Nursery and Garden Center with
New
For Sale
$360,000
248 River St, Oneonta, NY 13820
Retail and office areas connect to landscaped outdoor display space and a functional greenhouse.
Property Size3,050 SF
Price / SF$218.18
Days on Market3
Property Features for 248 River St
General Information
Standard status
Active
Size
3,050 SF
Property subtype
Commercial
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$1,455
Amenities
pergola/hardscape walkways and open/covered areas
greenhouse
yard space
fire-pit
outdoor performance venue
koi pond
Building Details
Building Size
3,050 SF
Year Built
1970
Stories
2
Listing Agency:
BENSON AGENCY REAL ESTATE LLC
(607) 287-1559
Listed By:
Rodger B Moran · License #30MO0797197
(607) 287-1559
Source:
Elliman
Added: Aug 14
Changed: Aug 15
Last Checked: Aug 16 at 6:01AM
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 BENSON AGENCY REAL ESTATE LLC
Investment Insights
Based on property information with market context.
This nursery and garden center property combines 1,650 square feet of office and retail space with 2,500 square feet of pergola, hardscape walkways, and open or covered areas. A functional greenhouse, underground water and electric service, and a substantial yard support display-oriented operations. The grounds include a koi pond, flowing stream, and perennial plantings, while a level rear area provides additional outdoor space.
The property also includes two recently completed apartments: a 650-square-foot, one-bedroom first-floor unit and an 850-square-foot second-floor unit with two bedrooms, one and a half baths, an open-concept kitchen and living area, and a washer and dryer. Major interior and exterior improvements have been completed, and the existing office suites, bathroom, greenhouse, and retail areas are in place. Built in 1970.
The property also includes two recently completed apartments: a 650-square-foot, one-bedroom first-floor unit and an 850-square-foot second-floor unit with two bedrooms, one and a half baths, an open-concept kitchen and living area, and a washer and dryer. Major interior and exterior improvements have been completed, and the existing office suites, bathroom, greenhouse, and retail areas are in place. Built in 1970.
Key Highlights
- 1,650 SF of office and retail space
- 2,500 SF of pergola, hardscape walkways, and open or covered areas
- Functional greenhouse with underground water and electric service
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
$15,933
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
4.43%
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%
$318,660
$318.7K
Cap Rate 7%
$227,614
$227.6K
Cap Rate 9%
$177,033
$177.0K
Market Conditions
NOI Build-Up for 1,650 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
$23.8K $14.40/SF
− Vacancy
−$998 −$0.60/SF
EGI
$22.8K $13.80/SF
− OpEx
−$6.8K −$4.14/SF
NOI
$15.9K $9.66/SF
Area
Otsego County, NY
Vacancy
4.20%
Lease Rate
$14.40 /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%
$318,660
Cap Rate 7%
$227,614
Cap Rate 9%
$177,033
Alternative Uses
Best Use
Retail
$227.6K
$199.2K – $265.6K
NOI $15,933 @ 7.0% cap · market cap 4.43%
Second Best
Mixed Use
$202.2K
$177.0K – $236.0K
NOI $14,157 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$454.8K
$398.0K – $530.6K
NOI $31,838 @ 7.0% cap · market cap 8.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
213
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 13820, NY
21,605
Population
10,083
Households
2.1
Avg Household Size
30
Median Age
40%
College-Educated
91%
High-School Grad
107.3 sq mi
ZIP Area
201
Density / Sq Mi
$66,217
Median Household Income
$26,154
Median Earnings
$983
Median Rent
$176,300
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Nursery and garden center - Retail and office areas connect to landscaped outdoor display space and a functional greenhouse.
Where is this nursery and garden center located?
The property is located at 248 River St Oneonta, NY.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: 1,650 SF of office and retail space; 2,500 SF of pergola, hardscape walkways, and open or covered areas; Functional greenhouse with underground water and electric service
