Building Details

Year Built 1989

Buildings 5

Stories 1

Listing Agency: Acropolis Realty Group

Listed By: Monira Alozaime · License #10401379152

Source: Crexi

Added: Feb 27 Changed: Aug 14 Last Checked: Aug 19 at 5:05PM

Report an Issue

Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Acropolis Realty Group

Investment Insights

Based on property information with market context.

The property includes a 2,387 square foot retail building with rustic charm and curb appeal. Additionally, there are four fully operational rental cabins. The property is located in the center of Fair Haven near Fair Haven Beach State Park, local marinas, the yacht club, and waterfront dining. The location supports seasonal traffic and year-round appeal for visitors and boaters.

Key Highlights

• Diversified income streams from four fully operational rental cabins.
• Prime location in the center of Fair Haven's most sought‑after destinations.
• Strong seasonal traffic and year‑round appeal for visitors and boaters.

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

$24,011

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

4.01%

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%

$480,220 $480.2K

Cap Rate 7%

$343,014 $343.0K

Cap Rate 9%

$266,789 $266.8K

Market Conditions

NOI Build-Up for 2,387 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

$35.8K $15.00/SF

− Vacancy

−$1.5K −$0.63/SF

EGI

$34.3K $14.37/SF

− OpEx

−$10.3K −$4.31/SF

NOI

$24.0K $10.06/SF

Area

Cayuga County, NY

Vacancy

4.20%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

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%

$480,220

Cap Rate 7%

$343,014

Cap Rate 9%

$266,789

Alternative Uses

Best Use

Retail

$343.0K

$300.1K – $400.2K (±1% cap)

NOI $24,011 @ 7.0% cap · market cap 4.01%

Second Best

Mixed Use

$292.6K

$256.0K – $341.3K (±1% cap)

NOI $20,480 @ 7.0% cap · market cap 3.42%

Theoretical Best

Office A

$529.0K

$462.9K – $617.2K (±1% cap)

NOI $37,031 @ 7.0% cap · market cap 6.18%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Screwy Louie's Sport ... (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick HVAC Service Storage Facility Furniture & Home Goods Grocery & Convenience Store (Bike/Boat/Book/etc) Store Bakery

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

Location Intelligence

Trade Area within ½ mile

85

Businesses Nearby

Explore this area Business Placement

Demographics for 13156, NY

2,231

Population

1,629

Households

1.4

Avg Household Size

50

Median Age

27%

College-Educated

92%

High-School Grad

29.4 sq mi

ZIP Area

76

Density / Sq Mi

$70,662

Median Household Income

$34,013

Median Earnings

$567

Median Rent

$159,800

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Mixed-use property - Retail building with rental cabins in desirable location.

Where is this mixed-use property located?

The property is located at 596 Main St Sterling, NY.

What is the asking price?

The asking price for this property is $599,000.

What are key features of this property?

This property features: Diversified income streams from four fully operational rental cabins.; Prime location in the center of Fair Haven's most sought‑after destinations.; Strong seasonal traffic and year‑round appeal for visitors and boaters.