Iconic Restaurant Landmark in Old
2888 NY-28, Old Forge, NY 13420
COMMERCIAL - Old Forge, NY
Property size:
5,022 SFLot size:
0.94 AcresPrice / SF:
$228/SF- Added:
- Sep 14, 2025
- Days on Market:
- 266
- Last Refresh:
- Jun 6 at 3:06 am
Property Features for 2888 NY-28
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Zoning
- Commercial
- Parking
- 40
- Parking features
- Off Street, Parking Lot
- Interior features
- Bar, Ceiling Fan(s), Entrance Foyer, Natural Woodwork, Vaulted Ceiling(s)
- Exterior features
- Lighting
- Fireplace
- 1
- Basement
- Block, Interior Entry, Storage Space, Full
- Appliances
- Bar Fridge, Built-In Freezer, Built-In Refrigerator, Convection Oven, Cooktop, Dishwasher, Exhaust Fan, Free-Standing Gas Oven, Free-Standing Refrigerator, Gas Cooktop, Gas Oven, Ice Maker, Microwave, Oven, Plumbed For Ice Maker, Propane Cooktop, Stainless Steel Appliance(s), Walk-In Cooler(s), Washer/Dryer, Water Heater
- Standard status
- Active
- APN
- 041.58-4-1
- Size
- 5,022 SF
- Lot size
- 0.94 Acres
Taxes and HOA fees
- Tax Annual Amount
- 12648
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Hot Water(Heating), Fireplace(s), Wood Stove, Propane Stove, Wood, Oil, Propane (Heating), Forced Air
- Cooling system
- Ceiling Fan(s)
- Water source
- Public
- Water front features
- River Front
- Water front
- 1
Building Details
- Year built
- 1960
- Flooring type
- Laminate, Tile
- Building materials
- Attic/Crawl Hatchway(s) Insulated, Wood Siding
- Roof type
- Asphalt
Listing agent Amy Bolton (315) 369-8903
Listing office Timm Associates Sothebys International Realty PO Box 101 2972 Main Street, Old Forge, NY (315) 369-3951
Listing date Sep 14, 2025
MLS# 205783
Copyright © 2026 Adirondack Champlain Valley 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
- Iconic, established restaurant with a recognizable landmark water wheel in a high‑visibility location.
- Includes restaurant, two‑bedroom home, and two additional parcels, offering live/work convenience.
- Rustic Adirondack‑style dining room features a stone fireplace and a knotty‑pine bar with a woodstove and eight‑tap bar.
- Fully equipped commercial kitchen and full basement.
- Offers sunset views over the Moose River from the bar and covered porch.
- Ample on‑site parking for patrons and staff.
Overview
The Mill Restaurant, a recognizable landmark, is located at the gateway to the Old Forge commercial district. The restaurant is distinguished by its iconic water wheel and expansive covered porch. Guests are welcomed at a dedicated host station and can choose to be seated in a rustic Adirondack-style dining room anchored by a stone fireplace and hanging stained-glass lamps, or the knotty-pine bar with vaulted ceilings, a woodstove, and a fully stocked eight-tap bar. Patrons enjoy sunsets over the Moose River from both the bar and the covered porch. Behind the scenes is a fully equipped commercial kitchen, a full basement with a bar cooler, laundry and storage, and an upstairs office with attic storage. Ample on-site parking serves both patrons and staff. The offering comprises four parcels in total: the restaurant at 2888 State Route 28, the two-bedroom home at 106 River Street, and two additional parcels providing live/work convenience, all in a high-visibility location at the entrance to town. The property size is 5,022 square feet and the lot size is 0.94 acres. The intended use of the property is for commercial and restaurant purposes.
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $90.4k | $18.00 |
| − Vacancy | −$3.8k | −$0.76 |
| EGI | $86.6k | $17.24 |
| − OpEx | −$21.6k | −$4.31 |
| NOI | $64.9k | $12.93 |
5,022 SF · lease $18.00/SF/yr · vacancy 4.20% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$927.9K
$811.9K – $1.08M
NOI $64,950 @ 7.0% cap · market cap 5.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.49M
$1.31M – $1.74M
NOI $104,635 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Isalis
(Bike/Boat/Book/etc) Store
Party City
Party Supply Store
Skunk Funk
Big Box & Wholesale Store
Carl's Trading Co
Hat Shop
Bushka's Kitchen LLC
(Bike/Boat/Book/etc) Store
Location Insight
- Map
- Local Demand
- City
- Old Forge
- County
- Herkimer
- State
- New York
- Longitude
- -74.98379
- Latitude
- 43.703653
Nearby Similar for Sale
FAQs
What type of property is this?
Conventional restaurant - Established restaurant with landmark water wheel and living accommodations.
Where is this conventional restaurant located?
The property is located at 2888 NY-28 Old Forge, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Iconic, established restaurant with a recognizable landmark water wheel in a high‑visibility location.; Includes restaurant, two‑bedroom home, and two additional parcels, offering live/work convenience.; Rustic Adirondack‑style dining room features a stone fireplace and a knotty‑pine bar with a woodstove and eight‑tap bar.
