Building Details

Year Built 1950

Listing Agency: THE CATSKILL DREAM TEAM Show Phone

Listed By: MARGARET BELLAR · License #10331200183 Show Phone

Source: Corcoran

Added: Sep 9 Changed: Sep 10 Last Checked: Sep 11 at 7:37AM

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Investment Insights

Based on property information with market context.

Built in 1950, this hospitality property combines a substantial gathering area with a preserved full-scale bar, six bedrooms, and four full baths. The main room features beamed ceilings, skylights, a stone fireplace, a Vermont Castings wood stove, and six sliding glass doors opening onto a wraparound deck. The kitchen includes hickory cabinetry, Silestone countertops, a ZLINE propane range with double ovens and hood, a microwave drawer, and extensive storage. An office, mudroom, laundry area, main-level suite, and additional flexible-use areas support a range of configurations.

Two adjoining parcels provide approximately two acres of usable land, landscaped walkways, a firepit area with Cambridge pavers, and parking for 12+ vehicles. A tributary of the Batavia Kill borders the property. It sits across from Roxbury Run Country Club and near Roxbury Run Village, with Roxbury and Margaretville nearby and Belleayre and Plattekill Mountain within easy reach. Improvements include 49 Pella windows, new siding, exterior lighting, two commercial-size septic tanks, a new boiler, a full-house propane generator, and extensive interior renovations.

Key Highlights

• Two adjoining parcels totaling approximately two acres
• Six bedrooms and four full baths, including a main‑level suite
• Original full‑scale bar and large gathering room with beamed ceilings and skylights

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

$78,762

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

7.92%

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%

$1,575,240 $1.6M

Cap Rate 7%

$1,125,171 $1.1M

Cap Rate 9%

$875,133 $875.1K

Market Conditions

NOI Build-Up for 5,075 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

$109.6K $21.60/SF

− Vacancy

−$4.6K −$0.91/SF

EGI

$105.0K $20.69/SF

− OpEx

−$26.3K −$5.17/SF

NOI

$78.8K $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%

$1,575,240

Cap Rate 7%

$1,125,171

Cap Rate 9%

$875,133

Alternative Uses

Best Use

Specialty Retail

$1.13M

$984.5K – $1.31M (±1% cap)

NOI $78,762 @ 7.0% cap · market cap 7.92%

Second Best

Hotel Hospitality

$542.4K

$474.6K – $632.8K (±1% cap)

NOI $37,967 @ 7.0% cap · market cap 3.82%

Theoretical Best

Office A

$2.49M

$2.18M – $2.90M (±1% cap)

NOI $174,296 @ 7.0% cap · market cap 17.52%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Bed & breakfasts

Suggested Use

Top Pick Real Estate Agency Hotel & Motel

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

2

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 12421, NY

334

Population

455

Households

0.7

Avg Household Size

59

Median Age

35%

College-Educated

81%

High-School Grad

17.2 sq mi

ZIP Area

19

Density / Sq Mi

$97,545

Median Household Income

$317,600

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 bed & breakfasts located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Bed & breakfast - Historic hospitality building with a full bar, event-scale gathering room, guest rooms, and mountain views.

Where is this bed & breakfast located?

The property is located at 770 John Shultis Road Denver, NY.

What is the asking price?

The asking price for this property is $995,000.

What are key features of this property?

This property features: Two adjoining parcels totaling approximately two acres; Six bedrooms and four full baths, including a main‑level suite; Original full‑scale bar and large gathering room with beamed ceilings and skylights