Wedding Venue With Restaurant
For Sale
$1,175,000
3939 State Highway 20, Richfield Springs, NY 13439
CommercialSale, Richfield Springs, NY
Property Size6,168 SF
Lot Size2.80 Acres
Price / SF$190.50
Days on Market129
Property Features for 3939 State Highway 20
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
COM 1
Zoning description
Commercial
Rooms
Basement
Parking
50
Lot features
Rectangular, Rectangular Lot
Elementary school district
Richfield Springs
Middle school district
Richfield Springs
High school district
Richfield Springs
Subdivision
Warren-215200
Standard status
Active
APN
215200-139-004-0001-062-000-0000
Size
6,168 SF
Lot size
2.80 Acres
Taxes and HOA fees
Tax Annual Amount
4598
Utilities
Sewer type
Septic Tank
Heating system
Baseboard, Forced Air, Propane (Heating)
Water source
Well
Building Details
Year built
1760
Floors in Building
3
Flooring type
Varies, Hardwood
Building materials
Stone
Roof type
Shingle, Asphalt
Listing Agency:
River Hills Properties LLC Lf
(315) 508-5268
Listed By:
Brandon Mosher · License #10301224028
(315) 868-4596
Added: Apr 22
Changed: Aug 28
Last Checked: Aug 28 at 10:06PM
MLS# S1675870
Copyright © 2026 New York State Alliance of MLSs, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,168-square-foot property on 2.8 acres is currently owner-occupied and operated as a restaurant, wedding venue, and short-term rental destination. Interior spaces include dining and event areas, multiple living rooms, bedrooms, hardwood flooring, and original architectural details. Two wood-burning fireplaces and two propane inserts contribute to the gathering spaces, while a residential kitchen features custom cabinetry and quartz countertops.
Recent improvements include complete replumbing and refinished flooring throughout. A newly built barn and garage provide additional storage and utility space, and the grounds offer room for outdoor events and guests. The property uses a well and septic tank, with COM 1 zoning. Heating systems include baseboard, forced air, and propane. Existing contracted events are scheduled to be completed before the sale.
Recent improvements include complete replumbing and refinished flooring throughout. A newly built barn and garage provide additional storage and utility space, and the grounds offer room for outdoor events and guests. The property uses a well and septic tank, with COM 1 zoning. Heating systems include baseboard, forced air, and propane. Existing contracted events are scheduled to be completed before the sale.
Key Highlights
- 6,168‑square‑foot wedding venue, restaurant, and short‑term rental property
- 2.8‑acre property with indoor event and dining areas
- Two wood‑burning fireplaces and two propane inserts
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
Property Profile
Current Use
Lease Details
100%
Occupancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Wedding venue - Owner-occupied property combines event, dining, and short-term rental uses.
Where is this wedding venue located?
The property is located at 3939 State Highway 20 Richfield Springs, 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: 6,168‑square‑foot wedding venue, restaurant, and short‑term rental property; 2.8‑acre property with indoor event and dining areas; Two wood‑burning fireplaces and two propane inserts
