Golf Course and Driving Range
For Sale
$799,000
42565 Route 28, Margaretville, NY 12455
MULTI_FAMILY - Margaretville, NY
Property Size2,200 SF
Lot Size23.38 Acres
Price / SF$363.18
Days on Market97
Property Features for 42565 Route 28
General Information
Property type
Residential Multi Family
Property subtype
Single Family Residence
Property condition
Under Construction
Zoning
BC
Bedrooms
1
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bathroom 1
Exterior features
Barbecue, Lighting
Accessibility
Accessible Elevator Installed
Appliances
Vented Exhaust Fan, Stainless Steel Appliance(s), Refrigerator, Indoor Grill, Ice Maker, Freezer, Free-Standing Gas Range
Lot features
Irregular Lot, Level, On Golf Course, Open Lot, Views
Elementary school district
Margaretville Central Schools
Middle school district
Margaretville Central Schools
High school district
Margaretville Central Schools
Directions
From NYS Thruway Exit 19 (Kingston), take Route 28 West approx. 44 miles through Arkville. Property is on the right, opposite the Speedway gas station - see sign
Subdivision
Middletown
Standard status
Active
APN
284.-1-20
Size
2,200 SF
Lot size
23.38 Acres
Taxes and HOA fees
Tax Annual Amount
2554
Utilities
Utilities
Propane
Sewer type
Public Sewer
Heating system
Electric (Heating), Ductless (Heating)
Cooling system
Ductless
Water source
Well
Water front features
River Front
Water front
1
Building Details
Year built
2012
Number of units
1
Flooring type
Carpet, Vinyl, Tile - Ceramic
Building materials
Frame, Steel Siding
Roof type
Metal
Listing Agency:
Coldwell Banker Village Green · Coldwell Banker Real Estate
(845) 679-2255
Listed By:
Laura Warren · License #10401345546
(646) 203-9437
Added: May 7
Changed: Aug 11
Last Checked: Aug 11 at 11:06PM
MLS# 20262216
Copyright © 2026 Hudson Valley Catskill Region MLS. 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.
A 23.38-acre Catskills property with approximately 400 yards of private frontage along the East Branch of the Delaware River, currently under construction. The existing operation includes a 9-hole public golf course (par 29, 1,600 yards) and an 18-hole riverside mini-golf course with full night lighting. A floodlit 275-yard driving range features 10 mat stations, a grass hitting area, and an adjacent practice green, with a gambrel-style clubhouse that has overhead doors for year-round use.
The property also supports food and beverage with an established BBQ restaurant and two elevated decks overlooking the river and surrounding valley, plus a newly built bar with a liquor license currently in the works. Event infrastructure includes ample parking and easy circulation throughout the site. A newly built studio apartment provides accommodation for staff or guests.
Built in 2012 with frame construction and steel siding, the site includes an accessible elevator installed and a metal roof. Utilities include propane, with water from a well and sewer to public sewer, and heating and cooling provided via electric and ductless systems. The address is 42565 Route 28 in Margaretville, NY 12455, with easy reach of Belleayre Mountain and Plattekill.
The property also supports food and beverage with an established BBQ restaurant and two elevated decks overlooking the river and surrounding valley, plus a newly built bar with a liquor license currently in the works. Event infrastructure includes ample parking and easy circulation throughout the site. A newly built studio apartment provides accommodation for staff or guests.
Built in 2012 with frame construction and steel siding, the site includes an accessible elevator installed and a metal roof. Utilities include propane, with water from a well and sewer to public sewer, and heating and cooling provided via electric and ductless systems. The address is 42565 Route 28 in Margaretville, NY 12455, with easy reach of Belleayre Mountain and Plattekill.
Key Highlights
- 23.38‑acre Catskills property with approximately 400 yards of private East Branch Delaware River frontage
- 9‑hole public golf course (par 29) measuring 1,600 yards
- 18‑hole riverside mini‑golf with full night lighting
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
$34,143
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
4.27%
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%
$682,860
$682.9K
Cap Rate 7%
$487,757
$487.8K
Cap Rate 9%
$379,367
$379.4K
Market Conditions
NOI Build-Up for 2,200 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
$47.5K $21.60/SF
− Vacancy
−$2.0K −$0.91/SF
EGI
$45.5K $20.69/SF
− OpEx
−$11.4K −$5.17/SF
NOI
$34.1K $15.52/SF
Area
Delaware County, NY
Vacancy
4.20%
Lease Rate
$21.60 /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%
$682,860
Cap Rate 7%
$487,757
Cap Rate 9%
$379,367
Alternative Uses
Best Use
Specialty Retail
$487.8K
$426.8K – $569.1K
NOI $34,143 @ 7.0% cap · market cap 4.27%
Second Best
Hotel Hospitality
$235.1K
$205.7K – $274.3K
NOI $16,459 @ 7.0% cap · market cap 2.06%
Theoretical Best
Office A
$1.08M
$944.5K – $1.26M
NOI $75,557 @ 7.0% cap · market cap 9.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
11k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Speedway
Shops & Services
9,840 visits/mo
0.0 miles
Carquest Auto Parts # 8866
Shops & Services
1,481 visits/mo
0.2 miles
Demographics for 12455, NY
1,820
Population
1,697
Households
1.1
Avg Household Size
56
Median Age
27%
College-Educated
91%
High-School Grad
71.3 sq mi
ZIP Area
26
Density / Sq Mi
$74,271
Median Household Income
$34,531
Median Earnings
$1,297
Median Rent
$219,600
Median Home Value
Market
Vacancy Rate% for Retail 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?
Golf course & driving range - Under construction golf and driving range property with river frontage, BBQ facilities, and an event-ready clubhouse.
Where is this golf course & driving range located?
The property is located at 42565 Route 28 Margaretville, 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: 23.38‑acre Catskills property with approximately 400 yards of private East Branch Delaware River frontage; 9‑hole public golf course (par 29) measuring 1,600 yards; 18‑hole riverside mini‑golf with full night lighting
