Restaurant and Event Venue
For Sale
$1,175,000
3939 STATE HIGHWAY 205, Hartwick, NY 13439
Owner-occupied restaurant with wedding and short-term rental use, featuring expansive indoor dining areas and two fireplaces.
Property Size6,168 SF
Price / SF$190.50
Days on Market134
Property Features for 3939 STATE HIGHWAY 205
General Information
Standard status
Active
Size
6,168 SF
Property subtype
General Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$4,598
Amenities
A/C - Other
3
Stone
Other
Asphalt, Shingle
50 Parking Spaces.
Rectangular
Rectangular.
Building Details
Year Built
1760
Listing Agency:
River Hills Properties LLC Lf
(315) 868-4596
Listed By:
Brandon Mosher · License #10301224028
(315) 868-4596
Source:
Xome
Added: Apr 20
Changed: Aug 31
Last Checked: Aug 31 at 1:34PM
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 River Hills Properties LLC Lf
Investment Insights
Based on property information with market context.
This owner-occupied property is currently operating as a restaurant, wedding venue, and Airbnb destination. The building offers expansive indoor dining and event spaces with warm wood finishes and gathering areas centered on two wood-burning fireplaces and two propane inserts. The layout is described as flexible for large events, intimate dining, or short-term rentals.
The property is located along US Route 20, providing visibility and accessibility while maintaining a private, destination-style setting.
Recent upgrades referenced in the remarks include a full re-plumb, refinished flooring throughout, and a newly installed residential kitchen with custom cabinetry and quartz countertops. Outside, a newly constructed barn/garage provides additional storage and utility. Please note there is a restriction on closing: no closing prior to 11/01/2026.
The property is located along US Route 20, providing visibility and accessibility while maintaining a private, destination-style setting.
Recent upgrades referenced in the remarks include a full re-plumb, refinished flooring throughout, and a newly installed residential kitchen with custom cabinetry and quartz countertops. Outside, a newly constructed barn/garage provides additional storage and utility. Please note there is a restriction on closing: no closing prior to 11/01/2026.
Key Highlights
- Owner‑occupied property operating as a restaurant, wedding venue, and Airbnb destination with expansive indoor dining and event spaces
- Two wood‑burning fireplaces plus two propane inserts for a year‑round indoor ambiance
- Recent upgrades include full re‑plumb, refinished flooring, and a newly installed residential kitchen with custom cabinetry and quartz countertops
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
$85,429
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
7.27%
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%
$1,708,580
$1.7M
Cap Rate 7%
$1,220,414
$1.2M
Cap Rate 9%
$949,211
$949.2K
Market Conditions
NOI Build-Up for 6,168 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
$116.9K $18.96/SF
− Vacancy
−$3.0K −$0.49/SF
EGI
$113.9K $18.47/SF
− OpEx
−$28.5K −$4.62/SF
NOI
$85.4K $13.85/SF
Area
Otsego County, NY
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$1,708,580
Cap Rate 7%
$1,220,414
Cap Rate 9%
$949,211
Alternative Uses
Best Use
Specialty Retail
$1.22M
$1.07M – $1.42M
NOI $85,429 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$718.2K
$628.4K – $837.9K
NOI $50,275 @ 7.0% cap · market cap 4.28%
Theoretical Best
Office A
$1.70M
$1.49M – $1.98M
NOI $119,018 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 13439, NY
3,681
Population
2,192
Households
1.7
Avg Household Size
49
Median Age
30%
College-Educated
88%
High-School Grad
87.9 sq mi
ZIP Area
42
Density / Sq Mi
$63,681
Median Household Income
$35,818
Median Earnings
$827
Median Rent
$184,300
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?
Conventional restaurant - Owner-occupied restaurant with wedding and short-term rental use, featuring expansive indoor dining areas and two fireplaces.
Where is this conventional restaurant located?
The property is located at 3939 STATE HIGHWAY 205 Hartwick, NY.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Owner‑occupied property operating as a restaurant, wedding venue, and Airbnb destination with expansive indoor dining and event spaces; Two wood‑burning fireplaces plus two propane inserts for a year‑round indoor ambiance; Recent upgrades include full re‑plumb, refinished flooring, and a newly installed residential kitchen with custom cabinetry and quartz countertops
