Short-Term Rental Property with
For Sale
$799,000
383 County Highway 45, Hartwick, NY 13348
Flexible country property suited to continued seasonal rental use or occupancy as a primary or second home.
Property Size3,488 SF
Days on Market100
Property Features for 383 County Highway 45
General Information
Standard status
Active
Size
3,488 SF
Property subtype
Multi Family Home
Taxes and HOA fees
Annual Taxes
$7,669
Building Details
Building Size
3,488 SF
Year Built
1985
Stories
2
Units
2
Listing Agency:
Keller Williams Upstate NY Properties
(607) 435-0014
Listed By:
Linda Flynn · License #10401360399
(607) 435-0014
Source:
Homeprocny
Added: May 6
Changed: Aug 12
Last Checked: Aug 12 at 12:07PM
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 Keller Williams Upstate NY Properties
Investment Insights
Based on property information with market context.
Built in 1985, this short-term rental property at 383 County Highway 45 offers a flexible residential layout that can accommodate larger groups. The property has an established history of seasonal rental use and can also function as a primary or second home. An additional parcel measuring just under three acres is included in the offering.
The property is situated in a country setting between Hartwick and Milford, with access to both Cooperstown and Oneonta. Its location places the property minutes from Cooperstown and near two established summer baseball destinations, while retaining a quieter rural setting. The combination of existing rental history, residential functionality, and additional land supports multiple use directions without relying on a single occupancy model.
The property is situated in a country setting between Hartwick and Milford, with access to both Cooperstown and Oneonta. Its location places the property minutes from Cooperstown and near two established summer baseball destinations, while retaining a quieter rural setting. The combination of existing rental history, residential functionality, and additional land supports multiple use directions without relying on a single occupancy model.
Key Highlights
- Established history as a short‑term rental
- Additional parcel measuring just under three acres included
- Layout accommodates larger groups
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
$28,431
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
3.56%
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%
$568,620
$568.6K
Cap Rate 7%
$406,157
$406.2K
Cap Rate 9%
$315,900
$315.9K
Market Conditions
NOI Build-Up for 3,488 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
$54.4K $15.60/SF
− Vacancy
−$2.7K −$0.78/SF
EGI
$51.7K $14.82/SF
− OpEx
−$23.3K −$6.67/SF
NOI
$28.4K $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%
$568,620
Cap Rate 7%
$406,157
Cap Rate 9%
$315,900
Alternative Uses
Best Use
Apartment 5plus
$406.2K
$355.4K – $473.9K
NOI $28,431 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$961.5K
$841.3K – $1.12M
NOI $67,304 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Flexible country property suited to continued seasonal rental use or occupancy as a primary or second home.
Where is this short term rental property located?
The property is located at 383 County Highway 45 Hartwick, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Established history as a short‑term rental; Additional parcel measuring just under three acres included; Layout accommodates larger groups
