Mixed-Use Building with
For Sale
$299,000
581 Main Street, Hobart, NY 13788
Residential, Hobart, NY
Property Size1,344 SF
Lot Size0.13 Acres
Price / SF$222.47
Days on Market114
Property Features for 581 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
Exterior features
PropaneTankLeased
Appliances
ElectricWaterHeater
Lot features
Irregular Lot
Elementary school district
South Kortright
Middle school district
South Kortright
High school district
South Kortright
Subdivision
Hobart-Village-125201
Standard status
Active
APN
125201-069-017-0002-007-000
Size
1,344 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
3324
Utilities
Heating system
Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Number of units
2
Flooring type
Laminate, Varies, Carpet
Building materials
WoodSiding
Listing Agency:
Frank Lumia Real Estate Plus!, LLC
(607) 746-6029
Listed By:
Frank Lumia · License #37LU0818789
(607) 434-5910
Added: May 29
Changed: Sep 16
Last Checked: Sep 19 at 8:06AM
MLS# R1685785
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 mixed-use property in Hobart, NY, combines a ground-floor cafe with two residential apartments above. The commercial area has operated as a breakfast and lunch cafe for more than two decades and includes food-service equipment. The apartments add residential components within the same building, creating a combined commercial and residential configuration.
Constructed in 1890, the building contains 1,344 square feet on a 0.13-acre lot. Public water serves the property, with electric baseboard heat, an electric water heater, wood siding, and varied flooring that includes carpet and laminate. The property is situated in Delaware County within the village identified in the source material as a Catskills book destination.
Constructed in 1890, the building contains 1,344 square feet on a 0.13-acre lot. Public water serves the property, with electric baseboard heat, an electric water heater, wood siding, and varied flooring that includes carpet and laminate. The property is situated in Delaware County within the village identified in the source material as a Catskills book destination.
Key Highlights
- Mixed‑use property with a ground‑floor cafe and two residential apartments
- 1,344 square feet of building area on a 0.13‑acre lot
- Cafe space has operated as a breakfast and lunch business for over two decades
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
$20,858
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
6.98%
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%
$417,160
$417.2K
Cap Rate 7%
$297,971
$298.0K
Cap Rate 9%
$231,756
$231.8K
Market Conditions
NOI Build-Up for 1,344 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
$29.0K $21.60/SF
− Vacancy
−$1.2K −$0.91/SF
EGI
$27.8K $20.69/SF
− OpEx
−$7.0K −$5.17/SF
NOI
$20.9K $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%
$417,160
Cap Rate 7%
$297,971
Cap Rate 9%
$231,756
Alternative Uses
Best Use
Specialty Retail
$298.0K
$260.7K – $347.6K
NOI $20,858 @ 7.0% cap · market cap 6.98%
Second Best
Multifamily LT 5
$222.7K
$194.9K – $259.8K
NOI $15,589 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$659.4K
$577.0K – $769.3K
NOI $46,158 @ 7.0% cap · market cap 15.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
82
Businesses Nearby
Explore this area
Business Placement
Demographics for 13788, NY
870
Population
646
Households
1.3
Avg Household Size
51
Median Age
42%
College-Educated
93%
High-School Grad
34.6 sq mi
ZIP Area
25
Density / Sq Mi
$95,329
Median Household Income
$44,583
Median Earnings
$740
Median Rent
$222,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Ground-floor food-service space is paired with two residential apartments in Hobart.
Where is this mixed-use property located?
The property is located at 581 Main Street Hobart, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Mixed‑use property with a ground‑floor cafe and two residential apartments; 1,344 square feet of building area on a 0.13‑acre lot; Cafe space has operated as a breakfast and lunch business for over two decades
