Iconic Restaurant Landmark in Old
2888 NY-28 Old Forge, NY 13420
2888 NY-28, Old Forge, NY, 13420
$1,150,000
For Sale
$1,150,000
COMMERCIAL - Old Forge, NY
Property Size5,022 SF
Lot Size0.94 Acres
Price / SF$228.99
Days on Market312
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
- Full, Interior Entry, Block, Storage Space
- 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
- Fireplace(s), Wood Stove, Propane Stove, Hot Water(Heating), Wood, Propane (Heating), Forced Air, Oil
- Cooling system
- Ceiling Fan(s)
- Water source
- Public
- Water front features
- River Front
- Water front
- 1
Building Details
- Year built
- 1960
- Flooring type
- Tile, Laminate
- Building materials
- Attic/Crawl Hatchway(s) Insulated, Wood Siding
- Roof type
- Asphalt
Listing agency
Timm Associates Sothebys International Realty
(315) 369-3951
Listed by
Amy Bolton
(315) 369-8903
Added: Sep 14, 2025 Updated: Jun 9 at 1:31PM Checked: Jul 22 at 12:06AM
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.
Investment Insights
Based on property information with market context.
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.
Key Highlights
- The Mill Restaurant includes a dedicated host station, rustic dining room, and knotty‑pine bar with vaulted ceilings
- Stone fireplace, woodstove, and additional wood/propane heating sources; fireplace is listed as present
- Fully equipped commercial kitchen with appliances including convection oven, cooktops, ice maker, and walk‑in cooler(s)
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.
Property Analytics
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
Similar For Sale Nearby
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: The Mill Restaurant includes a dedicated host station, rustic dining room, and knotty‑pine bar with vaulted ceilings; Stone fireplace, woodstove, and additional wood/propane heating sources; fireplace is listed as present; Fully equipped commercial kitchen with appliances including convection oven, cooktops, ice maker, and walk‑in cooler(s)
