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    Unique Waterfront Land Opportunity Title is generated by Realmo AI

    3973 us 20 Us Highway 20, Richfield Springs, NY 13439

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    Claim this Listing
    New
    For Sale
    $500,000

    LAND - Richfield Springs, NY

    Lot size:
    55.80 Acres
    Added:
    May 21, 2026
    Days on Market:
    2
    Last Refresh:
    May 22 at 6:06 am

    Property Features for 3973 us 20 Us Highway 20

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    215200 144.1-1-1
    Lot size
    55.80 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1628

    Utilities

    Water front features
    Lake Front
    Water front
    1

    We can help!

    Listing Contact
    Michael J Phillips

    Listing agent Michael J Phillips License #10401396207

    Listing office KW Platform 935 New Loudon Rd, Latham, NY

    Listing date May 21, 2026

    MLS# 202617801 Listing URL

    Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Over 1600' of frontage on serene Weaver Lake.
    • 55.8 total acres (39 acres + 16.8 acres).
    • Absolute privacy and serenity, almost 3/4 mile from US 20.
    • Conveniently located 9.1 miles from Cooperstown Village.
    • Drumlin provides elevated building site with views of Weaver Lake and countryside.
    • Right to build one habitable structure despite forever protection agreement.

    Overview

    This unique property offers over 1600 feet of frontage on Weaver Lake. The land includes two adjoining lots, one of 39 acres and another of 16.8 acres, totaling 55.8 acres. The property features old apple orchards that could be revitalized with care. Wildlife is abundant throughout the area. A drumlin provides higher ground with views of Weaver Lake and the surrounding countryside. The property contains wetlands bordering the Maumee Swamp area. There are two old, currently uninhabitable, hand-built cabins and a small shed, along with an outhouse of unknown condition. The road from the property entrance on US 20 to the clearing on Weaver Lake is almost 3/4 of a mile long. The property is located 9.1 miles from historic Cooperstown Village. Note that this property is under a forever protection agreement with The Otsego Land trust but retains the right to build one habitable structure.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Pet Grooming Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richfield Springs
    County
    Otsego
    State
    New York
    Longitude
    -74.941792
    Latitude
    42.849691

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    FAQs

    What type of property is this?
    Agricultural land / Farmland - Serene 55+ acre property with lake frontage near Cooperstown.
    Where is this agricultural land / farmland located?
    The property is located at 3973 us 20 Us Highway 20 Richfield Springs, NY.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: Over 1600' of frontage on serene Weaver Lake.; 55.8 total acres (39 acres + 16.8 acres).; Absolute privacy and serenity, almost 3/4 mile from US 20.
    (518) 258-9773
    We can help!
    Listing Contact
    Michael J Phillips
    Real Estate License ID: 10401396207
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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