8,555 SF

Year Built 1890

Stories 3

Listing Agency: Garlock Realty c***@garlockrealty.com Show Phone

Listed By: Cathy F Garlock · License #40GA0888002 Show Phone

Source: Elliman

Added: Nov 27, 2025 Changed: Aug 21 Last Checked: Aug 26 at 10:27AM

Report an Issue

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 Garlock Realty

Investment Insights

Based on property information with market context.

The Historic Hart House, currently operating as a bed and breakfast, is located on Wellesley Island. The property features 10 guest rooms, each with private baths and fireplaces. A family suite is also included. The property has a remodeled family room with wood beam ceilings and moldings, a commercial kitchen, and a dining area that seats 60. The dining area overlooks the golf course. The property is suitable for weddings, receptions, and summer retreats. The property offers views of the River and the Thousand Island Golf course. Marinas are located within walking distance.

Key Highlights

• 10 guest rooms with private baths and fireplaces, ideal for bed & breakfast or retreat.
• Commercial kitchen and dining area seating 60, suitable for events.
• Located on Wellesley Island with views of the River and Thousand Island Golf Course.

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

$91,161

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

7.04%

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%

$1,823,220 $1.8M

Cap Rate 7%

$1,302,300 $1.3M

Cap Rate 9%

$1,012,900 $1.0M

Market Conditions

NOI Build-Up for 8,555 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

$216.6K $25.32/SF

− Vacancy

−$24.7K −$2.89/SF

EGI

$191.9K $22.43/SF

− OpEx

−$100.8K −$11.78/SF

NOI

$91.2K $10.66/SF

Area

Jefferson County, NY

Vacancy

11.40%

Lease Rate

$25.32 /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%

$1,823,220

Cap Rate 7%

$1,302,300

Cap Rate 9%

$1,012,900

Alternative Uses

Best Use

Hotel Hospitality

$1.30M

$1.14M – $1.52M (±1% cap)

NOI $91,161 @ 7.0% cap · market cap 7.04%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$2.36M

$2.06M – $2.75M (±1% cap)

NOI $165,077 @ 7.0% cap · market cap 12.75%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Bed & breakfasts

Suggested Use

Top Pick Storage Facility Parking Lot & Garage Skin Care Clinic Grocery & Convenience Store Acupuncture Gym & Fitness Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

43

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 13640, NY

348

Population

810

Households

0.4

Avg Household Size

62

Median Age

59%

College-Educated

100%

High-School Grad

12.3 sq mi

ZIP Area

28

Density / Sq Mi

$92,422

Median Household Income

$62,159

Median Earnings

$330,500

Median Home Value

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this bed & breakfasts located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Sale Nearby

Waterfront Property with Dock Slips

1 Crossmon St, Alexandria, NY 13607

$769,000

View details

Investment Property in Alexandria, NY

38 Walton St, Alexandria, NY 13607

$350,000

1.50 Acres

View details

Frequently Asked Questions

What type of property is this?

Bed & breakfast - Serene Wellesley Island property ideal for weddings and retreats.

Where is this bed & breakfast located?

The property is located at 21979 Club Rd Alexandria, NY.

What is the asking price?

The asking price for this property is $1,295,000.

What are key features of this property?

This property features: 10 guest rooms with private baths and fireplaces, ideal for bed & breakfast or retreat.; Commercial kitchen and dining area seating 60, suitable for events.; Located on Wellesley Island with views of the River and Thousand Island Golf Course.