Listing Agency: Howard Hanna Show Phone

Listed By: Noel Sleilati Show Phone

Source: Exprealty

Added: Apr 12 Changed: Aug 30 Last Checked: Jun 12 at 5:59PM

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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 Howard Hanna

Investment Insights

Based on property information with market context.

This retail property occupies 5.19 acres and includes a building with updated infrastructure, an outdoor bar, and a lower level that can accommodate storage or office functions. A 40' x 60' deck and an on-site parking lot are also part of the property. The asset was formerly operated as a winery and served as an operating venue for 20 years. Its setting along the NYS Southern Tier Craft Beverage Trail and Cayuga Lake Wine Trail provides established trail affiliations for the property. The existing improvements offer a defined physical platform for continued retail or venue use, subject to applicable approvals.

Key Highlights

• 5.19‑acre retail property with an existing building and site improvements
• 40' x 60' deck for outdoor use
• Outdoor bar included with the property

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

$15,591

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

6.02%

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%

$311,820 $311.8K

Cap Rate 7%

$222,729 $222.7K

Cap Rate 9%

$173,233 $173.2K

Market Conditions

NOI Build-Up for 1,550 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

$23.3K $15.00/SF

− Vacancy

−$977 −$0.63/SF

EGI

$22.3K $14.37/SF

− OpEx

−$6.7K −$4.31/SF

NOI

$15.6K $10.06/SF

Area

Broome County, NY

Vacancy

4.20%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

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%

$311,820

Cap Rate 7%

$222,729

Cap Rate 9%

$173,233

Alternative Uses

Best Use

Retail

$222.7K

$194.9K – $259.9K (±1% cap)

NOI $15,591 @ 7.0% cap · market cap 6.02%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$384.5K

$336.5K – $448.6K (±1% cap)

NOI $26,918 @ 7.0% cap · market cap 10.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Madrona Tasting Room Brewery & Distillery

Suggested Use

Top Pick Plumbing Service Pet Grooming Service Pet Store Wine and Liquor Store

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

7

Businesses Nearby

Explore this area Business Placement

Demographics for 13746, NY

2,678

Population

1,145

Households

2.3

Avg Household Size

50

Median Age

14%

College-Educated

91%

High-School Grad

33.5 sq mi

ZIP Area

80

Density / Sq Mi

$58,250

Median Household Income

$45,870

Median Earnings

$789

Median Rent

$133,900

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Retail space - Retail property with an outdoor bar, lower-level storage, and updated building infrastructure.

Where is this retail space located?

The property is located at 248 County Road 1 Chenango Forks, NY.

What is the asking price?

The asking price for this property is $259,000.

What are key features of this property?

This property features: 5.19‑acre retail property with an existing building and site improvements; 40' x 60' deck for outdoor use; Outdoor bar included with the property