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    Restaurant and Income Property Opportunity Title is generated by Realmo AI

    212 Main St, Otego, NY 13825

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    Claim this Listing
    For Sale
    $295,000

    Commercial - Otego, NY

    Property size:
    7,830 SF
    Lot size:
    3.60 Acres
    Price / SF:
    $37/SF
    Added:
    Sep 10, 2024
    Days on Market:
    619
    Last Refresh:
    May 21 at 8:06 pm

    Property Features for 212 Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Rooms
    Basement, Kitchen
    Parking features
    Garage, Garage - Attached
    Basement Y/N
    1
    Standard status
    Active
    APN
    364801-317.019-0001-064.000
    Size
    7,830 SF
    Lot size
    3.60 Acres

    Taxes and HOA fees

    Tax Annual Amount
    8353

    Utilities

    Heating system
    Baseboard, Propane (Heating)

    Building Details

    Year built
    1975
    Year renovated
    1975
    Building materials
    Brick, Wood Siding
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Rodger B Moran

    Listing agent Rodger B Moran

    Listing office BENSON AGENCY REAL ESTATE LLC 1 GRAND ST, ONEONTA, NY

    Listing date Sep 10, 2024

    MLS# 11341413 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • High‑visibility location with easy access off Interstate 88 and on NY‑7 in Central New York.
    • 3.6‑acre property suitable for restaurant or other business ventures.
    • Existing restaurant infrastructure with 8,133 sq ft including walk‑in coolers and prep areas.
    • Three rental units provide immediate income.
    • Ample parking available.
    • Village water access.

    Overview

    This 3.6-acre property in Central New York, located off Interstate 88 and on NY-7, presents a versatile commercial opportunity. The property features a restaurant space with significant curb-side visibility, ample parking, and easy access. The above-grade restaurant area measures 5,179 square feet, complemented by a 2,954-square-foot below-grade area that includes walk-in coolers and prep areas, totaling 8,133 square feet for the restaurant. Additionally, the property includes three residential apartments, offering immediate income potential. These units measure 635 square feet, 740 square feet, and 1,276 square feet, respectively. The total building square footage is 7,830 above grade and 2,954 below grade, resulting in a total of 10,784 square feet. The building's age is estimated to be from 1975. The restaurant is equipped with existing equipment, offering a potential business opportunity. The property's location and features also allow for other business uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Restaurants

    Suggested Use

    Restaurant Building Supply Dental Office Big Box & Wholesale Store Gym & Fitness Center Department Store Food Market Storage Facility Grocery & Convenience Store Garden Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Otego
    County
    Otsego
    State
    New York
    Longitude
    -75.175405
    Latitude
    42.395297

    Nearby Similar for Sale

    • $99,900
      800 SF

      Otego Multifamily Investment Opportunity

      Three mobile homes on almost two acres near Cooperstown.
      2171 County Highway 8, Otego, NY 13825
      View Details
    • $295,000
      10,784 SF

      Restaurant and Residential Income Opportunity

      Restaurant with rental units on 3.6 acres near Interstate.
      212 Main Street, Otego, NY 13825
      View Details

    FAQs

    What type of property is this?
    Restaurant - Restaurant with rental income potential on 3.6 acres.
    Where is this restaurant located?
    The property is located at 212 Main St Otego, NY.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: High‑visibility location with easy access off Interstate 88 and on NY‑7 in Central New York.; 3.6‑acre property suitable for restaurant or other business ventures.; Existing restaurant infrastructure with 8,133 sq ft including walk‑in coolers and prep areas.
    (607) 432-4391
    We can help!
    Listing Contact
    Rodger B Moran
    Real Estate License ID: 30MO0797197
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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