Listing Agency: Howard Hanna Lake Group m***@howardhanna.com Show Phone

Listed By: Cynthia Tallo Show Phone

Source: Exprealty

Added: May 27 Changed: Sep 2 Last Checked: Sep 14 at 1:40PM

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Investment Insights

Based on property information with market context.

This property is currently home to The Hidden Cork Wine & Beer Bar of Hammondsport, operating as a daily, locally established gathering spot. The offering includes an established retail space with a new room available for special events, supporting both everyday service and group use depending on the operator’s needs. Showings are available by appointment only, as the business is actively running.

Located just off the Village Square and over the bridge in “downtown” Hammondsport, the property is situated in a high-traffic setting along Route 54A. It is also described as being just minutes from Keuka Lake, with the Village Square area serving as an active draw for both locals and visitors.

The sale can be structured as a purchase with the business as an investment opportunity, or as a property purchase for an owner who wants to create a new concept for the space. The listing notes flexibility for buyers considering either operating the existing bar or repositioning the retail environment. The property is also offered together or separately with 62 Pulteney St., home of The Portside Bistro, allowing buyers to evaluate a single-asset purchase or a broader downtown dining and beverage portfolio.

Key Highlights

• Established Hidden Cork Wine & Beer Bar in Hammondsport with an on‑site daily running business
• Bar and retail space located just off the Village Square and over the bridge
• High‑traffic location on Route 54A in downtown Hammondsport

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

$25,413

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

5.09%

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%

$508,260 $508.3K

Cap Rate 7%

$363,043 $363.0K

Cap Rate 9%

$282,367 $282.4K

Market Conditions

NOI Build-Up for 1,965 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

$35.4K $18.00/SF

− Vacancy

−$1.5K −$0.76/SF

EGI

$33.9K $17.24/SF

− OpEx

−$8.5K −$4.31/SF

NOI

$25.4K $12.93/SF

Area

Steuben County, NY

Vacancy

4.20%

Lease Rate

$18.00 /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%

$508,260

Cap Rate 7%

$363,043

Cap Rate 9%

$282,367

Alternative Uses

Best Use

Specialty Retail

$363.0K

$317.7K – $423.6K (±1% cap)

NOI $25,413 @ 7.0% cap · market cap 5.09%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$479.0K

$419.2K – $558.9K (±1% cap)

NOI $33,533 @ 7.0% cap · market cap 6.72%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Jambe Shipping Emporium Courier Service Over The Bridge Wine Bar & Pub

Suggested Use

Top Pick Auto Repair Shop Electrical Service Auto Parts Store (Bike/Boat/Book/etc) Store Storage Facility Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

175

Businesses Nearby

1k

Monthly Visits Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

Five Star Bank Shops & Services

1,431 visits/mo 0.2 miles

Demographics for 14840, NY

2,905

Population

2,774

Households

1

Avg Household Size

55

Median Age

37%

College-Educated

95%

High-School Grad

58.6 sq mi

ZIP Area

50

Density / Sq Mi

$84,663

Median Household Income

$40,082

Median Earnings

$754

Median Rent

$223,200

Median Home Value

Market

Vacancy Rate% for Retail in Northeast region

6% 2019

7.1% 2020

6.5% 2021

6% 2022

5.7% 2023

5.6% 2024

6% 2025

Questions? Ask Rey

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What type of property is this? Where is this bars & pubs located? What is the asking price? Find similar properties What are key features of this property?

Similar Off Market Nearby

• Park Inn — 37 Shethar St, Hammondsport, NY 14840
• Burgers & Beer of Hammondsport — 41 Shethar St, Hammondsport, NY 14840
• Over The Bridge Wine — 54 Pulteney St, Hammondsport, NY 14840
• Maloney's Pub — 57 Pulteney St, Hammondsport, NY 14840

Frequently Asked Questions

What type of property is this?

Bar & Pub - Established Hammondsport bar and retail space on Route 54A near the Village Square and bridge, available for sale or business purchase.

Where is this bar & pub located?

The property is located at 54 Pulteney St Hammondsport, NY.

What is the asking price?

The asking price for this property is $499,000.

What are key features of this property?

This property features: Established Hidden Cork Wine & Beer Bar in Hammondsport with an on‑site daily running business; Bar and retail space located just off the Village Square and over the bridge; High‑traffic location on Route 54A in downtown Hammondsport